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BRADESCO GLOBAL FUNDS Latin America Hard Currency Bond Fund USD I

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BRADESCO GLOBAL FUNDS Latin America Hard Currency Bond Fund USD I BRADESCO GLOBAL FUNDS Latin America Hard Currency Bond Fund USD I As of 30/06/2018 Fund Description Calendar Year Net Returns (USD %) The fund seeks to maximize medium term returns by investing 20,0 primarily in Dolar-denominated Latin American Corporate and 13,0 14,3 Government bonds issued abroad. Investment approach based 10,0 8,1 8,4 on robust credit research, market and macro monitoring and duration analysis. 0,0 -1,3 -3,3 -4,0-4,9 -3,9 -10,0 -8,8 Fund Facts Fund Size $ 10.5 million -20,0 Inception Date 30/05/2014 Return 2018 YTD 2017 2016 2015 2014 * Domicile Luxembourg LatAm Hard Ccy Bond Fund USD I CS Latin America Corporate Index 0-6/ A B TR * Legal Status SICAV / UCITS Base Currency US Dollar Trailing Net Returns (USD %) Subscription / Redemption Daily Since 1 M 3 M YTD 1 Y 2 Yrs Inception Settlement Day 3 LatAm Hard Ccy Bond Fund USD I -0,7 -2,6 -3,3 0,3 6,8 2,5 CS Latin America Corporate Index 0-6/ A B TR * -0,1 -1,1 -1,3 2,1 10,9 12,7 Share Class Information USD I USD R ISIN LU1057803204 LU1057802735 Ticker BBG BRLAHIU LX BRLAHRU LX Country Allocation Quality Diversification ** Annual Fee (%) 0,75 1.35 % % Austria 3,3 Inception Date 30/05/2014 - BBB 25,5 Brazil 39,9 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Mexico 7,6 BB 44,9 Colombia 4,6 B 14,9 Germany 10,6 Not Rated 14,7 EUR R Netherlands 11,4 Singapore 4,5 ISIN LU1057803972 United States 14,8 Ticker BBG BRLAHRE LX Other Countries 3,2 Annual Fee (%) 1.35 Unknown 0,0 Inception Date - Minimum Investment 1,000 Euro Top 10 Holdings Maturity Country Fund (%) Date Portfolio Characteristics Itau Unibanco Holdings S.A. 0% BRA 31/12/2049 6,4 Average Eff Maturity 6,56 Vale Overseas Limited 0% USA 11/01/2022 4,9 Average Eff Duration 4,47 Brazil (Federative Republic) 0% BRA 13/01/2028 4,3 Yield to Maturity 5,95 Petrobras Global Finance B.V. 0% NLD 23/05/2026 4,2 Average Credit Quality BB Bancolombia S.A. 0% COL 03/06/2021 4,1 Banco Safra (Cayman Islands) Limited 0% BRA 27/01/2021 4,0 Braskem Finance Ltd. 0% SGP 15/04/2021 4,0 Embraer Netherlands Finance B.V. 0% NLD 15/06/2025 3,9 Fibria Overseas Finance Ltd. 0% USA 12/05/2024 3,8 Mexico (United Mexican States) 0% MEX 21/01/2026 3,8 Total number of positions 30 * CS Latin America Corporate Index 0-6/ A B is a reference index, not following the "5/10/40" rules. The fund has no official benchmark. ** Bloomberg Composite Rating, a blend of Moody's, S&P, Fitch and DBRS ratings. Not Rated contains Cash. BRADESCO GLOBAL FUNDS Latin America Hard Currency Bond Fund USD I Fund Investment Objective About BRAM To obtain a superior return in the medium and long term, by investing mainly in the Latin America (including but not limited to Brazil, Mexico, BRAM was created in 2001 from the consolidation of Bradesco’s asset Chile, Colombia, Peru, Uruguay and Argentina) external debt market. management divisions and Bradesco-owned asset managers, bringing Investments will be made based on risk and interest yield curve analysis, together over 40 years of expertise in the Latin America market. BRAM has as well as fundamental credit research on the corporate and public issuers. an excess of US$170 billion of assets under management from Brazilian, Asian and American retail, private, corporate and institutional clients. BRAM has strong investment capability in fixed income and equities. BRAM is a wholly owned subsidiary of Banco Bradesco, Brazil’s largest privately- owned bank. Fund Investment Policy Diversified portfolio investing primarily in corporate and government sector bonds and secondly among other related instruments, as well as short term fixed income investments related to the Latin America countries external debt market. Manager Portfolio Manager Quarterly Commentary BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064, 7th Floor April - June Sao Paulo - SP, Brazil Review: Volatility rose during the quarter due to a combination of domestic and Tel. +55 11 3847 9171 international factors with risk in Brazil and Argentina increasing significantly. Local [email protected] factors contributed to the deterioration of risk premiums, such as political and www.bradescoasset.com electoral uncertainty and the impact of a steep devaluation of the Argentine peso. In addition to the worsening outlook for emerging markets in the face of a stronger Dollar and higher interest rates in the US, the impact of the “trade war” between the US and China has led to increased uncertainty. The fund was Global Distributor impacted by sizable exposure to Brazil and the expressive increase in risk Banco Bradesco Europa S.A. premiums, due to the factors explained above. The avoidance of Argentina, as 29, Avenue Porte-Neuve we felt assets were overvalued, helped mitigate the negative effect of the region. L-2227 Luxembourg After the increase of spreads and higher US T-Bills, we began to reduce assets with lower duration and some Government securities, while increasing exposure to Brazilian exporters, which benefit from the devaluation of the Real. Tactically, we carried out hedge operations to protect against higher US interest rates. Transfer Agent, Custodian Bank and Administrator Outlook: Volatility should persist as the Brazilian election will start to occupy BNP Paribas Securities Services, Luxembourg Branch greater space in the news in the upcoming months and tensions surrounding the 60, Avenue J.F. Kennedy "trade war" between the US and China will ramp up. On the other hand, there will L-1855 Luxembourg be eventual negotiations and new agreements, which will bring investment opportunities. Chile and Peru remain expensive with low attractiveness. Given that Brazil remains the largest allocation in the fund, as the electoral scenario consolidates, we can re-evaluate the composition of the portfolio, but for now, we Auditor believe that portfolio composition is appropriate for the moment. We continue to forecast strong global growth, stable inflation and gradual increases in the KPMG normalization of monetary policy for developed economies. 39, Avenue J.F. Kennedy L-1855 Luxembourg Registered Status This fund is currently registered for sale in Luxembourg Contacts BRAM - Bradesco Asset Management S.A. DTVM Tel: +55 11 3847 5188 [email protected] Bradesco Global Funds – Latin America Hard Currency Bond Fund USD is registered in Luxembourg. Investors should be aware that past performance is no guarantee of future performance. Price of units may fall as well as rise and is not guaranteed. Investors may not get back the amount originally invested. Before investing in this product please read carefully the latest prospectus to be aware of the risks. Unless otherwise stated all data on this factsheet is unaudited. Bradesco Global Funds units may be offered, sold or delivered in those countries in which they have received marketing authorization..
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