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BL Equities Japan
Data as of 21/02/2020
Average annual performance since launch 12,88 %
Performance as at 21/02/2020
|Since 01/01/2020||-5,55 %|
|Over the last 12 months||3,98 %|
|Over 3 years||20,18 %|
|Since launch||185,56 %|
|Breakdown by currency|
|SECOM Co Ltd||2,88 %|
|Sysmex Corp||2,81 %|
|Asahi Group Holdings Ltd||2,55 %|
|Bridgestone Corp||2,40 %|
|Pigeon Corp||2,37 %|
Investment objective and policyBL-Equities Japan invests in Japanese equities with no restriction with regard to market capitalization. The investment philosophy of the fund is based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Such investments are likely to create long-term value for shareholders. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. 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 - 4th Quarter 2019The Japanese market enjoyed a very favourable fourth quarter and the MSCI Japan NR index gained 8.2% over the period. Investor sentiment remained bullish, especially after the progress made in the US-China trade negotiations. The NAV of BL Equities Japan B Cap (retail accumulation share, net of fees) was up 9.0%. The main reason for this good performance was the publication of positive news from a series of individual companies. Toshiba Plant Systems & Services rose sharply after its parent company Toshiba announced its intention to buy out minority shareholders and delist. The shares of Z Holdings (formerly Yahoo Japan) also surged after its parent company, Softbank, announced its intention to merge Yahoo Japan with the operator of the messaging app Line. Within the portfolio, the fund manager opened two new lines: Fuji Seal International, which provides packaging and labelling solutions for consumer and pharmaceutical products, and clothing retailer United Arrows. On the sales side, largely for valuation reasons, the fund manager sold the holding in Mandom, a male cosmetics company, and Minebea Mitsumi, manufacturer of electronic parts. The shares of Fujitsu and Toshiba Plant & Services were sold after they had reached their target sale price. Asics, sports equipment manufacturer, was sold for valuation reasons and due to ongoing uncertainties over its core business.
|Net Asset Value|
|Calculated||Every business day|
|NAV class B capitalisation shares (21/02/2020)||20 389,00 JPY|
|NAV class A capitalisation shares (21/02/2020)||23 035,00 JPY|
|Latest dividend||199,49 JPY|
|Date of last dividend payment||01/02/2018|
|CODES||Internal capitalisation code : 13632297 |
Internal distribution code : 13772767
ISIN capitalisation code : LU0578148453
ISIN distribution code : LU0578147992
WKN capitalisation code : A1H541
WKN distribution code : A1H54Y
|Net assets (million)||65 977,40 JPY|
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.