Data as of 11/08/2017

Risk level



Recommended investment horizon : > 2 years

average annual performance since launch

4,93 %

Performance as at 11/08/2017

2014 3,40 %
2015 0,89 %
2016 2,02 %
Since 01/01/2017 0,26 %
Over the last 12 months -0,90 %
Over 3 years 4,23 %
Since launch 180,78 %
Asset breakdown
Bonds 91,40 %
Cash 8,60 %
Breakdown by currency
EUR 98,24 %
USD 1,76 %
Main positions
Deutschland 2010 3% 04-07-2020 3,00 04/07/2020 10,54 %
Deutschland 2013 1.5% 15-02-2023 1,50 15/02/2023 10,48 %
Deutschland 2015 .25% 16-10-2020 0,25 16/10/2020 9,78 %
Oesterreich 2016 0% 15-07-2023 0,00 15/07/2023 9,51 %
Romania Series 2015-1 2015 2.75% 29-10-2025 2,75 29/10/2025 8,34 %

Investment objective and policy

The fund invests principally in bonds issued in the currencies of the leading industrialised countries (without the Yen). In addition, some 20% of the assets are invested in emerging market bonds. On average the compartment is invested by about ¾ in the euro zone and by about ¼ in the dollar zone. Its key objective is to achieve a regular income.

Management report - 1st Quarter 2017

The eurozone bond market posted a slight decline across the board in the first quarter of the year. Over the period, the benchmark 10-year Germany government bond yield inched up from 0.21% to 0.31%. In the first two months of the quarter, inflation continued its upward trend, from 1.1% to 2% between December and February. In terms of monetary policies, following on from its initial hike of 25 basis points, the Federal Reserve embarked on a second 25-point hike in March. Meanwhile, even though the ECB left its monetary policy unchanged, its pronouncements are now taking a more optimistic tone. In March, it raised its 2017 growth forecasts for the eurozone from 1.7% to 1.8%. It noted the decline in the risk of deflation and the fall in unemployment, which now stands at 9.5%. Improving conditions in emerging countries were reflected on the markets. Growth is trending upwards in all regions. Inflation is stabilising and enabling countries like Brazil and India to ease their monetary policies. The JP Morgan emerging market debt index in USD, the EMBI Global Diversified, gained 3.87%. Index spreads narrowed by nearly 31 basis points.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (11/08/2017) 696,03 EUR
NAV class A capitalisation shares (11/08/2017) 293,31 EUR
Latest dividend 12,16 EUR
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 1061310000
Internal distribution code : 1136231000
ISIN capitalisation code : LU0093569910
ISIN distribution code : LU0093569837
WKN capitalisation code : 921164
WKN distribution code : 937797
SICOVAM capitalisation code : 959302
SICOVAM distribution code : 989724
Net assets (million) 104,18 EUR
Launch date 29/02/1996

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.