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BL Fund Selection 0-50

Flexible fund of funds

Data as of 20/02/2020

Risk level

Low High
Recommended investment horizon : > 3 years

Performance

Average annual performance since launch 2,65 %

Performance as at 20/02/2020

FUNDS
2017 2,19 %
2018 -4,51 %
2019 6,59 %
Since 01/01/2020 1,20 %
Over the last 12 months 4,27 %
Over 3 years 3,65 %
Since launch 32,45 %
Asset breakdown
Absolute Return 53,76 %
Hedged Equities 26,76 %
Bonds 7,60 %
Equities 7,15 %
Cash 4,73 %
Breakdown by currency
EUR 89,54 %
USD 6,06 %
CNY 1,51 %
NOK 1,37 %
RUB 0,82 %
Others 0,71 %
Main positions
Memnon European - I2 Euro CAP 6,90 %
Bakersteel Global Precious Metals - I USD CAP 6,00 %
Schroder GAIA Egerton Equity - C CAP 5,19 %
Lazard Global Investment European Alternative - EA Acc EUR CAP 4,91 %
LT European General - A EUR CAP 4,73 %

Strategy

Investment objective and policy

The aim of this fund is long-term capital appreciation via a diversified portfolio of assets while targeting lower volatility than the equity markets. This flexible fund of funds has no geographical, sector or monetary restriction and invests mainly in UCITS and other UCIs. The proportion of investments in the various asset classes will depend on market circumstances. The maximum equity weighting permitted is 50%.

Management report - 4th Quarter 2019

With the partial alleviation of some of the geopolitical uncertainties (US-China trade war, Brexit), equity markets continued the trend seen at the beginning of the year to post a strongly positive fourth quarter. Economic activity remained depressed in the manufacturing segment but maintained moderate growth in services. In a year when company profits stagnated, the rise in the equity indices was largely due to the expansion of valuation multiples. The flagship global equity index (MSCI World All Country Index Net Total Return) expressed in euros gained 5.8% during the quarter. For its part, the S&P 500 crossed the 3200-point threshold for the first time ever. Leading the field this quarter were emerging markets, which gained over 8% (in euros), somewhat recouping the lag they accrued during the year. The American, European and Japanese markets all ended the quarter with similar gains of around 5% when expressed in euros. On the bond markets, investors' renewed optimism for growth prospects resulted in a rise in risk-free interest rates. As a consequence, the prices of risk-free bonds fell during the quarter. Corporate bonds (investment grade and high yield) fared better, with narrowing spreads offsetting rising yields. In a more uncertain environment and with rising interest rates, gold continued its surge and appreciated by 3% over the quarter (in dollars). The fund gained 1.57% over the fourth quarter, held back by its very low equity exposure but boosted by the excellent performance of Janus Henderson Japanese Smaller Companies (+13.18% in euros) and Memnon European (+7.58%) and satisfactory performances from several of the absolute return strategies like Liontrust European Strategic Equity (+8.95%) and Polar UK Absolute Equity (+8.35%). Going into 2020, the portfolio's defensive profile is being maintained with equity risk close to 20%. The wealth management mandate of this fund limits the management team's scope for taking more risk based solely on what the central banks choose to do, especially as recent economic signals are not yet confirming an economic recovery and corporate profits are making little headway.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (20/02/2020) 132,45 EUR
CODES Internal capitalisation code : 2418242000
ISIN capitalisation code : LU0430649086
WKN capitalisation code : A0RNSS
Net assets (million) 408,37 EUR
Launch date 08/06/2009

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.