Data as of 15/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

0,11 %

Performance as at 15/02/2019

2016 3,22 %
2017 20,95 %
2018 -12,72 %
Since 01/01/2019 5,80 %
Over the last 12 months -8,53 %
Over 3 years 19,03 %
Since launch 0,64 %
Asset breakdown
Equities 79,69 %
Cash 11,35 %
Bonds 8,97 %
Breakdown by currency
USD 10,84 %
TWD 10,62 %
CNY 10,11 %
KRW 9,19 %
BRL 9,07 %
Others 50,18 %
Main positions
Thai Beverage PCL 2,78 %
Tencent Holdings Ltd 2,66 %
Cervezas Sponsored ADR repr 2 shs 2,43 %
Want Want China Holdings Ltd 2,38 %
Ambev SA 2,37 %

Investment objective and policy

The fund seeks long-term capital appreciation by investing in emerging market equities and bonds.The equity allocation can vary between 60% and 100%. The bond allocation results from the lack of opportunities on the equity side. The structure of this fund is not linked to a benchmark index, but derives from the addition of individual investment opportunities. The equity investments are based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. This sub-fund is also available denominated in USD with the identical investment policy (LU0887931029).

Management report - 4th Quarter 2018

The emerging markets equity index, the MSCI Emerging Markets NR, posted a decline of 6.2% (in EUR) in the fourth quarter of 2018. Over the same period, the fund (class B share) gave up 1.9% in EUR. In terms of sectors, utilities made the most headway, followed by property and financial services. The weakest sector was healthcare. The correction on emerging markets reflects the gloomy forecasts for emerging market growth, primarily due to increasing trade risks in a context of rising interest rates. The dollar's appreciation and the trade war could erode emerging market corporate earnings growth. At the end of the quarter, the markets corrected on uncertainties emanating from the United States about the position of the Fed Chairman Jay Powell, the resignation of Defence Secretary Jim Mattis, and the federal administration's partial shutdown. During the quarter, the fund manager strengthened some existing positions as their valuation had become more attractive. He also opened a position in Alibaba, undisputed leader in online retail in China, and in AVI, a South African food and beverage company. The fund manager sold Hanssem, a furniture and kitchens chain in South Korea. At the end of the quarter, the equity allocation came to 80%, compared to 74% at the beginning of the quarter. As valuations are starting to look more attractive, the fund manager will continue to buy high quality shares and thereby increase the equity allocation.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 100,64 USD
CODES Internal capitalisation code : 13974046
ISIN capitalisation code : LU0887931029
WKN capitalisation code : A1KCRG
Net assets (million) 520,83 USD
Launch date 24/02/2013