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Détail d'un fonds

Funds Detail



BL Emerging Markets

Theme fund

Data as of 21/01/2021

Risk level

LowHigh
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 4,38 %

Performance as at 21/01/2021

FUNDS
2018-8,30 %
201913,71 %
2020-5,27 %
Since 01/01/20214,61 %
Over the last 12 months-1,49 %
Over 3 years2,37 %
Since launch76,34 %
Asset breakdown
Equities86,01 %
Cash11,65 %
Bonds2,34 %
Breakdown by currency
CNY16,60 %
TWD14,55 %
KRW10,70 %
USD6,14 %
BRL5,85 %
Others46,15 %
Main positions
Taiwan Semiconductor Manufacturing Co Ltd6,44 %
Tencent Holdings Ltd5,10 %
Alibaba Group Holding Ltd Sponsored ADS3,48 %
Samsung Electronics Co Ltd3,30 %
Thai Beverage PCL2,43 %

Strategy

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 - 3rd Quarter 2020

The emerging markets' equity index, the MSCI Emerging Markets NR, was up by 5.1% (in EUR) during the third quarter of 2020. The fund (retail class B) was down by -1.3% (in EUR) over the same period. On a sector level, the consumer discretionary sector was by far the best performing sector with a return of over 20% (in EUR). The sector was led by Chinese heavyweights in online shopping like Alibaba, Meituan Dianping or JD.com. The second-best sector with close to 15% return was information technology. TSMC (Taiwan Semiconductor Manufacturing Company) released stellar second quarter results and gave a rather positive outlook for the year. The company is the largest independent chip manufacturer in the world and might be the biggest beneficiary of Intel's recent announcement of outsourcing its high-end production. The worst performing sectors during the quarter were utilities, energy and financials. From a regional perspective, Asia ex Japan performed best driven by the above-mentioned stocks, whereas Latin America performed worst. The fund manager did not add or remove a company in the portfolio. The equity allocation was kept close to 85% throughout the quarter.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/01/2021)176,34 EUR
NAV class A distribution shares (21/01/2021)137,26 EUR
Latest dividend1,06 EUR
Date of last dividend payment  07/02/2020
CODESISIN capitalisation code : LU0309192036
ISIN distribution code : LU0309191905
WKN capitalisation code : A0MWCY
WKN distribution code : A0MWCX
Net assets (million)488,19 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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