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Détail d'un fonds

Funds Detail



BL European Small + Mid Caps

Equity funds

Data as of 10/06/2021

Risk level

LowHigh
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 10,58 %

Performance as at 10/06/2021

FUNDS
2018-11,75 %
201928,27 %
202012,54 %
Since 01/01/202113,99 %
Over the last 12 months37,05 %
Over 3 years37,76 %
Since launch135,15 %
Asset breakdown
Equities94,77 %
Cash5,23 %
Breakdown by currency
EUR60,05 %
SEK13,15 %
CHF10,81 %
GBP9,21 %
DKK3,74 %
Others3,04 %
Main positions
Carl Zeiss Meditec AG6,09 %
Amplifon SPA After Split Post Frazionamento6,06 %
NIBE Industrier AB B5,55 %
De Longhi SPA4,08 %
Societe Virbac SA3,38 %

Strategy

Investment objective and policy

BL-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 - 1st Quarter 2021

European small and mid cap share prices trended upwards in the first quarter. The main reasons for this were the start of the vaccination campaigns and hopes of an end to the health crisis. This start to normalisation benefited the sectors that had been hardest hit during the last 12 months of the crisis, which stand to gain the most from the lockdown being lifted in the near future. The best-performing sectors over the period were energy, financials and consumer discretionary. The worst performers were real estate, utilities and healthcare. Over the month, the benchmark index (MSCI Europe SMID Cap Net Return EUR) rose by 8.25%. BL European Small & Mid Caps gained 2.38%. The fund's underperformance relative to its index was partly due to underweighting in the leading sectors and overweighting in healthcare, consumer staples and industrials. In terms of individual stocks, the biggest contributors were De'Longhi, Carl Zeiss Meditec, Rotork, Interroll and Loomis, while Mycronic, Amplifon, Rational, CompuGroup and Virbac were among the worst. Three new companies were purchased: Datalogic (Italy), Netcompany (Denmark) and Aalberts (Netherlands). Datalogic is one of the world leaders in automatic data acquisition and factory automation. The company specialises in the design and production of barcode readers, handheld scanners, detection, measurement and safety sensors, vision systems and laser marking systems. Being the leader in supermarket checkouts, and having a strong presence in a multitude of airports around the world and in logistics warehouses, Datalogic knows its customers' needs and is able to react quickly to new requirements. It is ideally positioned for further growth. Aalberts is an industrial company that produces and sells machines and components based on 5 niche technologies: hydronic flow control, piping systems, fluid control, surface technologies and advanced mechatronics for 4 different end markets (construction, specific industrial niches, transport and semiconductors). Netcompany is a Danish IT services group spearheading the digital transformation of its private and public sector clients, primarily in the Northern European market. These stocks were purchased using the cash generated by the IMA buyout and the sale of the position in Ontex following the deterioration of its investment rationale. The investments in AAK and Fevertree were increased.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (10/06/2021)234,68 EUR
NAV class A distribution shares (20/05/2021)226,22 EUR
CODESISIN capitalisation code : LU0832875438
ISIN distribution code : LU0832875354
WKN capitalisation code : A1J4V0
WKN distribution code : A1J4VZ
Net assets (million)271,20 EUR
Launch date20/11/2012

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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