Data as of 11/08/2017

Risk level

Low

High

Recommended investment horizon : > 10 years

average annual performance since launch

10,47 %


Performance as at 11/08/2017

FUNDS
2014 ---
2015 ---
2016 9,51 %
Since 01/01/2017 9,08 %
Over the last 12 months 7,41 %
Over 3 years ---
Since launch 18,89 %
Asset breakdown
Equities 92,61 %
Cash 7,39 %
Breakdown by currency
USD 99,95 %
EUR 0,05 %
Breakdown by region / by countries
USA 89,65 %
Israel 1,79 %
Canada 1,17 %
Main positions
Clorox Co 3,28 %
International Flavors + Fragrances Inc 2,94 %
Dr Pepper Snapple Group Inc 2,93 %
Resmed Inc 2,92 %
Tractor Supply Co 2,91 %

Investment objective and policy

BL-American Smaller Companies invests up to 80% of its assets in shares of American companies with a market capitalization below 20 billion USD. Selected companies have a well-defined business model with a clear market strategy. The fund invests in companies with a strong competitive advantage, showing a sustainable superior return profile and generating high and consistent levels of free-cash flow. In combination with a solid financial situation. Investment decisions are based on strict valuation and quality criteria.

Management report - 4th Quarter 2016

The political storm that began in the UK with the June referendum result hit the US in November with the surprising victory of Donald Trump in the presidential election. After the result, investor focus quickly shifted to what a Trump administration will seek to achieve. The potential for deregulation, tax cuts and infrastructure spending boosted equity markets during the last quarter of the year. In this environment small caps hit new all-time highs and outperformed large caps by a very wide margin. Most of the small cap gains came from value stocks. In the fourth quarter of the year the Fund BL American Smaller Companies underperformed the Reference Index, the MSCI US Small + Mid Cap NR USD Index, by 3,51%. In absolute terms the fund showed a positive performance of 1.17%. During the 4th quarter we sold the entire position of WhiteWave Foods as Danone agreed to buy the company in an all-cash transaction. We further sold the position of Boston Beer, as the company reported another weak quarter with rising competition for shelf space and finally we sold Whole Foods, as we expect comps to remain negative in FY17 together with further margin pressure, as other retail chains are trying to grab a bigger share in this attractive category. On the other hand we initiated a position in Campbell Soup, who is a leading global manufacturer and marketer of branded convenience food products, most notably soup. We also bought Dr Pepper Snapple Group, an integrated brand owner, bottler, and distributor of non-alcoholic beverages. We further bought Manitowoc Foodservice, a leading global supplier of commercial foodservice equipment, Edwards Lifesciences, that designs, manufactures, and markets a range of medical devices and equipment for advanced stages of heart disease and lastly C.R. Bard, that designs, manufactures, and markets a wide range of medical, diagnostic, and surgical devices that are primarily intended for one-time use.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (11/08/2017) 119,26 USD
CODES Internal capitalisation code : 29339088
ISIN capitalisation code : LU1305478775
WKN capitalisation code : A1421A
Net assets (million) 153,82 USD
Launch date 13/11/2015

European tax regime

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Belgian tax regime

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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.