Morningstar Fund Report  | 23/04/2025Print

Pictet-Emerging Local Currency Debt I EUR

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Pictet-Emerging Local Currency Debt I EUR
Fund-7.33.44.7-2.00.6
+/-Cat-0.11.9-1.8-0.5-0.4
+/-B’mrk----2.3-0.3
 
Category: Global Emerging Markets Bond - Local Currency
Category Benchmark: Morningstar EM Govt Bd LCCY...
Key Stats
NAV
17/04/2025		 EUR 169.61
Day Change 0.33%
Morningstar Category™ Global Emerging Markets Bond - Local Currency
ISIN LU0280437160
Fund Size (Mil)
17/04/2025		 USD 2074.49
Share Class Size (Mil)
17/04/2025		 EUR 207.14
Max Initial Charge 5.00%
Ongoing Charge
07/02/2025		  0.94%
Morningstar Research
Analyst Report23/04/2025
Arvind Subramanian, Senior Analyst
Morningstar, Inc

Since Mary-Therese Barton and Alper Gocer took the reins here four years ago, this strategy has navigated a range of difficult market environments with aplomb, meriting an upgrade of its People and Process Pillar ratings to Above Average from...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent24
Process24
Performance
Price
Investment Objective: Pictet-Emerging Local Currency Debt I EUR
the Investment objective of the fund is to increase the value of your investment, through income and investment growth. The Fund invests at least two-thirds of its net assets in a diversified portfolio of bonds and other debt securities linked to local emerging debt.
Returns
Trailing Returns (GBP)17/04/2025
YTD1.26
3 Years Annualised3.14
5 Years Annualised2.08
10 Years Annualised2.44
12 Month Yield 0.00
Management
Manager Name
Start Date
Ali Bora Yigitbasioglu
01/10/2023
Carrie Liaw
01/10/2023
Click here to see others
Inception Date
23/01/2007

Category Benchmark
Fund BenchmarkMorningstar Benchmark
JPM GBI-EM Global Diversified TR USDMorningstar EM Govt Bd LCCY GR USD
Portfolio Profile for  Pictet-Emerging Local Currency Debt I EUR31/03/2025
Fixed Income
Effective Maturity8.09
Effective Duration-
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.000.000.00
Bond180.6944.79135.90
Property0.000.000.00
Cash389.68428.43-38.75
Other1.270.001.27
Growth Of 1000 (GBP) 31/03/2025
Fund:  Pictet-Emerging Local Currency Debt I EUR
Category:  Global Emerging Markets Bond - Local Currency
Category Index:  Morningstar EM Govt Bd LCCY GR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-1.697.492.14-7.303.354.66-2.020.61
+/- Category0.740.382.67-0.051.86-1.82-0.45-0.43
+/- Category Index-------2.33-0.27
% Rank in Category3756123824785375
Trailing Returns (GBP)17/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.33   0.090.38
1 Week0.59   0.240.40
1 Month-0.47   1.471.64
3 Months-1.08   2.712.87
6 Months1.01   1.731.30
YTD1.26   1.832.28
1 Year3.32   4.463.02
3 Years Annualised3.14   -0.06-0.09
5 Years Annualised2.08   1.031.07
10 Years Annualised2.44   0.11-0.61
 
Category: Global Emerging Markets Bond - Local Currency
Category Index: Morningstar EM Govt Bd LCCY GR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.61---
2024-2.49-2.284.51-1.61
20231.35-1.280.114.49
2022-1.461.373.80-0.32
2021-7.563.02-2.06-0.60
2020-10.0210.34-2.996.06
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAbove Average2 star
5-YearAverageAbove Average3 star
10-YearAverageAverage3 star
OverallAverageAbove Average3 star
 
Category :  Global Emerging Markets Bond - Local CurrencyClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev6.22 %
3-Yr Mean Return2.86 %
 
3-Yr Sharpe Ratio-0.18
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM Govt Bd LCCY GR USD  Morningstar EM Govt Bd LCCY GR USD
3-Yr Beta1.121.12
3-Yr Alpha-0.44-0.44
 
Fixed Income Style31/03/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)USD 2034
Maturity Distribution %
1 to 320.35
3 to 521.67
5 to 721.75
7 to 1015.93
10 to 156.28
15 to 203.20
20 to 303.22
Over 300.12
Effective Maturity8.09
Effective Duration-
Credit Quality Breakdown %     %
AAA2.73   BB16.80
AA5.42   B-1.03
A22.07   Below B1.74
BBB45.78   Not Rated6.49
 
