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.
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