14 Boulevard Royal L-2449 Luxembourg
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BL Global Equities

Equity fund

Data as of 21/02/2020

Risk level

Low High
Recommended investment horizon : > 10 years


Average annual performance since launch 3,70 %

Performance as at 21/02/2020

2017 7,45 %
2018 -4,13 %
2019 23,20 %
Since 01/01/2020 3,14 %
Over the last 12 months 17,60 %
Over 3 years 24,57 %
Since launch 101,82 %
Asset breakdown
Equities 84,28 %
Hedged Equities 10,17 %
Cash 5,55 %
Breakdown by currency
USD 31,41 %
EUR 26,65 %
JPY 13,03 %
GBP 5,42 %
CHF 3,80 %
Others 19,69 %
Main positions
Unilever NV 3,11 %
SAP SE Stamm 2,80 %
Pernod Ricard 2,53 %
Taiwan Semiconductor Manufacturing Co Ltd ADR repr 5 shs 2,51 %
Microsoft Corp 2,38 %


Investment objective and policy

BL-Global Equities invests in international equities with no restriction with regard to market capitalisation. Geographically, the fund invests in Europe and the United States, and from time to time in Japan and the emerging markets. The fund aims to achieve long-term capital gains.

Management report - 4th Quarter 2019

Thanks to central bank stimulus and the Phase One trade agreement between the United States and China, risk assets performed particularly strongly in the fourth quarter, while more defensive assets were sidelined by investors. From September to December, the MSCI All Country World Index net total return expressed in euros gained 5.8%. In terms of sectors, technology headed the leader board while consumer staples fell over the period. Due to the fund's defensive management strategy, BL Global Equities only gained moderate benefit from the appreciation of risk assets, with the NAV (retail accumulation share net of fees in euros) up 3.4% over the quarter. No changes were made to the portfolio's structure in the last three months of 2019. At the end of December, the fund was 93.5% invested in equities, with 10% of this allocation hedged through the sale of futures. The portfolio's geographic allocation was as follows: Europe 36.5% (4% hedged), United States 29.5% (6% hedged), Japan 11.5% and emerging markets 16%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/02/2020) 1 009,12 EUR
NAV class A capitalisation shares (21/02/2020) 202,37 EUR
Latest dividend 0,26 EUR
Date of last dividend payment  07/02/2020
CODES Internal capitalisation code : 1287012000
Internal distribution code : 13412990
ISIN capitalisation code : LU0117287580
ISIN distribution code : LU0439764787
WKN capitalisation code : 577995
WKN distribution code : A0X9BG
SICOVAM capitalisation code : 500426
Net assets (million) 297,51 EUR
Launch date 31/10/2000

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.