BL Equities Europe

Investment objective and policy

BL-Equities Europe invests in European equities with no restriction with regard to market capitalisation. The structure of this fund is not linked to a benchmark index, but results from the addition of individual investment opportunities. The fund aims to achieve long-term capital gains.

Management report - 2nd quarter 2010

Three companies were removed entirely from the fund in the second quarter 2010. Two companies met our target prices - Fielmann and GlaxoSmithKline - while Aryzta was sold because our investment thesis did not pull off. The company has not been able to exploit the potential of its business model to the full in the current economic environment. This has had a negative impact on organic growth, which we were expecting when we first invested in the company. We also lowered our exposure to Kaba Holding, Geberit, Schindler and Swedish Match following the increase in their share prices. The proceeds from these sales were allocated to positions already held in the portfolio. We decided to target companies with more attractive valuations, solid balance sheets and good profit outlooks. This concerned Sika, BAT, Total, ABB, Bayer, Danone, Getinge, Indra Intertek, SAP, ENI and Syngenta.

General information

Net Asset Value
Calculated	Every business day
NAV class B capitalisation shares (07/09/2010)	3 358,47 EUR
CODES	Internal capitalisation code : 1134255000 ISIN capitalisation code : LU0093570330 WKN capitalisation code : 989879 SICOVAM capitalisation code : 959285
Net assets (million)	326,73 EUR
Launch date	21/09/1990