Data as of 15/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

5,08 %

Performance as at 15/02/2019

2016 3,50 %
2017 13,97 %
2018 -11,45 %
Since 01/01/2019 9,26 %
Over the last 12 months 1,33 %
Over 3 years 23,43 %
Since launch 28,31 %
Asset breakdown
Equities 93,10 %
Cash 6,90 %
Breakdown by currency
CNY ---
EUR ---
HKD ---
IDR ---
INR ---
Others 0,00 %
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) 128,58 EUR
CODES Internal capitalisation code : 16623967
ISIN capitalisation code : LU1008594084
WKN capitalisation code : A1XBEY
Net assets (million) 434,37 EUR
Launch date 03/02/2014