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BL Global Flexible USD
Data as of 21/02/2020
Average annual performance since launch 4,85 %
Performance as at 21/02/2020
|Since 01/01/2020||2,73 %|
|Over the last 12 months||13,48 %|
|Over 3 years||32,49 %|
|Since launch||54,10 %|
|Hedged Equities||30,71 %|
|Breakdown by currency|
|Microsoft Corp||6,10 %|
|Mastercard Inc||5,02 %|
|US Treasury Bond 2015 2.5% 15-02-2045 2,50 15/02/2045||4,04 %|
|US Treasury Note Series F 2024 2014 2.25% 15-11-2024 2,25 15/11/2024||3,76 %|
|Visa Inc A||3,55 %|
Investment objective and policyThe fund aims to beat returns offered by money-market products and bonds while avoiding volatility usually associated with the stock markets. This means that the fund offers greater capital protection during bear markets. The weighting of the various asset classes may change significantly depending on how attractive they are in relation to each other (from 0 to 100%).
Management report - 4th Quarter 2019In the fourth quarter of 2019, the MSCI All Country World Index net total return expressed in USD gained 8.95%. Generally, the markets continued the upward trend that began at the beginning of the year. At the start of the year, the markets were 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. In the fourth quarter, the net asset value of BL Global Flexible USD (retail accumulation share net of fees in USD) grew by 3.33%. At the end of December 2019, BL Global Flexible USD was 87.2% invested in equities. Part of the equity exposure was hedged via the sale of equity index futures, taking the net equity exposure at the end of the quarter to 55.7%. The portfolio's geographic allocation was as follows: North America 72.9%, Europe 16.9%, Japan 5.0% and Emerging Markets 5.1%. 10.3% of the fund is invested in a US Treasury bond. Cash accounted for 2.5%. In terms of currencies, the fund is invested as follows: 78.5% in USD, 4.6% in CHF, 4.6% in EUR, 4.4% in JPY, 4.1% in GBP and 3.8% in other currencies, mainly those of emerging markets. The fund had no currency-risk hedge during the quarter.
|Net Asset Value|
|Calculated||Every business day|
|NAV class B capitalisation shares (21/02/2020)||154,10 USD|
|CODES||Internal capitalisation code : 13548084 |
ISIN capitalisation code : LU0578147729
WKN capitalisation code : A1H54X
|Net assets (million)||84,01 USD|
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.