Data as of 11/08/2017

Risk level

Low

High

Recommended investment horizon : > 10 years

average annual performance since launch

7,59 %


Performance as at 11/08/2017

FUNDS
2014 9,39 %
2015 1,89 %
2016 4,25 %
Since 01/01/2017 13,12 %
Over the last 12 months 9,90 %
Over 3 years 26,49 %
Since launch 552,09 %
Asset breakdown
Equities 92,32 %
Cash 7,68 %
Breakdown by currency
USD 99,18 %
EUR 0,82 %
Breakdown by region / by countries
USA 92,32 %
Main positions
Microsoft Corp 5,60 %
Constellation Brands Inc A 4,56 %
Becton Dickinson + Co 3,85 %
Visa Inc A 3,76 %
Mastercard Inc 3,52 %

Investment objective and policy

BL Equities America invests in US 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 2017

The markets kept up their favourable run in the second quarter, with the S&P 500 gaining 2.57%. American investors continue to derive optimism from the publication of corporate results coming in above expectations in the majority of cases. Companies demonstrating a clear competitive advantage have reported the strongest earnings growth and their shares are posting some of the biggest gains. Companies with less certain growth prospects, like many in the traditional retail sector, have had a very difficult 2017 on the equity markets and suffered significant falls in their share price. Within the fund, veterinary products manufacturer Zoetis was added to the investment portfolio. Zoetis is the world's largest animal health company, with turnover of over USD 5 billion. Created by Pfizer in 1952 and floated on the stock market in January 2013, Zoetis develops, produces and markets vaccines, drugs and diagnostic tests for farm animals and pets. Zoetis has an extensive portfolio of over 300 product lines across five therapeutic categories. With a network of over 3,500 sales reps, Zoetis is underpinned by a sophisticated sales model in 45 countries, creating high entry barriers to new competitors. Veterinary products have always been a low-cyclical sector and its momentum looks very robust for the coming years, with forecast growth of 5% to 7% per year. The increase in the global population, improving living standards, especially in Asia, and the search for productivity gains in the industry will be favourable for the company's development in the coming years. At the same time, the positions in Cisco Systems, Mattel and WW Grainger were sold. Cisco is in the midst of a restructuring and the company is looking to develop a business model which generates more revenue from subscription contracts. At the moment, we would rather invest in companies like Microsoft (the fund's biggest position) which is already deriving greater benefit from a more recurrent revenue model. Unlike its main rival, Hasbro, Mattel has not managed to adapt its product offering to the huge changes in demand over recent years. For WW Grainger, the competitive environment is undergoing fundamental change and the competition from e-commerce - especially the Amazon model - is giving greater visibility in terms of prices, which will hit WW Grainger's operating margins in the coming years.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (11/08/2017) 6 520,88 USD
NAV class A capitalisation shares (11/08/2017) 181,78 USD
Latest dividend 1,57 USD
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 1134271000
Internal distribution code : 13407396
ISIN capitalisation code : LU0093570256
ISIN distribution code : LU0439764944
WKN capitalisation code : 937806
WKN distribution code : A0X9BJ
SICOVAM capitalisation code : 959283
Net assets (million) 654,25 USD
Launch date 03/01/1992

European tax regime

...

Belgian tax regime

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.