Data as of 10/08/2017

Risk level



Recommended investment horizon : > 8 years

average annual performance since launch

4,33 %

Performance as at 10/08/2017

2014 12,16 %
2015 10,55 %
2016 -0,08 %
Since 01/01/2017 5,69 %
Over the last 12 months 9,83 %
Over 3 years 28,02 %
Since launch 96,02 %
Asset breakdown
Equities 89,97 %
Cash 4,85 %
Absolute Return 4,03 %
Hedged Equities 1,15 %
Breakdown by currency
EUR 62,26 %
USD 33,67 %
JPY 4,07 %
Breakdown by region / by countries
Europe 49,72 %
USA 14,95 %
Asia 12,21 %
Global 6,14 %
Emerging Markets 5,07 %
Others 1,89 %
Main positions
MainFirst Top European Ideas - C CAP 5,18 %
Alken European Opportunities - EU1 CAP 5,13 %
Vontobel US Equity - I CAP 4,77 %
Eleva UCITS European Selection - I EUR CAP 4,55 %
Schroder International Selection European Special Situations - A CAP 4,36 %

Investment objective and policy

This fund has a minimum net equity exposure of 75% and invests in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in bond funds, cash or any other type of transferable security that is listed or traded on regulated markets. The emphasis is on international diversification of investments and flexibility in terms of themes and sectors that may potentially be present within the fund.

Management report - 2nd Quarter 2017

Overall, the second quarter proved to be a time of transition for the financial markets. After six particularly robust months, investors certainly needed a digestion phase. The fund remained in positive territory with a gain of 0.33% in the period. There was little change to the equity allocation in the second quarter. It remained at around 92%. The positions in European equities performed well as a whole. The majority outperformed the MSCI Europe NR. It is pleasing to see that the fund selection kept up the outperformance momentum that had begun in the first quarter. Overweighting the European market turned out well as European equity markets outperformed their US counterparts (in euros). The dollar's near-6% fall against the euro impacted the performance of non-euro asset classes. But the fact that part of the exchange risk was hedged helped limit the damage. The current financial cycle has now reached a high degree of maturity, which means that the prevailing trends have pushed up absolute and relative valuation levels to elevated levels. It is therefore very important to preserve the balance of the portfolio and be on guard for early signs of an end to this economic and financial cycle.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (10/08/2017) 196,02 EUR
CODES Internal capitalisation code : 1393353000
ISIN capitalisation code : LU0135980968
WKN capitalisation code : 762210
SICOVAM capitalisation code : 509654
Net assets (million) 90,32 EUR
Launch date 03/10/2001

European tax regime


Belgian tax regime


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.