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BL Equities America

Equity fund

Data as of 08/07/2020

Risk level

Low High
Recommended investment horizon : > 10 years


Average annual performance since launch 8,15 %

Performance as at 08/07/2020

2017 23,33 %
2018 -3,66 %
2019 31,34 %
Since 01/01/2020 3,92 %
Over the last 12 months 11,33 %
Over 3 years 43,79 %
Since launch 834,83 %
Asset breakdown
Equities 97,84 %
Cash 2,16 %
Breakdown by currency
USD 88,25 %
EUR 11,75 %
Main positions
Microsoft Corp 8,22 % Inc 5,93 %
Visa Inc A 4,82 %
Alphabet Inc A 4,35 %
Mastercard Inc 4,33 %


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 - 1st Quarter 2020

In the first quarter of 2020, the MSCI USA Net Total Return index expressed in USD was down 19.77%. Although it was already clear that we had entered the final stages of the economic cycle, no one could have predicted at the beginning of this year that large parts of the global economy would be abruptly brought to a halt by the COVID-19 pandemic. Now, unfortunately, the debate is no longer about whether or not we will see a recession this year but rather how long the recession will last and how deep it will be. Equity markets fell sharply in March to reflect this new reality. Over the period, the net asset value of BL Equities America (retail accumulation share net of fees in USD) fell 16.27%. The main contributors to Q1 performance were, biotech company Gilead, and tech giants Microsoft and Adobe. The main detractors from performance included tech stocks Fiserv and Mastercard, and consumer goods companies Lowe's and Constellation Brands. The fund manager opened two new positions in March: Abobe and IQVIA Holdings. Adobe dominates content creation software with its flagship applications Photoshop and Illustrator. These two software products are an integral part of its activities in the Creative Cloud. Adobe continues to add products and functionality through internal development and targeted acquisitions to build an increasingly comprehensive portfolio of tools for print, digital and video content creation. In 2019, Adobe generated revenues of nearly $12 billion. Adobe's creative strategy has evolved over the past few years, from one-off solutions to the Creative Suite and now the Creative Cloud, which is offered exclusively on a subscription basis. The benefits of offering Software as a Service (SaaS) are well known and provide recurring revenue streams for vendors while reducing piracy. In addition, the entry price to use Abobe's products has become much cheaper. You no longer have to spend over $1,000 to access these products since there are now subscription solutions starting at $10 per month with regular updates to take advantage of the latest features. IQVIA Holdings is a CRO (clinical research organisation) and the undisputed leader in clinical research and health data management. It has a very strong competitive advantage since it has exclusive data in pharmaceutical research and recognised expertise in clinical studies. IQVIA's clients include almost all the major biotechnology and pharmaceutical companies and they have to pay to access IQVIA's databases.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (08/07/2020) 9 348,27 USD
NAV class A capitalisation shares (08/07/2020) 258,92 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) 1 395,25 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.