Category: Global Emerging Markets Bond - Local Currency
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.000.000.00
Bond180.6944.79135.90
Property0.000.000.00
Cash389.68428.43-38.75
Other1.270.001.27
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings231
Assets in Top 10 Holdings26.35
NameSectorCountry% of Assets
Korea 3 Year Bond Future June 25Korea, Republic Of6.53
Philippines (Republic Of) 6.25%Philippines3.52
Indonesia (Republic of) 6.5%Indonesia3.07
India (Republic of) 6.54%India2.61
Asian Infrastructure Investment Bank 7%China1.94
South Africa (Republic of) 8.25%South Africa1.82
China (People's Republic Of) 2.6%China1.81
South Africa (Republic of) 8.875%South Africa1.75
Poland (Republic of) 1.75%Poland1.68
Mexico (United Mexican States) 7.75%Mexico1.62
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Bond - Local Currency
 
Management
Name of CompanyPictet Asset Management (Europe) SA
Phone+352 467 171-1
Websitewww.am.pictet
Address15, avenue J.F. Kennedy
 Luxembourg   L-1855
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date23/01/2007
Fund Advisor(s)
Pictet Asset Management Ltd
Fund ManagerAli Bora Yigitbasioglu
Manager Start Date01/10/2023
Career Start Year1999
Education
University of Cambridge, B.S.
 
Biography
Ali Bora Yigitbasioglu joined Pictet Asset Management in 2019 and is a Senior Investment Manager in the Emerging Market Debt team responsible for global emerging market debt and Asian debt portfolios based in Singapore. Prior to assuming his current role, Ali was a Senior Investment Manager for the Total Return Fixed Income team. Before joining Pictet he was Senior Portfolio Manager in Global Macro at Cambridge Strategy Asset Management in Monaco, responsible for FX and Rates and specialising in Asian markets. Ali graduated in Pure and Applied Maths at Cambridge University, and continued his graduate studies with Distinction at Imperial College in Finance and at Bilkent University in Finance and Econometrics. He completed his PhD in Mathematical Finance at ICMA Centre (Reading) and started his career in London at Lehman Brothers in 2004 as an FX Quantitative Analyst. From 2006 until 2010 he was an EM local rates, and a Hybrid Exotics trader at Lehman Brothers and Dresdner Kleinwort respectively.
Fund ManagerCarrie Liaw
Manager Start Date01/10/2023
Career Start Year2000
Education
Nanyang Technological School, B.S.
 
Biography
Carrie Liaw joined Pictet Asset Management in 2015 and is a Senior Investment Manager responsible for global emerging market debt and Asian debt portfolios based in Singapore. Before joining Pictet Carrie was with the Monetary Authority of Singapore for 15 years and worked in different investment divisions within the Reserve Management Department, including heading up the European Rates and FX divisions. Carrie holds a Bachelor of Business (Hons) in Financial Analysis from Nanyang Technological University, Singapore. She is also a Chartered Financial Analyst (CFA) charterholder.
Fund ManagerAlper Gocer
Manager Start Date01/05/2018
Career Start Year1999
Education
London Business School, Master
Bilkent University, BSc
 
Biography
Alper Gocer joined Pictet Asset Management in 2016 and is Head of Emerging Market Sovereign Debt and is lead of our Emerging Local Currency Debt strategies. Prior to joining the team in 2018, he was a Senior Investment Manager in the Total Return Emerging Markets team. Before joining Pictet, Alper was a Portfolio Manager at London Diversified Fund Management within the Global Macro Fund. Prior to LDFM, Alper was a Portfolio Manager at North Asset Management focused on Global Macro trading mainly in Emerging Markets. He began his career as a Quantitative Analyst at Citigroup. Alper has a Masters in Finance from the London Business School and a BSc. in Industrial Engineering from Bilkent University.
Fund ManagerAdriana Cristea
Manager Start Date01/10/2023
Career Start Year2012
Education
University of Essex, B.S.
University of Warwick, M.S.
 
Biography
Adriana Cristea joined Pictet Asset Management in April 2018 and is an Investment Manager for global emerging market debt portfolios. Before taking up her current position in 2020, Adriana was a Macro Strategist in the team. Prior to joining Pictet, Adriana spent six years at DG Partners, a global macro Hedge fund, as a Senior Global Macro Research Analyst and Strategist focusing on Emerging Markets Forex, Rates and Credit strategies. Adriana holds a BSc in Financial Management from the University of Essex and a MSc in Finance from the University of Warwick. She also holds the Investment Management Certificate (IMC).
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*1.00%
Annual Charges
Max Annual Management Charge1.05%
Ongoing Charge0.94%
Purchase Details
Minimum Investments
Initial1000000  EUR
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes