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BL Global Flexible USD
Flexible fund
Data as of 10/06/2021
Risk level
| Low |  | High |
Performance
Average annual performance since launch 5,63 %
Performance as at 10/06/2021
| FUNDS | |
|---|---|
| 2018 | -2,45 % |
| 2019 | 17,69 % |
| 2020 | 14,86 % |
| Since 01/01/2021 | 2,79 % |
| Over the last 12 months | 14,77 % |
| Over 3 years | 32,87 % |
| Since launch | 77,05 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 62,72 % |
| Hedged Equities | 31,76 % |
| Cash | 5,52 % |
| Breakdown by currency | |
|---|---|
| USD | 78,65 % |
| CHF | 4,78 % |
| GBP | 3,95 % |
| EUR | 3,49 % |
| JPY | 3,49 % |
| Others | 5,64 % |
| Main positions | |
|---|---|
| ABN AMRO Pzena US Equities - I USD CAP | 6,20 % |
| Microsoft Corp | 6,02 % |
| Mastercard Inc | 3,99 % |
| Lowes Co Inc | 3,47 % |
| Apple Inc | 3,24 % |
Strategy
Investment objective and policy
The 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 - 1st Quarter 2021
During the first quarter of 2021, bond yields rose across the board and the equity market rally was driven by the strong performance of value companies. The two main drivers of this performance were the Democrats' victory in Georgia at the start of the year, paving the way for massive new fiscal stimulus measures in the US, and the successful roll-out of vaccines in the US and the UK. One year since equity markets bottomed out, the S&P 500 has risen 78%, surpassing its pre-crisis highs by 17%, and is up 5.7% year-to-date. The 10-year US Treasury yield is now 1.75%, up from a low of 0.5% in August 2020 and 0.9% at the start of the year. From January to the end of March, the MSCI All Country World Index net total return expressed in USD posted positive performance of 4.57%. On the bond side, the J.P. Morgan Government Bond Index US Unhedged LOC fell -4.65% following the rise in long-dated yields. The NAV of BL Global Flexible USD (retail accumulation share net of fees in USD) gave up -0.43% during the first quarter. At the end of March 2021, BL Global Flexible USD was 97% invested in equities. Part of the equity exposure is hedged via a short in equity index futures, reducing the net equity exposure to 62.5%. Cash accounts for 3% of the fund. In terms of currencies, the fund is invested as follows: 80.5% in USD, 4.5% in CHF, 4.4% in EUR, 3.8% in JPY, 2.9% in GBP and 3.9% in other currencies, mainly those of emerging markets. At the end of March 2021, none of the currency exposure was hedged by foreign exchange contracts.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (10/06/2021) | 177,05 USD |
| CODES | ISIN capitalisation code : LU0578147729 WKN capitalisation code : A1H54X |
| Net assets (million) | 110,04 USD |
| Launch date | 14/01/2011 |
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.