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BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I

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BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I As of 30/09/2020 Fund Description Investment Growth The fund seeks to maximize medium term returns by investing 145,0 primarily in Dolar-denominated Brazilian Corporate and Government bonds issued abroad. Investment approach based 137,5 on robust credit research, market and macro monitoring and duration analysis. 130,0 122,5 Fund Facts 115,0 Fund Size $ 107,6 million 107,5 Inception Date 26/11/2010 Domicile Luxembourg 100,0 Legal Status SICAV / UCITS 92,5 2012 2014 2016 2018 2020 Base Currency US Dollar Subscription / Redemption Daily Brazilian Hard Currency Bond Fund USD I Settlement Day 2 Trailing Net Returns (USD %) Share Class Information Since 1 M 3 M YTD 2019 2018 Inception USD I USD R Brazilian Hard Currency Bond Fund USD I -0,1 4,3 -0,2 11,4 0,4 39,0 ISIN LU0560844796 LU0560843715 Ticker BBG BGBGBIU LX BGBGBRU LX Annual Fee (%) 0,75 1,35 Inception Date 26/11/2010 26/11/2010 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Asset Allocation Quality Diversification ** % % EUR R GBP R Government Related 6,4 BBB 16,1 ISIN LU0566752720 LU0858360992 Corporate Bond 86,9 BB 65,0 Ticker BBG BGBGBRE LX BGBHGBR LX Cash & Equivalents 6,8 B 11,4 Annual Fee (%) 1,35 1,35 Not Rated 7,4 Inception Date 26/11/2010 28/12/2012 Minimum Investment 1,000 Euro 1,000 Pound Sterling Portfolio Characteristics Top 10 Holdings Average Eff Maturity 5,45 Maturity Date Fund (%) Average Eff Duration 4,19 Ultrapar International S.A. 06/06/2029 5,6 Yield to Maturity 4,16 Cemig Geracao e Transmissao S.A. 05/12/2024 4,5 Gerdau Trade Inc 24/10/2027 4,5 Average Credit Quality BB Itau Unibanco S.A. (Cayman Islands) 31/12/2049 4,4 Banco do Brasil S.A. (Grand Cayman Branch) 15/01/2025 4,3 Light Servicos de Eletricidade SA 03/05/2023 4,3 Natura Cosmeticos S A 01/02/2023 3,6 Klabin Austria GmbH 03/04/2029 3,6 Centrais Eletricas Brasileiras S.A. 04/02/2025 3,5 BRF GmbH 29/09/2026 3,3 Total number of positions 49 BRADESCO GLOBAL FUNDS Brazilian 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 Brazilian debt market. Investments will be made based on BRAM was created in 2001 from the consolidation of Bradesco’s asset risk and interest yield curve analysis, as well as fundamental credit management divisions and Bradesco-owned asset managers, bringing research on the corporate and public issuers. together over 40 years of expertise in the Latin America market. BRAM has an excess of US$ 100 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 Fund Investment Policy wholly owned subsidiary of Banco Bradesco, Brazil’s largest privately- Diversified portfolio invested in the Brazilian debt market, such as Brazilian owned bank. Eurobonds issued by Brazilian Corporations in the international markets as well as in Brazilian Global Bonds issued by the Brazilian National Treasury abroad, both in USD or in any other foreign currency. Manager Note for Brazilian Hard Currency Bond Fund USD I BRAM - Bradesco Asset Management S.A. DTVM Av. Brigadeiro Faria Lima, 3064, 7th Floor Sao Paulo - SP, Brazil Quarterly Portfolio Manager Comments Jul-Sep 2020 Tel. +55 11 3847 9028 [email protected] www.bradescoasset.com Review The improvement in the outlook for Brazilian and global growth pushed up the fund's returns during the quarter. In addition, corporate results in the second quarter did not bring any big surprises. Sectors with reduced activities due to the lockdown suffered more while those linked to consumption and that were able to open showed good results. Fiscal Global Distributor deterioration continued to be the greatest risk for the country. Populist policies that have Banco Bradesco Europa S.A. tested the spending ceiling had an impact on the CDSs, which were higher than Latam 29, Avenue Porte-Neuve peers. Another point of risk is inflation, which is not yet a problem, but is on the radar of investors. L-2227 Luxembourg Positioning The disclosure of second-quarter results helped reinforce the conviction of names held in the portfolio. The Brazilian capital market has entered a fundraising window for equities, which made some specific cases perform well based on deleveraging of companies with Transfer Agent, Custodian Bank and Administrator capital issues. The management's decision was to search for companies that presented the BNP Paribas Securities Services, Luxembourg Branch highest yield and good results in the second quarter. To fund these moves, we sold 60, Avenue J.F.Kennedy sovereign assets and higher quality names, which had recovered well from the worst moment of the year, such as Vale, Cemig and BRF. In the quarter, the fund returned L-1855 Luxembourg +4.33%, recovering 88% of the year's drawdown. Outlook The recovery of the portfolio continued, with an attractive average yield compared to risks, due to the active search to find strong companies and interesting yields in this scenario. Auditor With the US elections approaching, we expect a challenging scenario, in addition to the KPMG impacts of the pandemic and a possible new lockdown, are part of the risk scenarios of 39, Avenue J.F.Kennedy investors. Considering this, we will maintain our careful “bottom-up” analysis in search of L-1855 Luxembourg new investment cases, although due to the continuing abundant liquidity, these have decreased. Registered Status This fund is currently registered for sale in Luxembourg, Portugal, Spain, Italy and Peru Contacts BRAM - Bradesco Asset Management S.A. DTVM Tel. +55 11 3847 9028 [email protected] Bradesco Global Funds – Brazilian 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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