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Détail d'un fonds

Funds Detail



BL American Smaller Companies

Equity funds

Data as of 21/01/2021

Risk level

LowHigh
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 16,32 %

Performance as at 21/01/2021

FUNDS
20180,87 %
201927,09 %
202026,28 %
Since 01/01/20212,42 %
Over the last 12 months27,12 %
Over 3 years58,99 %
Since launch119,00 %
Asset breakdown
Equities95,94 %
Cash4,06 %
Breakdown by currency
USD94,74 %
EUR3,48 %
CAD1,77 %
Main positions
Check Point Software Technologies Ltd2,72 %
Resmed Inc2,70 %
SiteOne Landscape Supply Inc2,63 %
Ulta Beauty Inc2,59 %
Church + Dwight Co Inc2,48 %

Strategy

Investment objective and policy

BL-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 - 3rd Quarter 2020

During the third quarter the BL-American Smaller Companies Fund (retail share class capitalization net of fees in USD) outperformed its Benchmark, the MSCI US Small + Mid Cap NR USD Index, by 0,91%. In absolute terms, the fund showed a positive performance of 7,76%. In the month of July, we initiated a new position in NIC Inc. The company is a leading eGovernment services provider to state, local, and federal government agencies. The company builds website portals, gathers electronic data, and acts as an intermediary between government, businesses, and constituents when performing governmental transactions. The company's digital government solutions enable government customers to provide a higher level of service to businesses and citizens. These solutions allow government partners to accelerate digital transformation in a much more cost-effective manner vs internal development. We believe the mix shift towards SaaS/Solutions based revenue coupled with a customer need for modernization will accelerate growth and margin expansion. We further believe that Covid-19 concerns could benefit NIC as government customers accelerate their shift to digital government from brick and mortar (person-to-person) transactions. On the other side, the entire position of Laboratory Corp was sold during the month of July, after a strong rebound from the lows of the market in March. We decided to allocate the cash to even higher quality companies represented in the fund. The top 5 contributors in the quarter were Church & Dwight, Watsco, Pool, Rollins and Aspen Technology. The top 5 detractors were Resmed, Albany International, Jack Henry, NIC and Clorox. The final quarter of the year could be particularly eventful. By January, we should know the outcome of the US election and whether US Congress has passed more fiscal stimulus. Most importantly, there is a good chance that we will get news on a vaccine. Clearly, positive news on this front in the coming months could be a game changer for markets, potentially leading to a significant rally in some of the stocks that have lagged this year.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/01/2021)219,68 USD
CODESISIN capitalisation code : LU1305478775
WKN capitalisation code : A1421A
Net assets (million)514,52 USD
Launch date13/11/2015

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.

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