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Détail d'un fonds
BL American Small + Mid Caps
Data as of 10/06/2021
Average annual performance since launch 16,48 %
Performance as at 10/06/2021
|Since 01/01/2021||9,38 %|
|Over the last 12 months||34,89 %|
|Over 3 years||67,62 %|
|Since launch||133,90 %|
|Breakdown by currency|
|Verisk Analytics Inc||3,65 %|
|Jack Henry + Associates Inc||3,19 %|
|Lamb Weston Holdings Inc||3,00 %|
|Resmed Inc||2,91 %|
|Check Point Software Technologies Ltd||2,83 %|
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 - 1st Quarter 2021The first quarter of the year was dominated by rising bond yields and a value-led equity market rally. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year, paving the way for massive further US fiscal stimulus, and the success of the vaccine rollout in the US. Small cap stocks, which tend to be more domestically focused, have performed particularly well. During this environment, the BL-American Small & Mid Caps Fund (retail share class capitalization net of fees in USD) underperformed its Benchmark, the MSCI US Small + Mid Cap NR USD Index, by 7,13%. In absolute terms, the fund showed a positive performance of 3,55%. During the quarter we initiated a new position in VeriSign. VeriSign plays a key role within the Internet infrastructure and is the sole authorized registry for several generic top-level domains, including the widely utilized .com and .net top-level domains. Additionally, the company operates two of the world's 13 root servers that are used to route Internet traffic. The key intangible asset VeriSign holds is the exclusive rights to .com and .net top-level domains. The .com and .net domains are the first and fifth most popular domains by market share (40% and 4%, respectively). VeriSign is granted exclusive rights to act as the registry for these domains by ICANN, the non-profit Internet protocol administrator. The contract runs for six years and has a "presumptive right of renewal" clause which renews for an additional six years assuming VeriSign maintains its service level agreements over the term of the contract. The presumptive right of renewal is key to VeriSign's wide moat, as the renewal process is not opened for bids by other entities as long as VeriSign abides by the existing contract. VeriSign has historically exceeded the service level agreements, which could specify downtime cannot exceed 15 minutes per year. The .com agreement runs through November 2024 and allows VeriSign to increase pricing by 7% each year in the final four years of the six-year agreement. Looking at the .net agreement, the deal runs through June 2023 and currently allows VeriSign to increase pricing by 10% each year of the agreement. We believe that VeriSign's strong operating history (over 21 years of continuous availability of the .net and .com domain name systems) makes it highly likely that it will continue to see its key contracts renewed. While projecting continued growth in .com and .net registrations (domain names have grown consistently over an extended period of time, with unit growth reaching 9% in good years, and moderating to 2% in difficult years), we think a risk remains that VeriSign will cede some market share in coming years as new top-level domains are introduced. However, we believe that VeriSign is in a strong defensive position as the importance of a .com registration is unlikely to diminish. Businesses are not willing to risk losing customers to save a nominal amount (less than $10 per year) on the .com domain registration. The top 5 contributors in the quarter were NIC (acquired by Tyler Technologies), Zebra Technologies, Tractor Supply, Middleby and CDW. The top 5 detractors were Checkpoint, Verisk Analytics, Chemed, Masimo and Resmed.
|Net Asset Value|
|Calculated||Every business day|
|NAV class B capitalisation shares (10/06/2021)||234,62 USD|
|CODES||ISIN capitalisation code : LU1305478775 |
WKN capitalisation code : A1421A
|Net assets (million)||698,46 USD|
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.