14 Boulevard Royal L-2449 Luxembourg
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Monday to Friday
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BL Emerging Markets

Mixed funds

Data as of 21/02/2020

Risk level

Low High
Recommended investment horizon : > 10 years


Average annual performance since launch 0,31 %

Performance as at 21/02/2020

2017 20,95 %
2018 -12,72 %
2019 11,70 %
Since 01/01/2020 -3,85 %
Over the last 12 months 0,55 %
Over 3 years 7,02 %
Since launch 2,16 %
Asset breakdown
Equities 78,25 %
Cash 18,79 %
Bonds 2,96 %
Breakdown by currency
CNY 10,96 %
USD 10,61 %
TWD 10,45 %
EUR 10,37 %
BRL 10,02 %
Others 47,59 %
Main positions
Taiwan Semiconductor Manufacturing Co Ltd 3,31 %
Tencent Holdings Ltd 3,06 %
Natura + Co Holding SA 2,96 %
Thai Beverage PCL 2,69 %
Fomento Economico Mexicano SAB de CV ADR repr 10 units of 10 shs B + 20 shs D 2,28 %


Investment objective and policy

The fund seeks long-term capital appreciation by investing in emerging market equities and bonds.The equity allocation can vary between 60% and 100%. The bond allocation results from the lack of opportunities on the equity side. The structure of this fund is not linked to a benchmark index, but derives from the addition of individual investment opportunities. The equity investments are based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. This sub-fund is also available denominated in USD with the identical investment policy (LU0887931029).

Management report - 4th Quarter 2019

The emerging markets' equity index, the MSCI Emerging Markets NR, was up by 8.6% (in EUR) during the last quarter of 2019. The fund (retail class B) was up by 3.0% (in EUR) over the same period. Overall, equity markets were strong as the trade negotiations between the US and China gathered pace. The Asian markets were mainly driven by large caps with companies like Tencent, Samsung Electronics, TSMC and Alibaba advancing between 16% and 26% (in EUR) during the quarter. In Latin America, Chile was particularly weak. The Chilean stock index and the Chilean Peso corrected heavily after the country was hit by the worst unrest in decades. The protests over high living costs and inequality, that started in October, spread from Santiago to other cities. The fund's underperformance during this rally is largely explained by its 20% cash and bond allocation and by its strong overweight in consumer staples and its underweight in information technology. Indeed, the strongest sector was information technology, returning close to 15% (in EUR) during the quarter, whereas the consumer staples sector was the only sector with a negative performance during the quarter at -0.9% (in EUR). Regarding the equity allocation, it was maintained close to 80% throughout the quarter.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/02/2020) 102,16 USD
CODES Internal capitalisation code : 13974046
ISIN capitalisation code : LU0887931029
WKN capitalisation code : A1KCRG
Net assets (million) 523,05 USD
Launch date 24/02/2013

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.