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BL Equities Asia
Data as of 21/02/2020
Average annual performance since launch 1,81 %
Performance as at 21/02/2020
|Since 01/01/2020||-3,10 %|
|Over the last 12 months||0,95 %|
|Over 3 years||12,04 %|
|Since launch||11,48 %|
|Breakdown by currency|
|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 %|
Investment objective and policyBL-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 2019The 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.
|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|
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.