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Détail d'un fonds

Funds Detail

BL European Family Businesses

Equity funds

Data as of 13/01/2021

Risk level

Recommended investment horizon : > 10 years


Average annual performance since launch 7,24 %

Performance as at 13/01/2021

2018-17,43 %
201921,20 %
20204,51 %
Since 01/01/20210,32 %
Over the last 12 months3,99 %
Over 3 years2,50 %
Since launch33,27 %
Asset breakdown
Equities95,81 %
Cash4,19 %
Breakdown by currency
EUR78,63 %
CHF15,04 %
SEK2,39 %
GBP1,92 %
DKK1,72 %
Others0,30 %
Main positions
SEB SA4,35 %
Stroeer SE + Co KGaA4,15 %
Somfy SA3,75 %
Bossard Holding AG3,62 %
EssilorLuxottica SA3,19 %


Investment objective and policy

The BL-European Family Businesses fund invests in european equities regardless of market capitalisation. Companies are defined as family businesses if the person or family that founded the company or acquired the company's capital owns at least 25% of its shares, or if the family in question controls the business's strategy and operations. The portfolio structure is the outcome of the addition of individual investment opportunities rather than a replication of a market benchmark. The sub-fund's objective is long-term capital growth.

Management report - 3rd Quarter 2020

European equity markets continued to rally in the third quarter, with the fund's benchmark, the MSCI Europe Smid Cap Net Return EUR gaining 5.35% over the period. The European Council's agreement on the budget and stimulus package helped reduce the risk of economic depression. Macroeconomic data, like the manufacturing PMI, continued to come out better than expected, while the continuous increase in consumer confidence fuelled the prospect of a recovery in domestic demand. Until September, the scenario was one of ongoing economic recovery, but at the end of the quarter, a fresh round of partial lockdown measures and faltering macroeconomic data were enough to unsettle the market. The market saw a number of sector rotations which generally benefited the consumer discretionary, industry and materials sectors, to which the fund has greater exposure. Against this backdrop, BL European Family Businesses (B share), up 8.13%, outperformed its benchmark. The portfolio was buoyed by Somfy, Warehouses de Pauw, Systemair, Kone and IMA. Somfy continued to advance as its activity bounced back and customers rebuilt their inventories. The company is reaping the full benefit of the growing trend for comfortable homes and energy-efficient buildings. WdP has been helped by the boom in e-commerce and automation, and its share price surged on the announcement that the EBRD had signed a loan to support its activities in Romania. Systemair benefited from the good performance of its residential air conditioning business following the acquisition of the Canadian company Greentek in 2018 and is helped by the growing trend for better indoor air quality. Its business should also be boosted by the European Green Deal stimulus programme. Kone was uplifted by robust sales of equipment in China and the resilience of its maintenance activity. IMA's share price jumped following a bid for the company by the private equity group BC Partners. The main detractors from Q3 performance were Grifols, SEB, Basler, Roche Holding and Dormakaba. There were no major transactions in the portfolio during the quarter.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (13/01/2021)133,27 EUR
CODESISIN capitalisation code : LU1305479153
WKN capitalisation code : A1421F
Net assets (million)111,65 EUR
Launch date06/12/2016

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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