BL-Global Equities invests in international equities with no restriction with regard to market capitalisation. Geographically, the fund invests in Europe and the United States, and from time to time in Japan and the emerging markets. The fund aims to achieve long-term capital gains.
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. The NAV of BL-Global Equities (retail accumulation share net of fees in euros) was down 8.9%. No changes were made to the portfolio's structure during the quarter. The partial hedge on equities was maintained given that equity market valuations remain high due to the scale of the structural problems (generalised excessive debt in the global economy, geopolitical conflict between the United States and China) and prospects of the global economy's synchronised slowdown which are unfavourable to corporate earnings growth. At the end of December, the fund was 95.5% invested in equities, with 9% of this allocation hedged through the sale of futures. The portfolio's geographic allocation was as follows: Europe 37% (3.5% hedged), United States 30.5% (5.5% hedged), Japan 13% and emerging markets 15%. The sector allocation was as follows: consumer 42.5%, industry and commodities 20%, healthcare 15.5% and technology 17.5%.
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