The BL-European Family Businesses fund invests in european equities regardless of market capitalisation. Companies are defined as family businesses if the person or family that founded the company or acquired the company's capital owns at least 25% of its shares, or if the family in question controls the business's strategy and operations. The portfolio structure is the outcome of the addition of individual investment opportunities rather than a replication of a market benchmark. The sub-fund's objective is long-term capital growth.
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. During the period, the MSCI Europe Net Return index gave up 11.32% and the MSCI Europe SMID Cap Net Return EUR index lost 15.83%. Family business stocks again suffered more than the market, and the Euronext Family Business index was down 16.25%. The NAV of BL European Family Businesses was down by 15.48% over the quarter. The main contributions to performance came from Société BIC, Bonduelle, SOL, Pernod Ricard and DKSH. The portfolio's performance was undermined by Datalogic, Groupe SEB, Fluidra, Bossard and Jungheinrich. Within the portfolio, we continued to reduce the number of positions held and sold Massimo Zanetti, Baron de Ley, Masi Agricola, Garo, Miko and Roche.
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