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Monday to Friday
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BL Fund Selection Equities

Equity fund of funds

Data as of 07/07/2020

Risk level

Low High
Recommended investment horizon : > 8 years

Performance

Average annual performance since launch 4,59 %

Performance as at 07/07/2020

FUNDS
2017 10,76 %
2018 -11,13 %
2019 25,44 %
Since 01/01/2020 1,42 %
Over the last 12 months 8,35 %
Over 3 years 18,16 %
Since launch 132,17 %
Asset breakdown
Equities 86,76 %
Cash 9,98 %
Hedged Equities 3,26 %
Breakdown by currency
USD 57,09 %
EUR 35,07 %
JPY 7,85 %
Main positions
Bakersteel Global Precious Metals - I EUR CAP 7,52 %
GuardCap UCITS Global Equity - I USD CAP 7,08 %
Threadneedle (Lux) Global Focus - IU CAP 6,29 %
Lindsell Train Global Equity - Accum Ptg C USD CAP 6,15 %
Schroder International Selection Asian Total Return - C CAP 5,52 %

Strategy

Investment objective and policy

This fund has a minimum net equity exposure of 75% and invests in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in bond funds, cash or any other type of transferable security that is listed or traded on regulated markets. The emphasis is on international diversification of investments and flexibility in terms of themes and sectors that may potentially be present within the fund.

Management report - 2nd Quarter 2020

Following the equity markets' sharp correction in the first quarter due to the spread of coronavirus, the second quarter was characterised by an equally spectacular rally. Equity markets were fuelled by aggressive monetary and fiscal interventions as well as the total or partial reopening of the leading economies as the number of new Covid cases started to slow. BLFS Equities benefited from this very favourable environment for risk assets to gain 20.6% in the second quarter. It managed to outperform the MSCI AC World index (up 16.5%) and recover most of the losses recorded in the first quarter, ending the first half of the year just 0.7% lower. The fund benefited from the excellent performance of the underlying funds and its position in gold-mining funds. The latter gained nearly 50% thanks to the rising gold price, helped by the central banks' stimulus packages and particularly their quantitative easing measures worldwide. In terms of the relative performance of the underlying funds, and in an environment favourable to the growth style, each geographic region was able to post outperformances. Global and themed funds (boosted by gold-mining funds) and US equity funds did particularly well. Standout quarterly performances came from Driehaus US Micro Cap (+51.3%), Granahan US Focused Growth (+46.4%), Coupland Cardiff Japan Alpha (+26%) and G Fund Avenir Europe (+21.9%). Alken European Opportunities fund (-4.6%) was removed from the portfolio having been badly hit by its main weighting, Wirecard, whose share price completely collapsed following accusations of fraud.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (07/07/2020) 232,17 EUR
CODES Internal capitalisation code : 1393353000
ISIN capitalisation code : LU0135980968
WKN capitalisation code : 762210
SICOVAM capitalisation code : 509654
Net assets (million) 85,26 EUR
Launch date 03/10/2001

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.