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Fund LIBOR 6M + 2% a.a. EMBI+Br Difference
1 Month -0,57% - 0,13% -0,70%
3 months -2,17% - -4,56% 2,39%
YTD -0,85% - -9,77% 8,91%
1 year -3,22% - -10,71% 7,49%
3 years -0,59% 15,52% - -16,12%
5 years 11,29% 21,49% - -10,20%
Historical
2014 0,07% - 9,79% -9,72%
2013 -10,30% 2,43% - -12,73%
2012 10,75% 2,73% - 8,02%
2011 4,74% 2,54% - 2,20%
2010 6,88% 2,55% - 4,33%
2009 8,44% 3,13% - 5,31%
2008 8,91% 5,10% - 3,81%
2007 8,22% 7,32% - 0,90%
2006 6,58% 7,32% - -0,74%
Fund Launch Date: 09/30/1997 Daily in USD Share: in USD
0,70% p.a.
Brazilian American Merchant Bank (Cayman Islands) as the Fund's Prospectus.
Register and Transfer Agent:
Auditing: USD50.000,00
Location:
Information:
E-mail:
BB Gestão de Recursos - Distribuidora de Títulos e Valores Mobiliários S.A.
Praça XV de Novembro, 20 - 3º andar - Centro - Rio de Janeiro (RJ) 20010-010 Av. Paulista, 2300 - 4º andar - cj. 42 - Cerqueira Cesar - São Paulo (SP) 01310-300
Tel: (21) 3808-7500 Fax (21) 3808-7600 Tel: (11) 2149-4300 Fax (11) 2149-4310
e-mail: [email protected] e-mail: [email protected]
Central de Atendimento BB
Capitais e Regiões Metropolitanas: 4004 0001 Central de Atendimento ao Cotista: 0800 729 3886 Internet: www.bb.com.br
Demais localidades: 0800 729 0001 Ouvidoria: 0800 729 5678
Deficientes auditivos ou de fala: 0800 729 0088 SAC: 0800 729 0722
2.078,457000 32.115.326,14 1.302.900.038,60
SOURCES: BC, ANBIMA, CETIP, DRIVEAM, QUANTUMAXIS, ECONOMÁTICA, BLOOMBERG.
Administration and Management:
Investment Advisor:
In your Banking Center or Phone Number: 55 11 2149-4300
KPMG Cayman Islands e Brasil
USD10.000,00
Minimum Redemption:
Minimum Balance:
November, 30th, 2015
NAV (USD)
Cayman Islands
BB Gestão de Recursos DTVM S.A.
UBS Fund Services (Cayman) Ltd.
Growth of $10,000 Over Life of Fund Class
General Data as of
Aditional Subscription:
AS AT 11/30/2015
PERFORMANCE X BENCHMARK
Initial Subscription:
USD5.000,00
20% of the gains above the benchmark.
PORTFOLIO BREAKDOWN
The strong number of job creation (payroll) in the US in October and the statements of the president of the FED (US
Central Bank) Janet Yellen and members of the institution over the month significantly increased the chances that
the adjustment in interest rates will begin in December. This perception has guided the movement of the main
markets: the US stock market ended the month stable, the dollar appreciated globally and yield curves presented
important high in November. The perception of a closer rise in interest rates in the US was negative for risky assets,
especially emerging stock markets, which mostly closed the month with losses. In the US, the agenda came
positive. Among the activity data: i) the second preview of GDP for the 3rd quarter was released, which showed
annualized growth of 2.1% (versus 1.5% in the first preview); ii) in October, retail sales grow 0.1% in the monthly
change 1.7% in 12 months, while the control group showed an increase of 0.2%. The employment report (payroll)
October came robust and signals that the US economy is virtually at full employment. In details i) were created
271,000 jobs, and upward revision of 12,000 for the last two months; ii) the average earnings per worked hour rose
0.4% in November, totaling 2.5% yoy, higher variation in the post recession; iii) the unemployment rate relented at
the margin (from 5.05% to 5.04%). In Europe, GDP in the Euro Zone grew by 0.3% over the previous quarter, slightly
below expectations (0.4%). The result verified for France and Germany was in line with consensus, while Italy and
the Netherlands disappointed. Among the emerging countries, in China, the activity data in October kept the incipient
signs of stabilization: retail sales and investment in fixed assets almost in line with the data of September
(respectively 11.0% and 10.2%), and industrial production rose 5.6%. Among the activity researches, the PMI
manufacturing in October showed the first improvement after three consecutive monthly declines when moving from
47.2 to 48.3. In front of Central Banks, the FOMC, the US Monetary Policy Committee, released the minutes of its
last meeting. In the document was the understanding that the rise of interest rate in the December meeting is, in fact,
very likely. The predominant doubts at the time of the meeting passed by weak payroll in August and September,
this concern which has been reduced with the result of the October employment report, released in the first week of
November. In the domestic environment, the agenda remained quite negative. Among the activity data, GDP of Q3
2015 showed strong contraction of 1.7% from the previous quarter in seasonally adjusted, above expectations.
