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BL Equities Asia

Equity funds

Data as of 21/02/2020

Risk level

Low High
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 1,81 %

Performance as at 21/02/2020

FUNDS
2017 29,77 %
2018 -15,72 %
2019 14,61 %
Since 01/01/2020 -3,10 %
Over the last 12 months 0,95 %
Over 3 years 12,04 %
Since launch 11,48 %
Asset breakdown
Equities 89,29 %
Cash 10,71 %
Breakdown by currency
CNY 23,79 %
KRW 19,11 %
HKD 14,79 %
TWD 13,49 %
THB 7,61 %
Others 21,21 %
Main positions
Samsung Electronics Co Ltd 5,73 %
Tencent Holdings Ltd 5,07 %
Taiwan Semiconductor Manufacturing Co Ltd 5,05 %
Alibaba Group Holding Ltd Sponsored ADS 4,85 %
Thai Beverage PCL 3,55 %

Strategy

Investment objective and policy

BL-Equities Asia invests in Asian equities (excluding Japan) with no restriction with regard to market capitalisation. The structure of this fund is not linked to a benchmark index, but results from the addition of individual investment opportunities. The fund aims to achieve longterm capital gains.

Management report - 4th Quarter 2019

The Asian equity index, the MSCI AC Asia ex Japan Net Total Return, was up by 13.0% (in USD) during the last quarter of 2019. The fund (retail class B) was up by 8.3% (in USD) 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 18% and 29% (in USD) during the quarter. The fund's underperformance during this rally is largely explained by its 10% cash allocation and by its strong overweight in consumer staples. Indeed, the strongest sector was information technology, returning over 18% (in USD) during the quarter, whereas the consumer staples sector was the second worst performer during the quarter advancing by only 2.6% (in USD). During the quarter, the fund manager sold several companies: Raffles Medical operates medical clinics and laboratories mainly in Singapore. As they are expanding into China, the company's margins have been lower due to start-up losses from their new hospitals. Merida Industry, the Taiwanese bike manufacturer, and Hyundai Mobis, the Korean automotive parts supplier, were sold after their share prices performed strongly year to date while their margins have been gradually declining over the past couple of years.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/02/2020) 109,84 USD
NAV class A capitalisation shares (21/02/2020) 105,84 USD
Latest dividend 0,39 USD
Date of last dividend payment  07/02/2020
CODES Internal capitalisation code : 16623961
Internal distribution code : 16623947
ISIN capitalisation code : LU1008593946
ISIN distribution code : LU1008593862
WKN capitalisation code : A1XBEX
WKN distribution code : A1XBEW
Net assets (million) 489,05 USD
Launch date 30/01/2014

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.