Luxembourg
14 Boulevard Royal L-2449 Luxembourg
 
Monday to Friday
8.30 am to 5 pm
 
Brussels
Chaussée de La Hulpe, 120 – 1000 Brussels
Ghent
Rijvisschestraat 124 – 9052 Ghent
 
Monday to Friday
8.30 am to 4.30 pm


BL Equities Europe

Equity fund

Data as of 21/02/2020

Risk level

Low High
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 8,36 %

Performance as at 21/02/2020

FUNDS
2017 16,75 %
2018 -5,40 %
2019 25,90 %
Since 01/01/2020 3,72 %
Over the last 12 months 22,24 %
Over 3 years 37,58 %
Since launch 962,65 %
Asset breakdown
Equities 95,54 %
Cash 4,46 %
Breakdown by currency
EUR 58,63 %
GBP 18,62 %
CHF 10,02 %
SEK 8,57 %
DKK 4,12 %
Others 0,05 %
Main positions
SAP SE Stamm 6,05 %
Sika AG 5,73 %
Unilever NV 5,03 %
Roche Holding AG Genussschein 4,27 %
Essity AB B 4,24 %

Strategy

Investment objective and policy

BL-Equities Europe invests in European equities with no restriction with regard to market capitalisation. The structure of this fund is not linked to a benchmark index, but results from the addition of individual investment opportunities. The fund aims to achieve long-term capital gains.

Management report - 4th Quarter 2019

The 4th quarter of 2019 saw a strong rebound in equity market prices in Europe. The markets were buoyed by Boris Johnson's victory in the UK's general election. With a solid majority in parliament, a deal between London and Brussels looks more achievable than previously. The markets then rebounded sharply, with UK stocks leading the field. Another positive factor was confirmation that the United States and China had reached a trade agreement. The MSCI Europe Net TR EUR index gained 5.71%, while BL Equities Europe (EUR retail accumulation share net of fees) added 6.24%. The portfolio was boosted by Sika (good results and investor day highlighted the group's strong position and prospects), SAP (good results and investor day affirmed the group's growth potential, profitability and cash generation capacity), LVMH (acquisition of US jeweller Tiffany, strengthening LVMH's small position on this market along with the possibility of revitalising Tiffany and raising its profitability), Grifols (share price still buoyed by the favourable results of its Ambar study on the prevention and treatment of Alzheimer's) and Fresenius (reassuring results in line with expectations). On the other hand, the portfolio was undermined by Danone (results below expectations), Unilever (lukewarm results, especially in China and India), Smith & Nephew (uncertainties linked to change of CEO), DCC (impacted by Brexit) and Beiersdorf (lower growth at Tesa, its adhesives division, weighed on the group's forecast results). Half the position in Kone was sold during the quarter. Following its good performance since the start of the year, the fund manager decided to step back on the eve of the possible acquisition of ThyssenKrupp's lift division, at a price as yet unknown but probably high.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/02/2020) 8 774,18 EUR
NAV class A capitalisation shares (21/02/2020) 232,90 EUR
Latest dividend 0,56 EUR
Date of last dividend payment  07/02/2020
CODES Internal capitalisation code : 1134255000
Internal distribution code : 13407402
ISIN capitalisation code : LU0093570330
ISIN distribution code : LU0439765081
WKN capitalisation code : 989879
WKN distribution code : A0X9BK
SICOVAM capitalisation code : 959285
Net assets (million) 1 344,61 EUR
Launch date 21/09/1990

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.