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 America

Equity fund

Data as of 21/02/2020

Risk level

Low High
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 8,30 %

Performance as at 21/02/2020

FUNDS
2017 23,33 %
2018 -3,66 %
2019 31,34 %
Since 01/01/2020 4,99 %
Over the last 12 months 23,68 %
Over 3 years 53,41 %
Since launch 844,48 %
Asset breakdown
Equities 98,04 %
Cash 1,96 %
Breakdown by currency
USD 88,83 %
EUR 11,17 %
Main positions
Microsoft Corp 6,83 %
Mastercard Inc 5,19 %
Fiserv Inc 5,12 %
Visa Inc A 4,77 %
Constellation Brands Inc A 4,03 %

Strategy

Investment objective and policy

BL Equities America invests in US 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

In the fourth quarter of 2019, the MSCI USA Net Total Return USD index expressed in USD gained 8.97%. Generally, the markets continued the upward trend that began at the beginning of the year. At the start of the year, the markets were also boosted by the leading central banks stating that they would keep interest rates low to stimulate economic growth. In the last quarter, equity markets benefited from the publication of firmer economic data and a decline in political risk, especially concerning the trade war with China. Over the period, the net asset value of BL Equities America (retail accumulation share net of fees in USD) gained 6.26%. The main contributors to Q4 performance were tech giants Microsoft, Apple, Mastercard and Visa, and the medical insurance company UnitedHealth Group. The main detractors from performance included the American brewers Constellation Brands, Anheuser Busch Inbev and Molson Coors, as well as Verisk Analytics and kitchen equipment supplier Middleby. Within the portfolio, we sold the remainder of our positions in 3M and Schlumberger. 3M is still in a complex and turbulent period due to the change of CEO and a number of heads of different activities, the restructuring plan, the slowdown of the group's activities in the industrial and electronics divisions, and accusations of having polluted water and soil in Minnesota for 50 years, which could prove very costly in financial terms in the coming years. Oilfield services company Schlumberger is facing difficult market conditions and a slowdown in its international growth. The new CEO's strategy is currently to eliminate past errors and steer the company back towards its more profitable technological roots. In our view, this repositioning will take a few years and 2020 will probably be a year of transition with the risk of dilutive divestments and a significant impact on the group's free cash flow generation.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/02/2020) 9 444,76 USD
NAV class A capitalisation shares (21/02/2020) 261,59 USD
Latest dividend 1,36 USD
Date of last dividend payment  01/02/2018
CODES Internal capitalisation code : 1134271000
Internal distribution code : 13407396
ISIN capitalisation code : LU0093570256
ISIN distribution code : LU0439764944
WKN capitalisation code : 937806
WKN distribution code : A0X9BJ
SICOVAM capitalisation code : 959283
Net assets (million) 1 251,37 USD
Launch date 03/01/1992

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.