Data as of 11/08/2017

Risk level

Low

High

Recommended investment horizon : > 4 years

average annual performance since launch

3,34 %


Performance as at 11/08/2017

FUNDS
2014 3,41 %
2015 1,64 %
2016 -0,44 %
Since 01/01/2017 10,91 %
Over the last 12 months 4,54 %
Over 3 years 14,13 %
Since launch 24,21 %
Asset breakdown
Equities 59,05 %
Hedged Equities 33,61 %
Bonds 3,80 %
Cash 3,54 %
Breakdown by currency
USD 68,51 %
EUR 8,43 %
JPY 6,03 %
GBP 5,95 %
CHF 5,83 %
Others 5,24 %
Breakdown by region / by countries
USA 29,50 %
United Kingdom 7,11 %
Switzerland 5,69 %
Japan 5,30 %
France 3,16 %
Others 8,27 %
Main positions
Constellation Brands Inc A 3,19 %
Visa Inc A 3,06 %
Microsoft Corp 3,02 %
Mastercard Inc 3,01 %
Mondelez International Inc 2,81 %

Investment objective and policy

The fund aims to beat returns offered by money-market products and bonds while avoiding volatility usually associated with the stock markets. This means that the fund offers greater capital protection during bear markets. The weighting of the various asset classes may change significantly depending on how attractive they are in relation to each other (from 0 to 100%).

Management report - 1st Quarter 2017

At the end of March 2017, BL-Flexible USD was 89% invested in equities. Part of the equity exposure was hedged through the sale of index futures, reducing net equity exposure to 57% by the end of the quarter. Since the start of the year, equity markets have recorded generally positive performance and the S&P 500 has gained 5.5%. European and emerging markets have outperformed this, with rises of 6.5% for the MSCI EAFE (developed markets excluding the US and Canada) and 11% for the MSCI Emerging Markets. Discussions in Washington on the reform of the healthcare system (Affordable Care Act) and immigration policy underline the fact that the transition process that the new government has embarked on will certainly take longer than expected. Even less controversial subjects like tax reform and economic stimulus plans through infrastructure spending will take longer to come to fruition. Good economic performance and company results will be essential for the market to continue rising in this environment. Within the portfolio, net exposure to equities was slightly reduced at the end of the quarter, dropping from 62% to 57%. The cash portion was raised and amounted to 7.7% at the end of the quarter. The manager has kept 3.6% of the portfolio invested in US Treasury bonds. In currencies, the fund is 71.5% invested in USD, 6.5% in EUR, 5.5% in JPY, 6.6% in GBP, 5.4% in CHF and 4.5% in other currencies, mainly of emerging countries. At the end of March 2017, part of the GBP exposure was hedged by currency futures. The fund's net exposure in USD thus rose to 75%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (11/08/2017) 124,21 USD
CODES Internal capitalisation code : 13548084
ISIN capitalisation code : LU0578147729
WKN capitalisation code : A1H54X
Net assets (million) 109,17 USD
Launch date 14/01/2011

European tax regime

35% on dividends (distribution shares)

Belgian tax regime

27% on redemptions

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.