BL European Family Businesses
Data as of 10/06/2021
Recommended investment horizon : > 10 years
Performance as at 10/06/2021
| 2018||-15,52 % |
| 2019||24,73 % |
| 2020||6,35 % |
|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 % |
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.
|Net Asset Value |
|Calculated ||Every business day |
|NAV class B capitalisation shares (10/06/2021)||164,03 USD |
|CODES||ISIN capitalisation code : LU1305479237 |
WKN capitalisation code : A1421G
|Net assets (million)||159,21 USD |
|Launch date||06/12/2016 |