Data as of 20/10/2017

Risk level



Recommended investment horizon : < 2 years

average annual performance since launch

1,76 %

Performance as at 20/10/2017

2014 0,12 %
2015 -0,07 %
2016 -0,06 %
Since 01/01/2017 -0,26 %
Over the last 12 months -0,32 %
Over 3 years -0,39 %
Since launch 38,82 %
Asset breakdown
Bonds 82,19 %
Cash 17,81 %
Main positions
Kreditanstalt fuer Wiederaufbau KFW 2011 3.125% 15-06-2018 3,12 15/06/2018 4,14 %
Bank of America Corp Series 797 2014 .471% 19-06-2019 0,47 19/06/2019 4,05 %
Goldman Sachs Group Inc 2014 .421% 29-10-2019 0,42 29/10/2019 4,04 %
ING Bank NV Series 132 2014 .081% 20-11-2019 0,08 20/11/2019 4,03 %
Deutsche Telekom International Finance BV 2016 .021% 03-04-2020 0,02 03/04/2020 4,02 %

Investment objective and policy

The Euro fund invests principally (1) in bonds denominated in Euro with a residual term of no more than 12 months, and (2) in floating-rate securities. It also includes money market instruments issued by first-rate issuers, and liquidities.

Management report - 2nd Quarter 2017

The central banks continue to dictate the pace. But now, the question is not what more they could they do but at what pace they will withdraw liquidity. The minutes of the latest ECB meeting and the recent pronouncements by some members confirm the Bank's intention to start withdrawing some of its support measures. It should be noted, however, that attention is focused exclusively on the ECB's forthcoming monetary tightening rather than on the long road ahead to achieve its inflation targets... Outlook On 7 September, the ECB's Governing Council is expected to announce a reduction in the pace of its monthly asset purchases from EUR 60 to 40 billion, starting in January 2018. The Council is also expected to continue its reinvestment policy. A further EUR 20 billion reduction is likely to be decided on in March. We do not expect interest rates to be increased before Q1 2019. The fund continues to invest mainly in systemically important investment-grade floating- and fixed-rate bonds with residual maturity of less than 12 months, while at the same time retaining a sizable cash reserve.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (20/10/2017) 569,71 EUR
NAV class A capitalisation shares (20/10/2017) 232,60 EUR
Latest dividend 0,18 EUR
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 1061205000
Internal distribution code : 1061193000
ISIN capitalisation code : LU0093571148
ISIN distribution code : LU0093571064
WKN capitalisation code : 989878
WKN distribution code : 937801
SICOVAM capitalisation code : 959291
SICOVAM distribution code : 959290
Net assets (million) 125,05 EUR
Launch date 31/12/1998

European tax regime

35% on redemptions
35% on dividends (distribution shares)

Belgian tax regime

27% on redemptions
27% on dividends (distribution shares)

Before making any decision to subscribe, customers must ensure they have understood the product, having measured the risks associated with it and consulted their own advisers on the appropriateness of the product for their particular financial situation, taking into account legal, tax and accounting aspects. This fact sheet has been drawn up for information purposes and shall in no event be considered a solicitation to buy or an offer to sell securities or other financial instruments. Information provided to the interested party does not constitute legal or fiscal advice and the Bank shall not be held liable for such information. The securities referred to in this document may cause the investor to incur significant risk and may not be appropriate for all investors. Such risks include market risks, high volatility, credit risk, liquidity risk and interest-rate risk. There is no guarantee that the securities described in this document will achieve their investment objectives. Past performance is no indication of future returns. The Bank shall not be held liable for the future performance of these securities. Potential investors must ensure that they understand the risks of investing in such products and should only take an investment decision after giving careful consideration, together with their professional advisers, to the appropriateness of this investment to their specific financial situation, particularly with regard to legal, tax and accounting aspects. We have made every effort to verify that the information presented in this document is correct, in particular the estimated values, opinions and other estimates. Nevertheless, no guarantee can be given as to the validity, timeliness, completeness, correctness or accuracy of the information, which is provided for guidance only. Information may be subject to change without prior notice.