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Détail d'un fonds
BL European Smaller Companies
Data as of 13/01/2021
Average annual performance since launch 9,43 %
Performance as at 13/01/2021
|Since 01/01/2021||0,57 %|
|Over the last 12 months||13,59 %|
|Over 3 years||24,56 %|
|Since launch||107,47 %|
|Breakdown by currency|
|Amplifon SPA After Split Post Frazionamento||6,38 %|
|Carl Zeiss Meditec AG||5,60 %|
|Nibe Industrier AB B||5,39 %|
|CompuGroup Medical SE||4,41 %|
|Mycronic AB||3,89 %|
Investment objective and policyBL-European Smaller Companies invests up to 80% of its net assets in shares of small and mid-cap European companies. The companies selected have high profitability due to exploiting their competitive advantage and offer favorable development prospects. In addition, they have a sound financial position and feature low levels of capital intensity. Management decisions will be based on strict valuation and quality criteria.
Management report - 3rd Quarter 2020The positive momentum that had begun in the second quarter continued in the third quarter. Renewed confidence was bolstered by positive economic indicators and stabilisation of the health situation in Europe. Industrial orders rose and consumer sentiment improved. In addition, central banks and governments backed the economy with an expansionary monetary policy and fiscal stimulus packages. Among the best-performing sectors were consumer discretionary, industry and basic materials. In contrast, energy, telecoms and financials were among the worst. During the quarter, the benchmark index (MSCI Europe SMID Cap Net Return EUR) gained 5.35%; BL European Smaller Companies (retail accumulation share in euros, net of fees) posted a rise of 12.87%. In terms of sector contributions, the fund's performance was particularly helped by its underweight position in sectors that trailed the field, as well as overweighting in the industrial sector. The main contributors in terms of individual stocks were Amplifon (Italy, hearing aid distribution), Carl Zeiss Meditec (Germany, ophthalmic devices), De'Longhi (Italy, kitchen appliances), Rational (Germany, ovens for professional kitchens) and Gerresheimer (Germany, pharmaceutical packaging). Apart from Rational, the main reason for this good performance was the publication of half-year results. The impact of the health crisis remained manageable for these companies and their businesses are coping well. The main negative contributions came from the following companies: Ontex (Belgium, personal hygiene products), Krones (Germany, bottling lines), Viscofan (Spain, sausage skins), Dormakaba (Switzerland, locks) and Rieter (Switzerland, spinning machines). The position in Amplifon was slightly reduced during the quarter. The proceeds of this sale were invested in Rational and Brunello Cucinelli. In August, a takeover bid was launched for IMA. Helped by a private equity fund, the founding family decided to delist the company from the stock exchange.
|Net Asset Value|
|Calculated||Every business day|
|NAV class B capitalisation shares (13/01/2021)||207,05 EUR|
|NAV class A distribution shares (13/01/2021)||200,09 EUR|
|Latest dividend||0,04 EUR|
|Date of last dividend payment||07/02/2020|
|CODES||ISIN capitalisation code : LU0832875438 |
ISIN distribution code : LU0832875354
WKN capitalisation code : A1J4V0
WKN distribution code : A1J4VZ
|Net assets (million)||248,35 EUR|
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.