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Funds Detail

BL Equities Europe

Equity fund

Data as of 10/06/2021

Risk level

Recommended investment horizon : > 10 years


Average annual performance since launch 8,24 %

Performance as at 10/06/2021

2018-5,40 %
201925,90 %
2020-0,26 %
Since 01/01/202111,83 %
Over the last 12 months16,78 %
Over 3 years26,14 %
Since launch1 039,32 %
Asset breakdown
Equities95,67 %
Cash4,33 %
Breakdown by currency
EUR55,48 %
SEK13,18 %
GBP11,14 %
CHF10,71 %
DKK9,43 %
Others0,06 %
Main positions
Sika AG6,64 %
SAP SE Stamm6,03 %
Essity AB B5,51 %
LVMH Moet Hennessy Louis Vuitton SE4,84 %
Assa Abloy AB B4,70 %


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 - 1st Quarter 2021

Buoyed by a strong month in March, the MSCI Europe rose 8.24% in the first quarter. European markets were boosted by the global covid vaccination campaign and the resulting improvement in economic indicators and corporate earnings, rising interest rates and reduced political risk in Europe. These factors fuelled the continued rotation towards more cyclical 'value' stocks at the end of 2020, with these sectors benefiting from earnings revisions well above the market average. In this context, BL Equities Europe lagged the market with a 4.24% increase over the quarter. The portfolio was impacted by a lack of investments in cyclicals (commodities, automotive) and financials. In terms of individual holdings, a few stocks weighed on the portfolio: Team Viewer suffered a sharp decline due to the unexpected announcement of two major sponsorship deals that led the company to cut its short-term margin expectations. Adidas suffered from the spat between Western countries and China over Chinese cotton from the Xianjiang region, and the situation of the Uighur minority: the sanctions imposed by Western countries on China could result in a Chinese boycott of Western companies. Kerry was weak following cautious strategic targets for 2021. On the other hand, the portfolio was positively impacted by the following. Assa Abloy, which benefited from an improved business outlook and margin assurance for 2021. Sika, which was able to maintain high levels of activity and profitability. The group is gaining market share through strong customer relationships and its high-quality product portfolio. LVMH, which saw strong growth in all its businesses. During the quarter, the Swedish company Sweco was added to the portfolio. It is the leading engineering consultancy in Europe, active in the fields of engineering, environmental technology and architecture. Three main trends are driving its growth: growing urbanisation, digitalisation which is helping to make cities smarter, and climate change with the need for alternative energy and recycling.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (10/06/2021)113,34 EUR
NAV class A distribution shares (20/05/2021)111,13 EUR
CODESISIN capitalisation code : LU0093570330
ISIN distribution code : LU0439765081
WKN capitalisation code : 989879
WKN distribution code : A0X9BK
SICOVAM capitalisation code : 959285
Net assets (million)1 494,77 EUR
Launch date21/09/1990

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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