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

BL Equities Dividend

Theme fund

Data as of 08/07/2020

Risk level

Low High
Recommended investment horizon : > 6 years


Average annual performance since launch 5,61 %

Performance as at 08/07/2020

2017 6,54 %
2018 -2,11 %
2019 23,70 %
Since 01/01/2020 -1,43 %
Over the last 12 months 4,74 %
Over 3 years 22,15 %
Since launch 99,91 %
Asset breakdown
Equities 94,78 %
Cash 5,22 %
Breakdown by currency
USD 32,61 %
GBP 18,98 %
CHF 14,57 %
EUR 12,42 %
SEK 4,65 %
Others 16,77 %
Main positions
Unilever NV 7,14 %
PepsiCo Inc 5,95 %
Reckitt Benckiser Group Plc 5,91 %
Colgate Palmolive Co 5,55 %
Philip Morris International Inc 5,39 %


Investment objective and policy

The fund seeks long-term capital appreciation by investing in equities offering high dividend yields. BL-Equities Dividend invests in international companies whose current or expected dividend yield is higher than their benchmark index. There is no specific geographical, sector or monetary allocation. Companies are selected based on their valuation and intrinsic quality. This sub-fund is also available denominated in USD with the identical investment policy and performance figures (LU0751781666).

Management report - 1st Quarter 2020

In the first quarter of 2020, BL Equities Dividend fell 10.06% (retail accumulation share in euros, net of fees). The MSCI All Country World Index, the popular index deemed to reflect global equity markets, was down 19.56% (excluding fees). The fact that we are long-term investors does not mean that we are unable to adapt to exceptional situations. Over the period, we had to sell Safran (aeronautical equipment), Rockwell Automation (industrial automation), Thai Beverage (spirits, brewing, soft drinks) and SATS (catering, airport services), whose profitability will be too impacted. In addition, Life Healthcare (private healthcare institutions) was sold in order to concentrate the portfolio more strongly on the best opportunities. In contrast, we started to build a position in L'Oréal, global beauty leader (skincare, make-up, hair care and colour, perfumes). Following these operations, the fund is now concentrated on 35 high-quality companies that are protected by strong competitive advantages, generating high return on capital employed and strong cashflow, and presenting a healthy financial position. More than two-thirds of the fund is invested in relatively low-cyclical activities such as food, soft drinks, hygiene, home and personal care products, healthcare, and water and electricity distribution, among others. At the end of the period, BL Equities Dividend offered a gross weighted average yield of 3.2% (cash included). The companies currently held in the fund posted an average compound annual growth rate of their gross dividend per share of 7% over the last five years.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (08/07/2020) 199,91 EUR
NAV class A capitalisation shares (08/07/2020) 146,32 EUR
Latest dividend 1,83 EUR
Date of last dividend payment  07/02/2020
CODES Internal capitalisation code : 2166571000
Internal distribution code : 2166563000
ISIN capitalisation code : LU0309191657
ISIN distribution code : LU0309191491
WKN capitalisation code : A0MWCW
WKN distribution code : A0MWCV
Net assets (million) 469,99 EUR
Launch date 31/10/2007

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.