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Détail d'un fonds

Funds Detail

BL Emerging Markets

Theme fund

Data as of 10/06/2021

Risk level

Recommended investment horizon : > 10 years


Average annual performance since launch 4,30 %

Performance as at 10/06/2021

2018-8,30 %
201913,71 %
2020-5,27 %
Since 01/01/20215,30 %
Over the last 12 months9,51 %
Over 3 years7,69 %
Since launch77,51 %
Asset breakdown
Equities88,06 %
Cash9,69 %
Bonds2,25 %
Breakdown by currency
CNY16,75 %
TWD13,89 %
KRW11,06 %
THB6,32 %
BRL6,02 %
Others45,94 %
Main positions
Taiwan Semiconductor Manufacturing Co Ltd5,00 %
Tencent Holdings Ltd4,29 %
Alibaba Group Holding Ltd Sponsored ADS3,82 %
Samsung Electronics Co Ltd3,34 %
Ambev SA3,09 %


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 - 1st Quarter 2021

The emerging markets' equity index, the MSCI Emerging Markets NR, was up by 6.4% (in EUR) during the first quarter of 2021. The fund (retail class B) was up by 4.5% (in EUR) over the same period. In emerging markets, the sectors that performed best were more cyclical sectors like materials and real estate. Healthcare, consumer cyclicals and staples performed worst. Since mid-February, large stocks performed worst whereas smaller capitalizations performed much better. There has been a marked rotation from growth stocks into so-called "value" stocks. During the quarter, the fund manager initiated on two new companies: ACE Hardware, the biggest organized home improvement retailer in Indonesia operating more than 200 stores and offering over 60.000 items. ACE is the largest player in that segment with close to 20% market share. There are still a lot of opportunities for ACE to grow, as the home improvement market is still very fragmented with mom & pop stores accounting for over 70%. Tata Consultancy Services (TCS) is a leading global IT services provider, ranging from software implementation to digital transformation consulting to servicing entire business operations teams. Based in Mumbai, TCS is the largest Indian IT company in terms of revenues and counts over 450.000 employees. The company generates about half of its revenues from the US and 30% from Europe (incl. UK). The company is well positioned to capture the growing demand for "digital" transformation like cloud migration, artificial intelligence implementation, automation, blockchain technologies, cyber security or virtual reality. Social mobility requirements will only accelerate that transformation. In January, the fund manager sold two beverage companies for valuation reasons: the Chinese brewery Tsingtao and the Turkish beverage company Anadolu Efes. The equity allocation moved from 91% at the beginning of the quarter to 88% by the end of March.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (10/06/2021)177,51 EUR
NAV class A distribution shares (20/05/2021)171,77 EUR
CODESISIN capitalisation code : LU0309192036
ISIN distribution code : LU0309191905
WKN capitalisation code : A0MWCY
WKN distribution code : A0MWCX
Net assets (million)503,17 EUR
Launch date30/10/2007

Détail fonds - disclaimer

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.

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