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Funds Detail

BL Equities Japan

Equity fund

Data as of 22/01/2021

Risk level

Recommended investment horizon : > 10 years


Average annual performance since launch 13,66 %

Performance as at 22/01/2021

2018-12,67 %
201919,57 %
202010,34 %
Since 01/01/20212,21 %
Over the last 12 months11,09 %
Over 3 years13,48 %
Since launch241,01 %
Asset breakdown
Equities97,43 %
Cash2,57 %
Breakdown by currency
JPY85,06 %
EUR10,48 %
USD3,11 %
CHF1,35 %
Main positions
Kao Corp3,38 %
SECOM Co Ltd3,29 %
Nintendo Co Ltd3,25 %
Shimano Inc3,04 %
Ship Healthcare Holdings INC2,58 %


Investment objective and policy

BL-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 - 3rd Quarter 2020

After a slight dip in June and July, the Japanese market continued the recovery it started after its low in March. The MSCI Japan NR gained 4.6% during the quarter. Japanese shares advanced in the wake of the global markets, resulting in the best August for over thirty years. The announcement of Shinzo Abe's resignation and choice of his successor, Yoshihide Suga, had very little impact on Japan's equity market. The NAV of BL Equities Japan B Cap (retail accumulation share, net of fees) was up 7.2% over the quarter, considerably better than the index. Once again, the fund benefited from its structural exposure to quality growth stocks. Nintendo and Square Enix (video games companies), Nihon M&A Center (M&A adviser for Japanese SMEs), and Sansan (IT company which offers management services for professionals) were the main contributors to performance. The main detractors from performance were two more defensive companies: Kao (consumer staples and personal care products) and Astellas (pharmaceuticals). In terms of portfolio transactions, the positions in ABC-Mart, Denso, Kuraray and Z Holdings were sold. New positions were opened in Sansan, Nakanishi and Otsuka. Sansan is an IT company offering management tools and software for cloud contacts based on business cards. Nakanishi is a medical equipment manufacturer and a world leader in the manufacture of dental handpieces. Otsuka is a tech company offering a comprehensive array of IT services and solutions, mainly for mid-size Japanese companies. It is well positioned to benefit from the growing demand for digitalisation in the sector.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (22/01/2021)24 348,00 JPY
NAV class A distribution shares (22/01/2021)27 508,00 JPY
Latest dividend199,49 JPY
Date of last dividend payment  01/02/2018
CODESISIN capitalisation code : LU0578148453
ISIN distribution code : LU0578147992
WKN capitalisation code : A1H541
WKN distribution code : A1H54Y
Net assets (million)86 504,78 JPY
Launch date28/06/2011

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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