Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 10 years

Average annual performance since launch

7,88 %


Performance as at 15/02/2019

FUNDS
2016 -1,78 %
2017 16,75 %
2018 -5,40 %
Since 01/01/2019 5,96 %
Over the last 12 months 3,77 %
Over 3 years 26,75 %
Since launch 762,24 %
Asset breakdown
Equities 91,77 %
Cash 8,23 %
Breakdown by currency
CHF ---
DKK ---
EUR ---
GBP ---
SEK ---
Others 0,00 %
Main positions
SAP SE Stamm 5,65 %
Unilever NV Cert. of shs 5,58 %
Sika AG 4,53 %
Danone SA 4,53 %
Essity AB B 4,19 %

Investment objective and policy

BL-Equities Europe invests in European equities with no restriction with regard to market capitalisation. The structure of this fund is not linked to a benchmark index, but results from the addition of individual investment opportunities. The fund aims to achieve long-term capital gains.

Management report - 4th Quarter 2018

In the fourth quarter, European markets trended downwards. General sentiment was affected by budget tensions in Italy, President Trump's protectionist rhetoric in America and continuing uncertainty over Brexit. The benchmark index (MSCI Europe Net TR EUR) was down 11.32% over the month. BL-Equities Europe (retail accumulation share net of fees) was down 9.61%. The portfolio benefited from the more defensive profile it had built up during the year. The main contributions to performance came from Linde, Smith & Nephew, Roche, Pernod Ricard and Sage. The portfolio was dented by Fresenius, Wirecard, Sap, LVMH and Legrand. In terms of transactions, we reduced our positions in LVMH, Spirax Sacro, Intertek, Rotork and Halma at the beginning of the quarter. We reinvested part of the cash held in the portfolio in the second half of December, focusing on rebalancing by topping up some of the portfolio's existing positions.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 7 119,45 EUR
NAV class A capitalisation shares (15/02/2019) 189,45 EUR
Latest dividend 0,24 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1134255000
Internal distribution code : 13407402
ISIN capitalisation code : LU0093570330
ISIN distribution code : LU0439765081
WKN capitalisation code : 989879
WKN distribution code : A0X9BK
SICOVAM capitalisation code : 959285
Net assets (million) 1 139,47 EUR
Launch date 21/09/1990