Feel free to install and activate LuxTrust Mobile on your smartphone and/or activate the LuxTrust Scan device provided by your adviser.
BL Global Bond Opportunities
Data as of 21/02/2020
Average annual performance since launch 4,39 %
Performance as at 21/02/2020
|Since 01/01/2020||1,42 %|
|Over the last 12 months||1,32 %|
|Over 3 years||-0,23 %|
|Since launch||180,12 %|
|Breakdown by currency|
|Russia 2013 3.625% 16-09-2020 3,62 16/09/2020||2,54 %|
|Belgique 2016 .2% 22-10-2023 0,20 22/10/2023||1,76 %|
|Romania Series 2015-1 2015 2.75% 29-10-2025 2,75 29/10/2025||1,67 %|
|Portugal Obrigacoes do Tesouro 2015 2.2% 17-10-2022 2,20 17/10/2022||1,59 %|
|Nestle Finance International Ltd Series 94 Tranche 1 2017 1.75% 02-11-2037 1,75 02/11/2037||1,53 %|
Investment objective and policyThe fund invests principally in bonds issued in the currencies of the leading industrialised countries (without the Yen). In addition, some 20% of the assets are invested in emerging market bonds. On average the compartment is invested by about ¾ in the euro zone and by about ¼ in the dollar zone. Its key objective is to achieve a regular income.
Management report - 4th Quarter 2019Eurozone sovereign bond prices fell in the fourth quarter. The JPMorgan GBI EMU Bond index posted negative performance of 2.89%. Periphery country bonds fell by 2.58% while the sub-index for the core eurozone countries (excluding periphery debt) lost 3.12% over the quarter. The Germany 10-year bond yield rose from -0.57% to -0.19% over the period. The ECB is keeping its interest rates unchanged. The main refinancing interest rate is unchanged at 0% and the deposit facility will continue at -0.50%. On 1 November, Christine Lagarde began her eight-year term as President of the ECB, taking over from Mario Draghi. Eurozone inflation remains low at 1.3% and the unemployment rate has stabilised at around 7.5%. Emerging market debt gained nearly 0.34% according to the JP Morgan Euro EMBI Global Diversified index. This gain coincides with the index spread narrowing by around 19 basis points to 186 basis points at the end of the quarter. After two consecutive quarters of monetary easing, the Federal Reserve extended its efforts with its third interest rate cut for 2019. This took the Federal Funds Target Rate (lower limit) from 1.75% to 1.50% at the end of October. Emerging markets continued to benefit from global monetary easing. In the second half of the quarter, the global economy was bolstered by the advent of the first phase of an agreement between China and the United States and some favourable economic data. However, its growth was below potential at the end of the year. Some of the emerging markets are reaching the end of the economic cycle. The slight rebound of the global economy during the last quarter heralds the end of the economic recovery in developed countries. As a result, although some emerging market countries are still benefiting from monetary or fiscal leeway to stimulate the economy (e.g. Russia, Peru and the Czech Republic), monetary easing decisions will mainly be conditioned by positive idiosyncratic economic data rather than a cut in US or Chinese interest rates. Emerging market corporate debt spreads narrowed according to the CEMBI Broad Diversified index. The spread for this index contracted by nearly 31 basis points to 267 points at 31 December 2019. The MAGGIE Corporate sub-index for investment grade debt in euros saw yields rise from 0.38% to 0.52% over the quarter There has been a slight improvement in the global political context. Brexit is in the process of being resolved. US-China trade discussions seem to be reaching an agreement. Particularly in the United States, the economic situation seems to have stopped deteriorating, creating some stability for bonds. Without a clear macroeconomic trend, the central banks of emerging countries are left to their own devices to deal with the development of their economies. In 2020, the credibility and effectiveness of each central bank will play an important role in the improvement or deterioration of their country's economic fundamentals. This will lead to a divergence of values in the asset class.
|Net Asset Value|
|Calculated||Every business day|
|NAV class B capitalisation shares (21/02/2020)||694,39 EUR|
|NAV class A capitalisation shares (21/02/2020)||279,72 EUR|
|Latest dividend||5,73 EUR|
|Date of last dividend payment||07/02/2020|
|CODES||Internal capitalisation code : 1061310000 |
Internal distribution code : 1136231000
ISIN capitalisation code : LU0093569910
ISIN distribution code : LU0093569837
WKN capitalisation code : 921164
WKN distribution code : 937797
SICOVAM capitalisation code : 959302
SICOVAM distribution code : 989724
|Net assets (million)||404,35 EUR|
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.