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BL Global Bond Opportunities
Bond fund
Data as of 21/01/2021
Risk level
| Low |  | High |
Performance
Average annual performance since launch 4,20 %
Performance as at 21/01/2021
| FUNDS | |
|---|---|
| 2018 | -2,25 % |
| 2019 | 0,44 % |
| 2020 | 0,94 % |
| Since 01/01/2021 | -0,12 % |
| Over the last 12 months | 0,42 % |
| Over 3 years | -0,73 % |
| Since launch | 178,55 % |
Composition
| Asset breakdown | |
|---|---|
| Bonds | 95,49 % |
| Cash | 4,51 % |
| Breakdown by currency | |
|---|---|
| EUR | 96,46 % |
| USD | 3,24 % |
| CNY | 0,30 % |
| Main positions | |
|---|---|
| Ireland Treasury Bond 2016 1% 15-05-2026 | 2,26 % |
| Ireland Treasury Bond 2014 3.4% 18-03-2024 | 1,92 % |
| Portugal 2008 4.95% 25-10-2023 | 1,63 % |
| Portugal Obrigacoes do Tesouro 2015 2.875% 15-10-2025 | 1,63 % |
| CK Hutchison Finance 16 Series B 2016 2% 06-04-2028 | 1,60 % |
Strategy
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 (21/01/2021) | 690,50 EUR |
| NAV class A distribution shares (21/01/2021) | 278,15 EUR |
| Latest dividend | 5,73 EUR |
| Date of last dividend payment | 07/02/2020 |
| CODES | 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) | 355,42 EUR |
| Launch date | 29/02/1996 |
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.