Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 10 years

Average annual performance since launch

1,65 %


Performance as at 15/02/2019

FUNDS
2016 0,51 %
2017 29,77 %
2018 -15,72 %
Since 01/01/2019 8,17 %
Over the last 12 months -7,72 %
Over 3 years 26,39 %
Since launch 8,58 %
Asset breakdown
Equities 93,10 %
Cash 6,90 %
Breakdown by currency
CNY 19,29 %
HKD 18,67 %
KRW 17,86 %
TWD 13,13 %
USD 8,73 %
Others 22,31 %
Main positions
Tencent Holdings Ltd 4,23 %
Thai Beverage PCL 3,64 %
Taiwan Semiconductor Manufacturing Co Ltd 3,57 %
Samsung Electronics Co Ltd 3,48 %
Alibaba Group Holding Ltd Sponsored ADS 3,45 %

Investment objective and policy

BL-Equities Asia invests in Asian equities (excluding Japan) 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 longterm capital gains.

Management report - 4th Quarter 2018

The fund posted a decline of 7.9% (retail accumulation share net of fees in USD) in the fourth quarter, compared to a fall of 8.7% for the Asian countries' equity index, the MSCI Asia ex Japan net TR. The Asian markets were volatile, mainly due to trade tensions between the United States and its partners, and to monetary policy tightening in the United States. During the quarter, the Indian and Indonesian equity markets were the least impacted by the recent return of volatility to the markets. They ended the quarter with respective performances (in USD) of 2.5% and 8.7%. On the other hand, Korean and Taiwanese equities were the weakest with performances close to -13% (in USD). From a sector viewpoint, utilities and property posted the best performances, just in positive territory (in USD). In contrast, healthcare and energy weighed on the indices with performances below -16% (in USD). Also notable is the fact that the consumer staples sector - strongly overweighted in the fund - held up relatively well, down just 3.2% (in USD). Apart from consumer staples, the fund is also overweighted in industry and consumer discretionary but has no positions in the energy, commodities and financial sectors. During the fourth quarter, the fund manager strengthened the positions in Tencent, Techtronics, Vinamilk, Universal Robina, Alibaba, Samsonite, Nongshim and Kweichow Moutai. He sold Hanssem, a furniture and kitchens chain in South Korea.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 106,48 USD
NAV class A capitalisation shares (15/02/2019) 102,98 USD
Latest dividend 0,44 USD
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 16623961
Internal distribution code : 16623947
ISIN capitalisation code : LU1008593946
ISIN distribution code : LU1008593862
WKN capitalisation code : A1XBEX
WKN distribution code : A1XBEW
Net assets (million) 491,02 USD
Launch date 30/01/2014