BL Equities America invests in US 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 of 2018, the MSCI USA Net Total Return USD index gave up 13.81%. Signs of a slowdown in the global economy, monetary tightening in the United States, and trade tensions between the United States and China were at the root of the equity markets' contraction. In the fourth quarter, the net asset value of BL-Equities America (retail accumulation share net of fees in USD) was down 14.65%. The main contributors to fourth-quarter performance were drinks manufacturers Coca-Cola and Pepsico, pharmaceutical company Abbott Laboratories, Starbucks, and chemicals corporation PPG Industries. Among the main detractors from performance were logistics operator FedEx, the American brewer Constellation Brands, the biggest online retailer Amazon.com, and tech companies Apple and Mastercard. Two new companies were introduced into the portfolio: the logistics company UPS and Verisk Analytics Inc, a supplier of data analysis and statistics, offering decision-making and risk management solutions for the financial, insurance and energy sectors. Praxair and Starbucks were sold. We also completed the sale of our positions in vehicle equipment manufacturer Garrett Motion, and Resideo Technologies which develops home security systems. Both these companies have been in the portfolio since October 2018 after they were spun off from Honeywell, an industrial company in which we are still invested.
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