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BL European Family Businesses
Equity funds
Data as of 10/06/2021
Risk level
| Low |  | High |
Performance
Average annual performance since launch 9,32 %
Performance as at 10/06/2021
| FUNDS | |
|---|---|
| 2018 | -17,43 % |
| 2019 | 21,20 % |
| 2020 | 4,51 % |
| Since 01/01/2021 | 12,53 % |
| Over the last 12 months | 30,16 % |
| Over 3 years | 17,93 % |
| Since launch | 49,49 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 94,39 % |
| Cash | 5,61 % |
| Breakdown by currency | |
|---|---|
| EUR | 78,87 % |
| CHF | 14,01 % |
| SEK | 2,51 % |
| GBP | 2,37 % |
| DKK | 1,93 % |
| Others | 0,30 % |
| Main positions | |
|---|---|
| Grifols SA A | 3,93 % |
| Bossard Holding AG | 3,76 % |
| Stroeer SE + Co KGaA | 3,65 % |
| Datalogic SPA Post Frazionamento | 3,51 % |
| Societe Virbac SA | 3,44 % |
Strategy
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 - 1st Quarter 2021
During the first quarter of 2021, the MSCI Europe Smid Net Return, the fund's benchmark, gained 8.24%. January was marked by a return to investor caution in the face of uncertainty about the timing of the economic recovery given the spread of Covid variants. In February, the epidemic receded, leading to a renewed appetite for risk and a sharp increase in 'value' and cyclical stocks at the expense of long duration and defensive stocks. Renewed support from governments and central banks sustained this fresh bout of optimism in March and contributed to an acceleration in the market's rise and continuation of the sector rotation. This market context was not very favourable for BL European Family Businesses, and the fund (B share, accumulation) generated performance of +3.76%. The portfolio's performance was boosted by Datalogic, Basler, Eurofins Scientific, Dormakaba and Bossard. Datalogic benefited from the recovery in industrial automation sales and continued growth in China, both of which are medium-term growth drivers. Basler advanced thanks to increased revenues from semiconductor customers in Asia as well as strong demand from the logistics end market. Eurofins saw its revenues increase from its Covid-19 testing activities - PCR, serology, surface and home kits - and the spread of different variants increased the need for high-sensitivity identification of Covid-19 mutations. Dormakaba has successfully implemented a cost savings and restructuring programme and the gradual improvement in the business is helping to boost its share price. Bossard is benefiting from the general recovery in its end markets. Its customers appreciate the company's consistent ability to deliver, and its focus on the industries of the future is also paying off. The main detractors from performance during the quarter were Stroeer, Virbac, Rational, Systemair and SoftwareOne. During the quarter, we sold Barry Callebaut, Roche and Stef and opened a new position in SoftwareOne.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (10/06/2021) | 149,49 EUR |
| CODES | ISIN capitalisation code : LU1305479153 WKN capitalisation code : A1421F |
| Net assets (million) | 131,60 EUR |
| Launch date | 06/12/2016 |
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.