Data as of 14/08/2017

Risk level

Low

High

Recommended investment horizon : > 10 years

average annual performance since launch

16,32 %


Performance as at 14/08/2017

FUNDS
2014 16,66 %
2015 20,63 %
2016 3,39 %
Since 01/01/2017 8,12 %
Over the last 12 months 19,19 %
Over 3 years 49,98 %
Since launch 152,72 %
Asset breakdown
Equities 94,49 %
Cash 5,51 %
Breakdown by currency
JPY 84,44 %
EUR 9,20 %
CHF 3,36 %
USD 3,00 %
Breakdown by region / by countries
Japan 94,49 %
Main positions
SECOM Co Ltd 2,82 %
ABC Mart Inc 2,80 %
Bridgestone Corp 2,78 %
Seven + I Holdings Co Ltd 2,77 %
Don Quijote Holdings Co Ltd 2,70 %

Investment objective and policy

BL-Equities Japan invests in Japanese equities with no restriction with regard to market capitalization. The investment philosophy of the fund is based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Such investments are likely to create long-term value for shareholders. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. 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

After the consolidation phase in the first three months of the year, the Japanese market returned to growth in the second quarter. Japanese equities benefited particularly from a favourable earnings reporting season and the weakness of the yen. Investors continued to prefer 'growth' to 'value' stocks. In this context, the manager took advantage of capital inflows to increase the 'value'-type segment. The fund opened positions in industrial companies Fujitec and Toshiba Plant Systems and Services, and chemicals company Daicel. Other purchases included housebuilder Sumitomo Forestry and Fujifilm Holdings, a diversified company offering IT and medical solutions. A position was also opened in Zojirushi, which specialises in household appliances and is one of the world's biggest manufacturers of rice cookers. All these companies offer significant valuation discounts while presenting sound balance sheets and attractive dividends. The chemicals company JSR was sold for valuation reasons.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (14/08/2017) 18 044,00 JPY
NAV class A capitalisation shares (14/08/2017) 20 555,00 JPY
Latest dividend 231,04 JPY
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 13632297
Internal distribution code : 13772767
ISIN capitalisation code : LU0578148453
ISIN distribution code : LU0578147992
WKN distribution code : A1H54Y
Net assets (million) 37 096,99 JPY
Launch date 28/06/2011

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.