Luxembourg
14 Boulevard Royal L-2449 Luxembourg
 
Monday to Friday
8.30 am to 5 pm
 
Brussels
Chaussée de La Hulpe, 120 – 1000 Brussels
Ghent
Rijvisschestraat 124 – 9052 Ghent
 
Monday to Friday
8.30 am to 4.30 pm


BL Sustainable Horizon

Theme Fund

Data as of 21/02/2020

Risk level

Low High
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 6,19 %

Performance as at 21/02/2020

FUNDS
2017 2,31 %
2018 0,90 %
2019 19,59 %
Since 01/01/2020 3,44 %
Over the last 12 months 17,75 %
Over 3 years 23,91 %
Since launch 107,50 %
Asset breakdown
Equities 79,00 %
Cash 15,20 %
Hedged Equities 5,80 %
Breakdown by currency
EUR 39,51 %
USD 23,29 %
JPY 9,49 %
GBP 6,37 %
SEK 6,14 %
Others 15,20 %
Main positions
Unilever NV 7,72 %
Kimberly Clark Corp 6,68 %
Canadian National Railway Co 5,30 %
Microsoft Corp 5,07 %
Danone SA 5,02 %

Strategy

Investment objective and policy

The sub-fund invests a minimum of 75% of its net assets in global equities, without any geographical (including emerging countries), sectorial or monetary limitations. The selection process focuses in particular on environmental, social and governance (ESG) factors.

Management report - 4th Quarter 2019

Thanks to central bank stimulus and the Phase One trade agreement between the United States and China, risk assets performed particularly strongly in the fourth quarter, while more defensive assets were sidelined by investors. From September to December, the MSCI All Country World Index net total return expressed in euros gained 5.8%. In terms of sectors, technology headed the leader board while consumer staples fell over the period. Due to the fund's defensive management strategy, BL Sustainable Horizon scarcely benefited from the appreciation of risk assets, with the NAV (retail accumulation share net of fees in euros) rising by 0.4% over the quarter. Several transactions were conducted during the last three months of 2019. The positions in Reckitt Benckiser, EssilorLuxottica and Legrand were sold due to a deterioration in the sustainable rating awarded to them by our ESG research provider MSCI. 3M and Becton Dickinson were reduced for the same reason. Campbell Soup was sold after a surge in its share price. In contrast, new positions were opened in the US company Waters and the Japanese company Secom. At the end of December, the fund was 85.5% invested in equities and 14.5% in cash. The sale of S&P 500 index futures amounting to 6% of the portfolio's value resulted in a net exposure to equities of 79.5%. The breakdown by currency was as follows: 41% in EUR, 20.5% in USD, 10.5% in JPY, 7% in GBP, 5.5% in SEK, 5% in CAD, 5% in CHF, 4% in DKK and 1.5% in HKD. The portfolio's geographic allocation was as follows: Europe 53%, North America 25% (6% hedged), Japan 6%, and Asia ex-Japan 1.5%. The sector allocation was as follows: consumer 38%, industry and commodities 25.5%, healthcare 13% and technology 9%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/02/2020) 1 299,71 EUR
CODES Internal capitalisation code : 2026377000
ISIN capitalisation code : LU0093570173
WKN capitalisation code : 937804
SICOVAM capitalisation code : 959287
Net assets (million) 51,18 EUR
Launch date 03/03/1997

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.