Mondrian Complies with Executive Order Regarding China

UCITS FUNDS

Local Currency Emerging Market Debt Fund

The Mondrian Local Currency Emerging Market Debt Fund (the Fund) aims to achieve high current income and long term capital growth. The Fund is actively managed and intends to invest primarily in government and government related fixed-income securities of emerging or developing countries which may be rated investment grade or below investment grade or unrated. A rating agency gives an investment grade rating when it believes that there is a relatively low risk that the issuer of the bond will be unable to make payments. A rating agency gives a below investment grade rating when it believes that there is a high risk that the issuer of the bond will be unable to make payments. In addition to government fixed-income securities, the Fund may also invest in corporate bonds and commercial paper. Investments may be issued in local currencies as well as currencies such as the US dollar or Euros.

Fund Facts (USD, Unhedged)

As of March 31, 2021

ISIN
Bloomberg Ticker
Sedol
Ongoing Charge1
Management Fee
Benchmark
Inception Date

IE00B87TX957
MNLCEMD
B87TX95
0.75%
0.55%
JP Morgan GBI-EM Global Div
August 1, 2014

Entry/Exit Charge
Min. Initial Investment
Min. Subsequent Investment
Base Currency
Hedged
Fund Size
Morningstar Rating™2

0.25%/ 0.25%
USD 5,000,000
USD 1,000,000
USD
No
USD 2.1 million
★★★★

1The Ongoing Charge is estimated and includes the management fee and administrative expenses. The Ongoing Charge includes an administrative expenses cap of 0.20%. This cap does not include transaction related expenses and any non-recurring expenses.

2© 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund.

Investment Philosophy

Performance

As of March 31, 2021

Mondrian Local Currency Emerging Market Debt Fund (USD)

Fund launch date: 1 August 2014
Fund NAV performance returns shown. Past performance of the Share Class is calculated in USD. Performance is calculated after the deduction of ongoing charges and is inclusive of gross income reinvested. The Fund’s investment performance is measured against the JP Morgan Global Bond Index-Emerging Market Global Diversified from 1 July 2016 (previously JP Morgan Global Bond Index-Emerging Market Broad Diversified). Past performance is not a guide to future performance.

As of March 31, 2021

Characteristic
Mondrian Fund
JP Morgan GBI-EM Global Diversified
Yield to Maturity (%)
4.7
4.8
Modified Duration (years)
5.3
5.3
Average Maturity (years)
7.4
7.3
Average Credit Rating
BBB+
BBB+
Number of Issues
51
268
Information Ratio (3 Years)
-0.24
-

Source: Mondrian Investment Partners/JPMorgan

Further details, including risks, fees and expenses, are set out in the current Prospectus, Supplements and Key Investor Information Documents (KIIDs) below. Read carefully before investing.
Calculations for Average Coupon, Average Maturity, Modified Duration, Average Quality, and Yield to Maturity are based on generally accepted industry standards. All Fund characteristics are derived by first calculating the characteristics for each security, and then calculating the weighted-average of these values for the Fund. The details of exact calculations can be provided upon request.
Past performance is not indicative of future results. An investment in the Fund involves the risk of loss. The investment return and value of Shares in the Fund will fluctuate. When a redemption is made, the Shares may be worth more or less than when originally purchased.
There can be no assurance that the investment objectives of the Fund will be achieved.
The Fund is managed in accordance with the investment objective and guidelines and other terms and conditions described in the Prospectus and Fund Supplement. The Fund is not managed in accordance with the individual guidelines of any one investor.
The Total Assets of the Fund and the Fund Return are calculated using the official Net Asset Value data of the Fund. All other information has been calculated using Mondrian’s accounting system data, which may differ from official Net Asset Value data of the Fund, for example because of timing of the accounting of Administrative Expenses and pricing for securities.
All performance information provided is net of Transaction Expenses, Administrative Expenses and Management Fees but gross of the Subscription and Redemption charges (each as described in the Supplement to the Prospectus).
Subscription Charges and Redemption Charges are automatically deducted from subscription payments and redemption proceeds. Investor returns will be reduced by Subscription Charges and Redemption Charges paid.
The JP Morgan Global Bond Index – Emerging Market Global Diversified (GBI-EM Global Div) is a broad measure of the local currency denominated debt of emerging market countries. It currently comprises 19 emerging market countries and applies a 10% maximum cap on any one country, with the excess distributed proportionately across the rest of the Index. The Index is measured in US dollar terms and is unhedged.
This information is confidential and only for the use of investors in the Fund and their advisers. It may not be redistributed or reproduced, in whole or in part.
Views expressed were current as of the date indicated, are subject to change, and may not reflect current views. Views should not be considered a recommendation to buy, hold or sell any security and should not be relied on as research or investment advice.
We may include forward-looking statements. All statements other than statements of historical facts are forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” “expect”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those reflected in such forward-looking statements.
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News and Insights

mondrian

Inflation prints will almost inevitably step up during the course of this year as a consequence of a return towards normality. However, any rise should be limited.

mondrian

A green bond is one whose proceeds are directed exclusively to financing projects that have a positive environmental impact. However there is still no one widely accepted definition of what constitutes green.

Other UCITS Funds

How to Invest

To invest in the fund, please download and read through the documents below and fill out the Account Opening Form.
 
KIID Document
Fund Supplement
Account Opening Form
 
You can buy or sell shares daily (but not on weekends or bank holidays in the UK or Ireland). Orders to buy can be made by submitting a request by 5:00p.m. (Irish time), 3 business days in advance, to the administrator. Orders to sell can be made by submitting a request by 5:00p.m. (Irish time) 2 business days in advance to the administrator.
 
Administrator:
Mondrian Funds plc
C/o Northern Trust International Fund Administration Services (Ireland) Limited
Investor Services Department
George’s Court
54-62 Townsend Street
Dublin 2
Ireland

Literature

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© 2021 Mondrian Investment Partners Limited is authorised and regulated by the Financial Conduct Authority – Firm Reference Number 149507.
All information is as of March 31, 2021 unless otherwise noted.

Weighted Average Market Cap

Weighted Average Market Cap – The portfolio-weighted average market capitalizations of all equity securities.

Portfolio Turnover

Portfolio Turnover – A measure of how frequently assets within a fund are bought and sold by the managers.

Price-to-Earnings

Price-to-Earnings – The Price to Earnings Ratio is a stock’s current price divided by the company’s trailing 12-month earnings per share from continuous operations.

Price-to-Book

Price-to-Book – The Price to Book Ratio links the stock/share price of a company with the book or accounting value of shareholders’ equity per share.

Dividend Yield

Dividend Yield – The Dividend Yield is the portfolio-weighted average of the annualized gross dividend per share figure of all portfolio holdings.

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