Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 6 years

Average annual performance since launch

5,62 %


Performance as at 15/02/2019

FUNDS
2016 0,95 %
2017 5,06 %
2018 -3,11 %
Since 01/01/2019 5,56 %
Over the last 12 months 3,90 %
Over 3 years 13,35 %
Since launch 299,91 %
Asset breakdown
Equities 59,88 %
Gold 15,30 %
Bonds 10,70 %
Cash 8,14 %
Hedged Equities 5,97 %
Breakdown by currency
EUR 41,73 %
USD 16,36 %
GOLD 15,30 %
JPY 8,12 %
GBP 4,66 %
Others 13,85 %
Breakdown by region / by countries
Finland -0,07 %
United Kingdom -0,15 %
Belgium -0,21 %
Netherlands -0,30 %
Italy -0,46 %
Others -4,78 %
Main positions
ETFS Metal Securities - 2007-o.f. Verfall auf Gold 6,50 %
Source Physical Markets PLC -Secured Gold-Linked Certificates 2009-31.12.2100 on Gold Cmdty Secured 31/12/2100 6,20 %
Deutschland Series 175 2017 0% 08-04-2022 0,00 08/04/2022 3,00 %
Deutschland 2016 0% 08-10-2021 0,00 08/10/2021 2,99 %
Unilever NV Cert. of shs 2,91 %

Investment objective and policy

BL-Global 75 invests around 25% of its assets in bonds and money market instruments and 75% in equities. Geographically, the fund invests in Europe and the United States, and from time to time in Japan and the emerging markets. The fund's aim is to offer long-term capital gains while keeping below the volatility associated with pure equity investments.

Management report - 4th Quarter 2018

In the fourth quarter of 2018, the MSCI All Country World Index net total return expressed in euros gave up 11.4%. Signs of a slowdown in the global economy, monetary tightening in the United States, and trade tensions between the United States and China triggered equity markets to correct. On the bond markets, government bonds benefited from the weakness of equities. The J.P. Morgan Government Bond Index EMU Unhedged LOC gained 1.5%. Gold assumed its role of safe haven, gaining 9% in euros over the quarter. The NAV of BL-Global 75 (retail accumulation share net of fees in euros) gave up 5.9%. No changes were made to the portfolio's structure during the quarter. At the end of December, the fund was 65% invested in equities, with 4.5% of this allocation hedged through the sale of futures. The bond segment, amounting to 11% of the portfolio, was composed entirely of German government bonds, with an average duration of 3.6. Certificates investing in precious metals accounted for 15.5% of the portfolio. The portfolio's geographic allocation was as follows: Europe 35% (4.5% hedged), United States 18.5%, Japan 7% and emerging markets 4.5%. In the current economic and financial environment, it is becoming increasingly difficult to find an attractive asset class. Most money market and bond investments in euros offer low yields while, despite the fourth quarter correction, equities remain at valuation levels that would also suggest low future returns. Beyond the still-unresolved problem of the leading global economies' excessive debt, trade tensions between the United States and China could become a structural problem. The portfolio's positioning remains defensive.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 2 478,39 EUR
NAV class A capitalisation shares (15/02/2019) 1 533,42 EUR
Latest dividend 5,77 EUR
Date of last dividend payment  01/02/2018
CODES Internal capitalisation code : 1061436000
Internal distribution code : 1136349000
ISIN capitalisation code : LU0048293368
ISIN distribution code : LU0048293285
WKN capitalisation code : 986356
WKN distribution code : 986855
SICOVAM capitalisation code : 944868
SICOVAM distribution code : 989731
Net assets (million) 542,90 EUR
Launch date 25/10/1993

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.