Data as of 19/10/2017

Risk level

Low

High

Recommended investment horizon : > 10 years

average annual performance since launch

8,19 %


Performance as at 19/10/2017

FUNDS
2014 9,21 %
2015 10,67 %
2016 -1,78 %
Since 01/01/2017 14,59 %
Over the last 12 months 14,16 %
Over 3 years 35,54 %
Since launch 744,24 %
Asset breakdown
Equities 90,39 %
Cash 9,61 %
Breakdown by currency
EUR 65,71 %
GBP 14,91 %
CHF 11,67 %
SEK 4,95 %
DKK 2,70 %
Others 0,06 %
Breakdown by region / by countries
France 22,73 %
Germany 18,59 %
United Kingdom 17,48 %
Switzerland 11,65 %
Sweden 4,95 %
Others 14,98 %
Main positions
SAP SE Stamm 4,94 %
Wirecard AG 4,47 %
Unilever NV Cert. of shs 4,30 %
LVMH Moet Hennessy Louis Vuitton SE 4,08 %
Pernod Ricard 3,51 %

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 - 2nd Quarter 2017

BL Equities Europe gained 3.38% in the second quarter, beating the MSCI Europe which posted a rise of 0.68%. The main positions boosting performance were LVMH (luxury goods), Novo Nordisk (diabetes), Wirecard (electronic payments), Sage (software for businesses) and Legrand. Legrand, a French group and world leader in electrical installations and digital infrastructures for buildings, was buoyed by the acquisition of Milestone AV Technologies in the United States. Milestone owns key brands in audio/video infrastructure for buildings and is a perfect fit for the French group's foothold in North America. On the other hand, SAP (business software), DCC, Publicis (advertising agency), Essilor and Roche (oncology) dragged on performance during the quarter due to profit-taking. Essilor (ophthalmology) nevertheless announced shareholder approval for its merger with Luxottica and the appointments to the new board of directors. DCC, the Irish group specialising particularly in the distribution of energy products, made its first foray outside Europe with the acquisition of Shell's LPG activities in Macau and Hong Kong. This deal reflects DCC's intention to become a global player on this market and coincides with the appointment of the head of DCC's energy division to the position of CEO. Also of interest is the significant investment made in Dufry (airport duty-free stores) by the Chinese travel group HNA. This augurs well for the future development of the Swiss group in China, which is a country still closed to foreign companies. In terms of portfolio transactions, the position in Syngenta (agrichemicals) exited the portfolio, following the finalisation of its takeover by ChemChina. The line in the jewellery company Pandora was sold due to the share's erratic performance on the stock market. We were uncomfortable about holding onto the position in view of the structural risks weighing on the company. A new position was opened in the Swedish company Essity. A spin-off from Svenska Cellulosa, Essity is active on the personal care and hygiene market. It produces and markets nappies, tissues and incontinence pads. Its portfolio of brands includes Tena (world leader in incontinence), Tork (world leader in washroom products for businesses), Tempo, Nana, Demak'up, Libero, and Leukoplast. The profitability of this division, which was not Svenska Cellulosa's prime interest, is lower than that of its peers. As an independent entity, Essity's management intends to deploy a strategy to boost return on equity by strengthening the market positioning of certain brands, optimising its production tool, and potentially disposing of some assets, with the corollary being a positive impact on the company's intrinsic value.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 6 970,81 EUR
NAV class A capitalisation shares (19/10/2017) 186,18 EUR
Latest dividend 2,56 EUR
Date of last dividend payment  01/02/2017
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) 944,05 EUR
Launch date 21/09/1990

European tax regime

...

Belgian tax regime

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.