Data as of 14/08/2017

Risk level



Recommended investment horizon : < 2 years

average annual performance since launch

1,78 %

Performance as at 14/08/2017

2014 0,12 %
2015 -0,07 %
2016 -0,06 %
Since 01/01/2017 -0,19 %
Over the last 12 months -0,28 %
Over 3 years -0,31 %
Since launch 38,91 %
Asset breakdown
Bonds 83,67 %
Cash 14,98 %
Absolute Return 1,35 %
Main positions
Bank of America Corp Series 797 2014 .471% 19-06-2019 0,47 19/06/2019 4,56 %
ING Bank NV Series 132 2014 .079% 20-11-2019 0,08 20/11/2019 4,53 %
Deutsche Telekom International Finance BV 2016 .019% 03-04-2020 0,02 03/04/2020 4,52 %
McDonalds Corp Series 1 2015 0% 26-08-2019 0,00 26/08/2019 4,51 %
Danske Bank AS Series 550 2014 .019% 19-11-2018 0,02 19/11/2018 4,51 %

Investment objective and policy

The Euro fund invests principally (1) in bonds denominated in Euro with a residual term of no more than 12 months, and (2) in floating-rate securities. It also includes money market instruments issued by first-rate issuers, and liquidities.

Management report - 1st Quarter 2017

The ECB left its monetary policy unchanged in the 1st quarter, but Mario Draghi, the President of the ECB, has become a little less accommodative in his tone. The form of words which has hitherto figured in the introductory statement, that "the Governing Council will act using all the instruments available within its mandate to achieve its objectives", was missing. However, the ECB still has a way to go before it can prepare to withdraw its stimulus: - although the risk of deflation has dissipated, enabling the ECB to cut its asset purchase programme to Euro 60bn since the start of the month and probably to terminate it in 2018; - the market is not expecting a rise in interest rates before 2019. Against this backdrop, spreads widened slightly in February, while short-term rates, including the 3-month Euribor to which the majority of our holdings are indexed, continued to decline. The 3-month Euribor currently stands at -0.329%. The fund continues to invest mainly in systemically important investment-grade floating- and fixed-rate bonds with residual maturity of less than 12 months, while at the same time retaining a sizable cash reserve.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (14/08/2017) 570,07 EUR
NAV class A capitalisation shares (14/08/2017) 232,74 EUR
Latest dividend 0,18 EUR
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 1061205000
Internal distribution code : 1061193000
ISIN capitalisation code : LU0093571148
ISIN distribution code : LU0093571064
WKN capitalisation code : 989878
WKN distribution code : 937801
SICOVAM capitalisation code : 959291
SICOVAM distribution code : 959290
Net assets (million) 111,20 EUR
Launch date 31/12/1998

European tax regime

35% on redemptions
35% on dividends (distribution shares)

Belgian tax regime

27% on redemptions
27% on dividends (distribution shares)

Before making any decision to subscribe, customers must ensure they have understood the product, having measured the risks associated with it and consulted their own advisers on the appropriateness of the product for their particular financial situation, taking into account legal, tax and accounting aspects. This fact sheet has been drawn up for information purposes and shall in no event be considered a solicitation to buy or an offer to sell securities or other financial instruments. Information provided to the interested party does not constitute legal or fiscal advice and the Bank shall not be held liable for such information. The securities referred to in this document may cause the investor to incur significant risk and may not be appropriate for all investors. Such risks include market risks, high volatility, credit risk, liquidity risk and interest-rate risk. There is no guarantee that the securities described in this document will achieve their investment objectives. Past performance is no indication of future returns. The Bank shall not be held liable for the future performance of these securities. Potential investors must ensure that they understand the risks of investing in such products and should only take an investment decision after giving careful consideration, together with their professional advisers, to the appropriateness of this investment to their specific financial situation, particularly with regard to legal, tax and accounting aspects. We have made every effort to verify that the information presented in this document is correct, in particular the estimated values, opinions and other estimates. Nevertheless, no guarantee can be given as to the validity, timeliness, completeness, correctness or accuracy of the information, which is provided for guidance only. Information may be subject to change without prior notice.