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Détail d'un fonds

Funds Detail



BL Equities Japan

Equity fund

Data as of 11/06/2021

Risk level

LowHigh
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 13,24 %

Performance as at 11/06/2021

FUNDS
2018-12,67 %
201919,57 %
202010,34 %
Since 01/01/20213,43 %
Over the last 12 months19,69 %
Over 3 years16,30 %
Since launch245,06 %
Asset breakdown
Equities94,79 %
Cash5,21 %
Breakdown by currency
JPY84,26 %
EUR11,35 %
USD3,48 %
CHF0,91 %
Main positions
Kao Corp2,89 %
Disco Corp2,89 %
Nintendo Co Ltd2,75 %
Obic Co Ltd2,75 %
Shimano Inc2,64 %

Strategy

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 - 1st Quarter 2021

The Japanese market continued to rally in the first quarter of 2021, with the MSCI Japan NR gaining 8.7%. In mid-February, the Nikkei 225 broke through the 30,000 mark, something that has not happened since 1990. Investors flocked to stocks benefiting from the recovery and the revival of the economy, favouring cyclicals and sectors that had been particularly affected by the pandemic, such as commodities and transport. Banking stocks were in strong demand due to rising interest rates. On the other hand, domestic and defensive sectors, such as healthcare and consumer goods, lagged significantly. This negatively impacted the performance of BL Equities Japan B Cap, which ended the quarter up 4.7%, significantly underperforming its benchmark. Within the portfolio, Suntory Beverage & Food, distributor of non-alcoholic beverages, and Nihon Kohden, medical equipment manufacturer specialising in measuring and monitoring devices (particularly patient monitors), were reintroduced to the portfolio. The fund manager also opened new positions in Matsumotokiyoshi, one of Japan's largest drugstore chains, Yakult Honsha, a pioneer in probiotic drinks, and Kobe Bussan, operator of a discount supermarket chain. Cosmetics company Kosé and video game maker Square Enix were sold, mainly for valuation reasons.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (11/06/2021)24 637,00 JPY
NAV class A distribution shares (21/05/2021)24 170,00 JPY
CODESISIN capitalisation code : LU0578148453
ISIN distribution code : LU0578147992
WKN capitalisation code : A1H541
WKN distribution code : A1H54Y
Net assets (million)90 247,69 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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