BL-European Smaller Companies invests up to 80% of its net assets in shares of small and mid-cap European companies. The companies selected have high profitability due to exploiting their competitive advantage and offer favorable development prospects. In addition, they have a sound financial position and feature low levels of capital intensity. Management decisions will be based on strict valuation and quality criteria.
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 Small Cap Net Return EUR) was down 16.49% over the quarter. BL-European Smaller Companies (retail accumulation share net of fees) gained 14.36%. During the period, only six of the fund's positions managed to post positive performance. The biggest three contributors were Mycronic, Britvic and Loomis. Mycronic, a Swedish company in the semi-conductor segment, surprised the market with substantially higher earnings and a major order from an Asian customer. For Loomis (Sweden) and Britvic (UK), the positive catalyst for the share price increase was also the publication of good third-quarter earnings data. At the other end of the spectrum were Amplifon, Viscofan and Rotork. In the case of Amplifon, the share price fell due to profit-taking and its exposure to Italy. For Rotork and Viscofan, worse-than-expected figures prompted the share price correction. The investment case for these two companies nevertheless remains completely intact. In terms of transactions within the portfolio, some positions were reinforced during the quarter: Bobst, Compugroup, De'Longhi, Elior, Gerresheimer, IMA, Loomis, Nibe and Royal Unibrew.
Net Asset Value
Every business day
NAV class B capitalisation shares (15/02/2019)
NAV class A capitalisation shares (15/02/2019)
Date of last dividend payment
Internal capitalisation code : 13890962 Internal distribution code : 13890913 ISIN capitalisation code : LU0832875438 ISIN distribution code : LU0832875354 WKN capitalisation code : A1J4V0 WKN distribution code : A1J4VZ
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