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14 Boulevard Royal L-2449 Luxembourg
 
Monday to Friday
8.30 am to 5 pm
 
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Ghent
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Monday to Friday
8.30 am to 4.30 pm


BL Fund Selection 50-100

Dynamic fund of funds

Data as of 20/02/2020

Risk level

Low High
Recommended investment horizon : > 8 years

Performance

Average annual performance since launch 3,99 %

Performance as at 20/02/2020

FUNDS
2017 7,20 %
2018 -8,06 %
2019 16,27 %
Since 01/01/2020 3,69 %
Over the last 12 months 12,50 %
Over 3 years 14,70 %
Since launch 105,26 %
Asset breakdown
Equities 64,62 %
Absolute Return 15,47 %
Bonds 6,99 %
Hedged Equities 5,04 %
Gold 4,23 %
Cash 3,66 %
Breakdown by currency
EUR 54,46 %
USD 29,01 %
JPY 6,43 %
GOLD 4,24 %
CNY 3,15 %
Others 2,72 %
Main positions
Schroder GAIA Egerton Equity - C CAP 6,21 %
Vontobel US Equity - I CAP 5,12 %
Marshall Wace UCITS MW TOPS - Accum A EUR CAP 4,80 %
Coupland Cardiff CC Japan Alpha - Accum I JPY CAP 4,55 %
WisdomTree Metal Securities - 2007-o.f. Verfall auf Gold 4,23 %

Strategy

Investment objective and policy

This fund invests mainly in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in cash or any other type of transferable security that is listed or traded on regulated markets. The equity weighting can vary between 50% and 100% of net assets. 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 - 4th Quarter 2019

With the partial alleviation of some of the geopolitical uncertainties (US-China trade war, Brexit), equity markets continued the trend seen at the beginning of the year to post a strongly positive fourth quarter. Economic activity remained depressed in the manufacturing segment but maintained moderate growth in services. In a year when company profits stagnated, the rise in the equity indices was largely due to the expansion of valuation multiples. The flagship global equity index (MSCI World All Country Index Net Total Return) expressed in euros gained 5.8% during the quarter. For its part, the S&P 500 crossed the 3200-point threshold for the first time ever. Leading the field this quarter were emerging markets, which gained over 8% (in euros) somewhat recouping the lag they accrued during the year. The American, European and Japanese markets all ended the quarter with similar gains of around 5% when expressed in euros. On the bond markets, investors' renewed optimism for growth prospects resulted in a rise in risk-free interest rates. As a consequence, the prices of risk-free bonds fell during the quarter. Corporate bonds (investment grade and high yield) fared better, with narrowing spreads offsetting rising yields. In a more uncertain environment and with rising interest rates, gold continued its surge and appreciated by 3% over the quarter (in dollars). The fund appreciated by 3.4% in the fourth quarter, hampered by its underexposure to equities. Some of the growth-style funds lost ground, like Lindsell Train Equity (0%) which rather stalled in the fourth quarter after an excellent run. In contrast, the portfolio was boosted by good performance from gold mines (Merian Gold and Silver +10.4%) and decent performance from several European equity funds like Mainfirst Top European Ideas (+13.5%). At the beginning of September, when market confidence seemed unshakable, exposure to equities was raised to around 67%. A defensive bias persisted as it seemed important to remain focused on economic fundamentals.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (20/02/2020) 205,26 EUR
CODES Internal capitalisation code : 1393361000
ISIN capitalisation code : LU0135981693
WKN capitalisation code : 762211
Net assets (million) 108,40 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.