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Détail d'un fonds

Funds Detail



BL Fund Selection Alternative Strategies

Mixed funds

Data as of 20/01/2021

Risk level

LowHigh
Recommended investment horizon : > 6 years

Performance

Performance as at 20/01/2021

FUNDS
2018-3,59 %
20193,85 %
2020-3,14 %
Asset breakdown
Absolute Return88,30 %
Equities9,56 %
Cash2,14 %
Breakdown by currency
EUR95,96 %
USD4,04 %
Main positions
IPM UCITS Umbrella ICAV IPM Systematic Macro - Accum I Hedged EUR CAP7,01 %
Cigogne UCITS M+A Arbitrage - C2 CAP4,87 %
BG UCITS Boussard + Gavaudan Absolute Return - Z EUR CAP4,58 %
Fort Global UCITS Contrarian - Accum Ptg B EUR CAP4,52 %
Lumyna Merrill Lynch MLCX Commodity Alpha UCITS - EUR E 5 Acc CAP4,04 %

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 - 4thd Quarter 2020

The health situation was still difficult at the end of the year, forcing many countries to partially shut down their economies again. The announcement of very promising results from Pfizer (followed by Moderna) on a Covid-19 vaccine with efficacy rates of over 90% spurred the markets in the fourth quarter. Although the vaccines will not be available on a large scale before the Spring, they are already allowing the markets to see a clearer way out of the health crisis at last and envisage a gradual return to normal in the second half of 2021. In the last few months, the markets were also buoyed by the results of the US presidential election. Joe Biden's victory offers the prospect of the trade war easing, with China and with other partners around the world. After months of bitter discussions, an agreement was finally reached between the United Kingdom and the European Union in the closing days of 2020. The fund’s rebound continued and gathered pace in the fourth quarter with a gain of 2.65%, taking its 2020 performance to -3.15% as it is still catching up after the ravages of the first quarter. This quarterly performance reflects the progressive normalisation of market conditions after announcements about the efficacy of several vaccine candidates. Most of the managers of the selected funds have continued to redeploy risk and get back on track to deliver performance closer to expectations. Overall, the best performing strategies in the quarter were those positioned for scenarios of mean reversion or outperformance of cyclical sectors. The funds heading the quarter’s leader board were Franklin K2 Electron (+25.9%), Liontrust European Strategic Equity (+15.2%) and Satellite Event-Driven (+13.6%). The funds most impacted during the quarter were invariably those with a strong momentum component. This was notably the case for Threadneedle Pan European Absolute Alpha (-4.8%), Cyril Systematic (-2.7%) and ECO Advisors ESG Absolute Return (-2.1%). During the quarter, some adjustments were made in the long/short strategies segment to reduce exposure to certain influences. For example, RAM L/S European Equities fund was sold while Exane Overdrive, ML Chelodina UCITS and TT European Opportunities Long/Short were introduced. In a climate of ongoing uncertainty, the portfolio as a whole continues to focus on diversification in terms of strategy and style.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (20/01/2021)99,44 EUR
CODESISIN capitalisation code : LU1526088379
WKN capitalisation code : A2AN1P
Net assets (million)305,38 EUR
Launch date12/12/2016

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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