BL European Family Businesses
Data as of 21/01/2021
Recommended investment horizon : > 10 years
Performance as at 21/01/2021
| 2018||-15,52 % |
| 2019||24,73 % |
| 2020||6,35 % |
|Asset breakdown |
|Equities||95,23 % |
|Cash||4,77 % |
|Breakdown by currency |
|EUR||78,28 % |
|CHF||14,88 % |
|SEK||2,61 % |
|DKK||2,07 % |
|GBP||1,86 % |
|Others||0,31 % |
|Main positions |
|SEB SA||4,42 % |
|Stroeer SE + Co KGaA||4,37 % |
|Somfy SA||3,91 % |
|Bossard Holding AG||3,68 % |
|Warehouses De Pauw NV||3,23 % |
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.
|Net Asset Value |
|Calculated ||Every business day |
|NAV class B capitalisation shares (21/01/2021)||148,51 USD |
|CODES||ISIN capitalisation code : LU1305479237 |
WKN capitalisation code : A1421G
|Net assets (million)||139,28 USD |
|Launch date||06/12/2016 |