Data as of 15/02/2019

Risk level



Recommended investment horizon : > 2 years

Average annual performance since launch

4,21 %

Performance as at 15/02/2019

2016 0,66 %
2017 -1,66 %
2018 -0,54 %
Since 01/01/2019 0,20 %
Over the last 12 months 0,87 %
Over 3 years -2,29 %
Since launch 219,13 %
Asset breakdown
Bonds 99,53 %
Cash 0,47 %
Main positions
Deutschland 2013 1.5% 15-05-2023 1,50 15/05/2023 9,30 %
Deutschland 2012 1.75% 04-07-2022 1,75 04/07/2022 9,24 %
Deutschland 2015 1% 15-08-2025 1,00 15/08/2025 9,24 %
Deutschland 2014 1% 15-08-2024 1,00 15/08/2024 9,17 %
Finland 2012 1.625% 15-09-2022 1,62 15/09/2022 9,16 %

Investment objective and policy

The fund invests mainly in fixed income, variable income and convertible bonds denominated in euro or issued by top-quality issuers in the euro zone. Its key objective is to achieve a regular income.

Management report - 4th Quarter 2018

Eurozone sovereign bond prices rose in the fourth quarter of 2018. The JPMorgan GBI EMU Bond index posted positive performance of +1.5%. Periphery country bonds rose by 2.18% while the sub-index for the core eurozone countries (excluding periphery debt) gained 1.03% over the quarter. The Germany 10-year bond yield was down from 0.47% to 0.24% over the period. The last meeting of the ECB Governing Council was held on 13 December. It confirmed the end of its asset purchase programme. The main refinancing interest rate is unchanged at 0% and the deposit facility will continue at -0.40%. Based on weakening economic data, the ECB downwardly revised its growth forecasts for the eurozone. Growth is now estimated at 1.9% compared to 2% for 2018, and 1.7% compared to 1.8% previously for 2019. The ECB is not expected to raise interest rates before the second half of 2019. Despite the asset purchase programme coming to an end, the current monetary policy in the eurozone remains accommodative. Weakening economic growth helps moderate expectations of a tighter monetary policy and plays in favour of the bond markets. Nevertheless, even if interest rates remain low, in a context of even moderate economic growth in the eurozone, we do not see bond yields starting a long new downward trend.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 1 092,50 EUR
NAV class A capitalisation shares (15/02/2019) 224,91 EUR
Latest dividend 0,89 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1061282000
Internal distribution code : 1061266000
ISIN capitalisation code : LU0093570769
ISIN distribution code : LU0093570686
WKN capitalisation code : 989647
WKN distribution code : 937800
SICOVAM capitalisation code : 959301
SICOVAM distribution code : 959300
Net assets (million) 46,79 EUR
Launch date 16/09/1988

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.