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BL American Smaller Companies
Data as of 21/02/2020
Average annual performance since launch 13,74 %
Performance as at 21/02/2020
|Since 01/01/2020||2,82 %|
|Over the last 12 months||16,69 %|
|Over 3 years||49,04 %|
|Since launch||73,24 %|
|Breakdown by currency|
|Resmed Inc||3,77 %|
|Check Point Software Technologies Ltd||3,27 %|
|Lamb Weston Holdings Inc||3,09 %|
|Church + Dwight Co Inc||2,87 %|
|Clorox Co||2,53 %|
Investment objective and policyBL-American Smaller Companies invests up to 80% of its assets in shares of American companies with a market capitalization below 20 billion USD. Selected companies have a well-defined business model with a clear market strategy. The fund invests in companies with a strong competitive advantage, showing a sustainable superior return profile and generating high and consistent levels of free-cash flow. In combination with a solid financial situation. Investment decisions are based on strict valuation and quality criteria.
Management report - 4th Quarter 2019Last Christmas, the markets gave investors a fright. This year, to save us from tears, the central banks gave us something special. Equity markets delivered fantastic returns in 2019. Several factors helped drive equities higher in the final quarter of the year. The pick-up in the service sectors, and the resilience of overall employment to the weakness in manufacturing, has helped restore market confidence that a recession is not imminent. The fourth quarter also saw significant political risks avoided, at least for now. US tariffs on China were scheduled to increase on 15 December but a phase one trade deal avoided that outcome and provided a significant relief for equity markets. In this environment the BL-American Smaller Companies Fund (retail share class capitalization net of fees in USD) underperformed its Benchmark, the MSCI US Small + Mid Cap NR USD Index, by 0,71%. In absolute terms, the fund showed a positive performance of 6,74%. There were no outright sales or purchases made in the quarter. The top 5 contributors in the quarter were Align Technology, Lamb Weston, Resmed, CDW and Cognex. The top 5 detractors were Ball, Church & Dwight, Welbilt, Middleby and Idexx Laboratories.
|Net Asset Value|
|Calculated||Every business day|
|NAV class B capitalisation shares (21/02/2020)||173,78 USD|
|CODES||Internal capitalisation code : 29339088 |
ISIN capitalisation code : LU1305478775
WKN capitalisation code : A1421A
|Net assets (million)||341,20 USD|
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.