Data as of 10/08/2017

Risk level



Recommended investment horizon : > 3 years

average annual performance since launch

3,12 %

Performance as at 10/08/2017

2014 6,73 %
2015 2,16 %
2016 1,77 %
Since 01/01/2017 2,27 %
Over the last 12 months 3,91 %
Over 3 years 12,24 %
Since launch 28,63 %
Asset breakdown
Absolute Return 47,31 %
Equities 39,10 %
Bonds 12,81 %
Cash 0,77 %
Breakdown by currency
EUR 82,76 %
USD 8,34 %
RUB 4,53 %
MXN 1,90 %
CNY 1,28 %
Others 1,18 %
Breakdown by region / by countries
Europe 31,47 %
Russia 3,43 %
Global 1,62 %
Greece 1,33 %
USA 1,26 %
Main positions
Memnon European - I Euro CAP 6,41 %
Multi Units France Lyxor Euro Stoxx Banks (DR) UCITS - C EUR CAP 5,65 %
GAM Multistock Euroland Value Equity - C CAP 5,50 %
GAM Multibond Local Emerging Bond - C USD CAP 5,12 %
Lazard Global Investment European Alternative - EA Acc EUR CAP 4,90 %

Investment objective and policy

The aim of this fund is long-term capital appreciation via a diversified portfolio of assets while targeting lower volatility than the equity markets. This flexible fund of funds has no geographical, sector or monetary restriction and invests mainly in UCITS and other UCIs. The proportion of investments in the various asset classes will depend on market circumstances. The maximum equity weighting permitted is 50%.

Management report - 2nd Quarter 2017

The equity weighting ended the quarter at around 45%. A relatively high level (above 30%) was maintained throughout the quarter although some profits were taken at the beginning of May after the French elections. At the end of June, following a slight correction on the equity markets, positions were redeployed to benefit from the second-quarter earnings reporting season which runs from mid-July to end-August. This is expected to reflect strong economic momentum worldwide, particularly in the eurozone. The fund gave up 0.52% in the second quarter. Active managers, both in equity funds and alternative strategies, have had greater difficulty in a market riven with strong divergence between sectors. Overall, the second quarter proved to be a time of transition for the fund and for the financial markets. After six particularly robust months, investors certainly needed a digestion phase.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (10/08/2017) 128,63 EUR
CODES Internal capitalisation code : 2418242000
ISIN capitalisation code : LU0430649086
WKN capitalisation code : A0RNSS
Net assets (million) 408,43 EUR
Launch date 08/06/2009

European tax regime

35% on redemptions

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.