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Funds Detail

BL Equities America

Equity fund

Data as of 21/01/2021

Risk level

Recommended investment horizon : > 10 years


Average annual performance since launch 8,65 %

Performance as at 21/01/2021

2018-3,66 %
201931,34 %
202022,79 %
Since 01/01/20210,37 %
Over the last 12 months19,32 %
Over 3 years48,10 %
Since launch1 014,25 %
Asset breakdown
Equities99,38 %
Cash0,62 %
Breakdown by currency
USD85,51 %
EUR14,49 %
Main positions
Microsoft Corp7,27 % Inc5,29 %
Nike Inc B5,17 %
Lowes Co Inc5,01 %
Apple Inc4,64 %


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 - 3rd Quarter 2020

The third quarter of the year was very favourable to equities and bonds. The MSCI USA Net Total Return index expressed in USD gained 9.51% as the markets continue to capitalise on their second-quarter gains. In the third quarter, the net asset value of BL Equities America (retail accumulation share net of fees in USD) was up 11.89%. The main contributors to Q3 performance were logistics company FedEx, tech giant Apple, DIY retailer Lowe's, sports equipment manufacturer Nike and leading online retailer Among the main detractors from performance were the biotech firm Gilead Sciences, medical equipment manufacturer Becton Dickinson, industrial company Ecolab, medical research firm IQVIA Holdings and brewer Molson Coors. No new companies were introduced into the portfolio during the quarter. The positions held in the brewer Molson Coors and cigarette manufacturer Philip Morris were sold. Molson Coors, which is still restructuring following the acquisition of some of SAB Miller's activities in 2015, has been unable to stabilise its losses in sales volume. This is preventing a sustainable recovery in the group's earnings and it has been hard hit by the current pandemic. Immediately after giving the green light for the sale of IQOS, Philip Morris' flagship product in the US, the regulatory authorities began to crack down on the sale of flavoured electronic cigarettes. The pace of substitution from conventional cigarettes to reduced-risk products (RRP) seems to have slowed, which is weighing on the world's leading cigarette manufacturer's recovery in sales growth.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/01/2021)11 142,49 USD
NAV class A distribution shares (21/01/2021)308,61 USD
Latest dividend1,36 USD
Date of last dividend payment  01/02/2018
CODESISIN capitalisation code : LU0093570256
ISIN distribution code : LU0439764944
WKN capitalisation code : 937806
WKN distribution code : A0X9BJ
SICOVAM capitalisation code : 959283
Net assets (million)1 617,52 USD
Launch date03/01/1992

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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