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BL Fund Selection 50-100
Dynamic fund of funds
Data as of 09/06/2021
Risk level
| Low |  | High |
Performance
Average annual performance since launch 4,29 %
Performance as at 09/06/2021
| FUNDS | |
|---|---|
| 2018 | -8,06 % |
| 2019 | 16,19 % |
| 2020 | 8,08 % |
| Since 01/01/2021 | 6,48 % |
| Over the last 12 months | 17,85 % |
| Over 3 years | 21,43 % |
| Since launch | 128,85 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 77,95 % |
| Absolute Return | 9,60 % |
| Bonds | 6,85 % |
| Cash | 4,55 % |
| Gold | 1,05 % |
| Breakdown by currency | |
|---|---|
| EUR | 58,87 % |
| USD | 29,25 % |
| JPY | 6,86 % |
| CNY | 3,96 % |
| GOLD | 1,05 % |
| Main positions | |
|---|---|
| Vontobel US Equity - HI Hedged CAP | 5,99 % |
| Schroder GAIA Egerton Equity - C CAP | 5,07 % |
| MainFirst Top European Ideas - R CAP | 5,03 % |
| Schroder International Selection Asian Total Return - C CAP | 5,02 % |
| ABN AMRO Pzena US Equities - C CAP | 4,75 % |
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 - 1st Quarter 2021
BL Fund Selection 50-100 gained 4.3% in the first quarter, slightly below the average performance for its asset class (5.0%). The overall positioning reflected in the significant overweighting of equities and geographic allocation significantly boosted the fund. Only funds with a strong value bias managed to outperform their benchmark. JP Morgan Strategic Value (+15.3%) did better than the Euro Stoxx 50 (+10.7%). ABN AMRO Pzena US Equities (+22.2%) beat the S&P 500 (10.4%). Janus Henderson Japanese Smaller Companies gained 11.0% while the Topix rose 5.8%. Kempen Global Small Cap (+23.3%) was way ahead of the MSCI AC World (+8.4%). But many of the other funds failed to match the index performance. Gold positions were in negative territory. We are in a phase where confidence in a clear improvement in economic growth is sweeping the whole market along, especially those stocks that have suffered heavily from the lockdown measures. Since November, the value segment of the European, US and Global portfolios has been significantly increased. We believe it is now sufficiently represented. In alternative strategy funds, the Marshall Wace TOPS UCITS long/short fund has performed very well since the beginning of the year (+6.6%) whereas the Lazard European Alternative fund (-0.5% since the beginning of the year) has yet to get going as its short side has been detrimental. In bonds, Gavekal China Fixed Income (+3.3%) and Principal Finisterre Unconstrained Emerging Markets (+2.2%) were solid. The current rather high level of equity exposure compared to the fund’s historical weighting is likely to be maintained in the short term. The prevailing optimism about the economic recovery is spreading: first China, now the US, Europe next. That said, the markets have already risen significantly, and a lot of catching up has already taken place. It will be important to remain attentive to signals suggesting any return to volatility.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (09/06/2021) | 228,85 EUR |
| CODES | ISIN capitalisation code : LU0135981693 WKN capitalisation code : 762211 |
| Net assets (million) | 111,62 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.