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Funds Detail

BL Global Bond Opportunities

Bond fund

Data as of 13/01/2021

Risk level

Recommended investment horizon : > 2 years


Average annual performance since launch 4,21 %

Performance as at 13/01/2021

2018-2,25 %
20190,44 %
20200,94 %
Since 01/01/2021-0,01 %
Over the last 12 months0,92 %
Over 3 years-0,66 %
Since launch178,86 %
Asset breakdown
Bonds96,17 %
Cash3,83 %
Breakdown by currency
EUR96,76 %
USD3,24 %
Main positions
Ireland Treasury Bond 2016 1% 15-05-20262,26 %
Ireland Treasury Bond 2014 3.4% 18-03-20241,92 %
Portugal Obrigacoes do Tesouro 2015 2.875% 15-10-20251,63 %
Portugal 2008 4.95% 25-10-20231,63 %
Merck + Co Inc 2016 1.375% 02-11-20361,61 %


Investment objective and policy

The 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 - 3rd Quarter 2020

Eurozone sovereign bond prices rallied in the third quarter. The JPMorgan GBI EMU Bond index posted positive performance of +1.72%. Periphery country bonds rose by 2.66% while the sub-index for the core eurozone countries (excluding periphery debt) gained 1.04% over the quarter. The German 10-year bond yield declined from -0.45% to -0.52% over the period. The context is an increase in Covid-19 infections confirming the advent of a second wave with local lockdowns being tightened (Spain, France, etc.). The mid-year upturn in activity is slowing. The latest inflation figures confirm that the European economy is falling into deflation with the eurozone's harmonised index for consumer prices coming in at -0.4% at 30 September. Unemployment figures continue to rise, at 11.5% for the region as a whole. In emerging markets, we are seeing divergences widen between countries. China is posting a clear rebound in industrial activity and this is boosting other economies in the region. However, in India, the worsening health situation is weighing on growth prospects. With the exception of Argentina and Turkey (Turkey's central bank raised interest rates by 2 percentage points to 10.25% on 24 September), inflation remains low in all emerging market countries, despite currency depreciation and the adoption of expansionary measures. In the short term, the central banks will continue to support the markets. Nevertheless, we expect a downward revision of fiscal spending unless the pandemic worsens significantly. In the medium term, the European economy should continue to recover.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (13/01/2021)691,26 EUR
NAV class A distribution shares (13/01/2021)278,46 EUR
Latest dividend5,73 EUR
Date of last dividend payment  07/02/2020
CODESISIN 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)355,91 EUR
Launch date29/02/1996

Détail fonds - disclaimer

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.

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