Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 3 years

Average annual performance since launch

3,27 %


Performance as at 15/02/2019

FUNDS
2016 0,05 %
2017 -1,19 %
2018 -1,31 %
Since 01/01/2019 2,16 %
Over the last 12 months 1,94 %
Over 3 years -0,27 %
Since launch 125,64 %
Asset breakdown
Bonds 40,90 %
Equities 21,55 %
Gold 18,91 %
Hedged Equities 12,10 %
Cash 6,54 %
Breakdown by currency
CHF ---
DKK ---
EUR ---
GBP ---
HKD ---
Others 0,00 %
Breakdown by region / by countries
Mexico -0,00 %
Jersey -0,00 %
South Africa -0,00 %
USA -0,00 %
Guernsey -0,00 %
Others -12,08 %
Main positions
Deutschland Series 176 2017 0% 07-10-2022 0,00 07/10/2022 8,43 %
Deutschland Series 175 2017 0% 08-04-2022 0,00 08/04/2022 8,42 %
Deutschland 2016 0% 08-10-2021 0,00 08/10/2021 8,40 %
Deutsche Boerse Commodities GmbH - 2007-o.f. Verfall auf Gold 31/12/2049 5,78 %
Deutschland 2011 2.25% 04-09-2021 2,25 04/09/2021 5,38 %

Investment objective and policy

BL-Global 30 invests around 70% of its assets in bonds and money market instruments and 30% in equities. Geographically, the fund invests in Europe and the United States, and from time to time in Japan and the emerging markets. The fund's aim is to achieve slightly better returns than the bond markets for a similar level of volatility.

Management report - 4th Quarter 2018

In the fourth quarter of 2018, the MSCI All Country World Index net total return expressed in euros gave up 11.4%. Signs of a slowdown in the global economy, monetary tightening in the United States, and trade tensions between the United States and China triggered equity markets to correct. On the bond markets, government bonds benefited from the weakness of equities. The J.P. Morgan Government Bond Index EMU Unhedged LOC gained 1.5%. Gold assumed its role of safe haven, gaining 9% in euros over the quarter. The NAV of BL-Global 30 (retail accumulation share net of fees in euros) gave up 0.7%. No changes were made to the portfolio's structure during the quarter. At the end of December, the fund was 32% invested in equities, with 11% of this allocation hedged through the sale of futures. The bond segment, amounting to 44% of the portfolio, was composed entirely of German government bonds, with an average duration of 3.6. Certificates investing in precious metals accounted for 18.5% of the portfolio. The portfolio's geographic allocation was as follows: Europe 19.5% (11% hedged), United States 4.5%, Japan 5.5% and emerging markets 2.5%. In the current economic and financial environment, it is becoming increasingly difficult to find an attractive asset class. Most money market and bond investments in euros offer low yields while, despite the fourth quarter correction, equities remain at valuation levels that would also suggest low future returns. Beyond the still-unresolved problem of the leading global economies' excessive debt, trade tensions between the United States and China could become a structural problem. The portfolio's positioning remains defensive.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 1 398,39 EUR
NAV class A capitalisation shares (14/02/2019) 1 395,85 EUR
Latest dividend 1,21 EUR
Date of last dividend payment  01/02/2018
CODES Internal capitalisation code : 1061339000
Internal distribution code : 1136312000
ISIN capitalisation code : LU0048292394
ISIN distribution code : LU0048291826
WKN capitalisation code : 986853
WKN distribution code : 986852
SICOVAM capitalisation code : 951710
SICOVAM distribution code : 989728
Net assets (million) 120,70 EUR
Launch date 25/10/1993