Data as of 15/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

7,88 %

Performance as at 15/02/2019

2016 -1,78 %
2017 16,75 %
2018 -5,40 %
Since 01/01/2019 5,96 %
Over the last 12 months 3,77 %
Over 3 years 26,75 %
Since launch 762,24 %
Asset breakdown
Equities 91,77 %
Cash 8,23 %
Breakdown by currency
CHF ---
DKK ---
EUR ---
GBP ---
SEK ---
Others 0,00 %
Main positions
SAP SE Stamm 5,65 %
Unilever NV Cert. of shs 5,58 %
Sika AG 4,53 %
Danone SA 4,53 %
Essity AB B 4,19 %

Investment objective and policy

BL-Equities Europe invests in European equities 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 long-term capital gains.

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. The benchmark index (MSCI Europe Net TR EUR) was down 11.32% over the month. BL-Equities Europe (retail accumulation share net of fees) was down 9.61%. The portfolio benefited from the more defensive profile it had built up during the year. The main contributions to performance came from Linde, Smith & Nephew, Roche, Pernod Ricard and Sage. The portfolio was dented by Fresenius, Wirecard, Sap, LVMH and Legrand. In terms of transactions, we reduced our positions in LVMH, Spirax Sacro, Intertek, Rotork and Halma at the beginning of the quarter. We reinvested part of the cash held in the portfolio in the second half of December, focusing on rebalancing by topping up some of the portfolio's existing positions.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 7 119,45 EUR
NAV class A capitalisation shares (15/02/2019) 189,45 EUR
Latest dividend 0,24 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1134255000
Internal distribution code : 13407402
ISIN capitalisation code : LU0093570330
ISIN distribution code : LU0439765081
WKN capitalisation code : 989879
WKN distribution code : A0X9BK
SICOVAM capitalisation code : 959285
Net assets (million) 1 139,47 EUR
Launch date 21/09/1990

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.