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BL Fund Selection Alternative Strategies

Mixed funds

Data as of 20/02/2020

Risk level

Low High
Recommended investment horizon : > 6 years

Performance

Average annual performance since launch 1,15 %

Performance as at 20/02/2020

FUNDS
2017 1,43 %
2018 -3,59 %
2019 3,81 %
Since 01/01/2020 1,80 %
Over the last 12 months 5,55 %
Over 3 years 2,19 %
Since launch 3,72 %
Asset breakdown
Absolute Return 89,70 %
Cash 3,49 %
Equities 3,41 %
Bonds 3,40 %
Breakdown by currency
EUR 95,64 %
USD 4,36 %
Main positions
IPM UCITS Umbrella ICAV IPM Systematic Macro - Accum I Hedged EUR CAP 7,85 %
BG UCITS Boussard + Gavaudan Absolute Return - Z EUR CAP 5,21 %
Polar Capital UK Absolute Equity - I Hedged EUR DIS 4,96 %
Fort Global UCITS Contrarian - Accum Ptg B EUR CAP 4,62 %
SEB Prime Solutions Bodenholm Absolute Return - I EUR CAP 4,17 %

Strategy

Investment objective and policy

The objective of this fund is long-term capital appreciation through a diversified portfolio, while maintaining lower volatility than the equity markets. Over the medium term, it also aims to offer decorrelation from mainstream financial assets. This flexible subfund is chiefly invested in regulated UCITS deploying alternative strategies. These UCITS may be invested in any asset class in any geographic region. The proportion invested in the different strategies and asset classes will vary according to market circumstances.

Management report - 4th Quarter 2019

With the partial alleviation of some of the geopolitical uncertainties (US-China trade war, Brexit), equity markets continued the trend seen at the beginning of the year to post a strongly positive fourth quarter. Economic activity remained depressed in the manufacturing segment but maintained moderate growth in services. In a year when company profits stagnated, the rise in the equity indices was largely due to the expansion of valuation multiples. The flagship global equity index (MSCI World All Country Index Net Total Return) expressed in euros gained 5.8% during the quarter. For its part, the S&P 500 crossed the 3200-point threshold for the first time ever. Leading the field this quarter were emerging markets, which gained over 8% (in euros), somewhat recouping the lag they accrued during the year. The American, European and Japanese markets all ended the quarter with similar gains of around 5% when expressed in euros. On the bond markets, investors' renewed optimism for growth prospects resulted in a rise in risk-free interest rates. As a consequence, the prices of risk-free bonds fell during the quarter. Corporate bonds (investment grade and high yield) fared better, with narrowing spreads offsetting rising yields. In a more uncertain environment and with rising interest rates, gold continued its surge and appreciated by 3% over the quarter (in dollars). The fund gained 1.1% in the fourth quarter of 2019. The main contributions to this rise came from the long/short equities strategies, with impressive performances from Exane Care (+16.29%), Liontrust European Strategic Equity (+8.95%) and Polar UK Absolute Equity (+8.35%). The success of the Global Macro segment is illustrated by H2O Allegro (+7.35%) and IPM Systematic Macro (+2.78%). It was more difficult for the trend-following strategies, which suffered from the upswing in interest rates, even though this phenomenon was partly offset by the continuing rally on the equity indices. The portfolio remains very diversified but is slightly correlated to the equity markets' bullish trend due to the positioning of the trend-following strategies and some of the long/short equity funds.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (20/02/2020) 103,70 EUR
CODES Internal capitalisation code : 40506205
ISIN capitalisation code : LU1526088379
WKN capitalisation code : A2AN1P
Net assets (million) 312,59 EUR
Launch date 12/12/2016

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.