Norvik EM High Yield Bond’s value were flat last week but investors interest started returning to emerging markets USD universe as 10 year US Treasury bond yields fell from 2.95% to 2.85% in a week. Our fund’s lost mostly from marking down of Nostrum Oil& Gas 2025 bond by 2.7 points, Ukraine 32 and Argentina 28 down by 0.75 points. Continuous high coupon carry together with a recovery of Angola 25 and Ecuador 28 both up 0.75 points, Ivory Coast 33 - up 0.5 point allowed the fund value to stabilise. Yesterday evening and today we see some buying of emerging markets debt by investors and we hope that next month we may see a further positive momentum.
Fund Performance %
|2018 Year to date||5.34%|
|Since inception 12.07.2017||+3.10% (3.23% annualized act/act)|
NORVIK EM High Yield Bond Fund (ISIN KODS: LV0000400950)