Among the jobs data, the unemployment rate rose to 7.9% in October, from 7.6% the previous month. Regarding
inflation, the IPCA-15 November was 0.85%, bringing the twelve months to break the barrier of double digits
(10.28%). On the side of monetary policy, the COPOM surprised at its last meeting of 2015 with two directors voting
for the increase of 0.5 pp in interest rates, making room for it to be initiated the discussion about the chances of
higher interest rates in the coming meetings. On the fiscal side, the public sector recorded in October a primary
deficit of R $ 11.5 billion, with the result, the cumulative deficit in twelve months increased from 0.5% to 0.7% of
GDP. In turn, the external sector, the current account deficit in October was US $ 4.2 billion, bringing the cumulative
deficit in 12 months to retreat from 4.2% to 4.0% of GDP.
Nihil
This report is for information purposes only and may not be construed as an offer or solicitation of purchase or sale of any
securities discussed herein. Returns are stated net to investors, excluding fees. Past performance is no guarantee of
future results. The securities concerned in this report cannot be offered, sold, negotiated or exchanged in the brazilian
territory, neither offered or sold to the residents or citizens in the U.S.A. Prospective investors should carefully read the
Prospectus before proceeding with an investment. BB DTVM expects that this information may be useful for the definition
of your investment strategies, although it can not be responsible for the decisions taken based on this report. The BB
Fund is an open-ended umbrella fund incorporated in the Cayman Islands.
An investment in Shares is not insured or guaranteed by the FDIC or any other governmental agency. Such investment is
not a deposit or other obligation of, or guaranteed by, Banco do Brasil or any of its affiliates, and is subject to other
investment risks, and possible loss of the principal.
USD5.000,00
Redemption Fee:
Front Load Fee:
Performance Fee:
Management Fee:
NAV Calculations:
BB Fund Class "D"
AuM (USD)BB FUND AuM (USD)
BB GESTÃO DE RECURSOS DTVM S.A.
MONTHLY REPORT
November 2015
Bloomberg
BB FUND
BBFUNDD KY <Equity>
Period
Class "D" - BB Brazilian International Debt
OBJECTIVES AND INVESTMENT POLITIC:
To achieve capital gains through investments in fixed income securities or other debt instruments
issued by private or public Brazilian entities, traded in the international securities market.
MANAGER COMMENTS:
PERFORMANCE
$0
$5.000
$10.000
$15.000
$20.000
$25.000
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
29,5%
26,9%
23,5%
8,4%
6,4%
5,4%
Money Market
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
29,5%
26,9%
23,5%
8,4%
6,4%
5,4%
Money Market
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
29,5%
26,9%
23,5%
8,4%
6,4%
5,4%
Money Market
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
29,5%
26,9%
23,5%
8,4%
6,4%
5,4%
Money Market
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
23,5%
8,4%
6,4%
5,4%
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
26,9%
23,5%
8,4%
6,4%
5,4%
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
29,5%
26,9%
23,5%
8,4%
6,4%
5,4%
Money Market
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
-12,00%
-10,00%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
Fund EMBI+Br
29,5%
26,9%
23,5%
8,4%
6,4%
5,4%
Money Market
Sovereign Bond
Corporate Bond
FX
Share of Funds
CLN
