Data as of 15/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

7,79 %

Performance as at 15/02/2019

2016 4,25 %
2017 23,33 %
2018 -3,66 %
Since 01/01/2019 11,87 %
Over the last 12 months 4,36 %
Over 3 years 49,90 %
Since launch 666,21 %
Asset breakdown
Equities 98,20 %
Cash 1,80 %
Breakdown by currency
EUR ---
USD ---
Main positions
Microsoft Corp 6,02 %
Mastercard Inc 4,80 %
Visa Inc A 4,70 %
Constellation Brands Inc A 4,25 %
Becton Dickinson + Co 4,03 %

Investment objective and policy

BL Equities America invests in US 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 of 2018, the MSCI USA Net Total Return USD index gave up 13.81%. Signs of a slowdown in the global economy, monetary tightening in the United States, and trade tensions between the United States and China were at the root of the equity markets' contraction. In the fourth quarter, the net asset value of BL-Equities America (retail accumulation share net of fees in USD) was down 14.65%. The main contributors to fourth-quarter performance were drinks manufacturers Coca-Cola and Pepsico, pharmaceutical company Abbott Laboratories, Starbucks, and chemicals corporation PPG Industries. Among the main detractors from performance were logistics operator FedEx, the American brewer Constellation Brands, the biggest online retailer, and tech companies Apple and Mastercard. Two new companies were introduced into the portfolio: the logistics company UPS and Verisk Analytics Inc, a supplier of data analysis and statistics, offering decision-making and risk management solutions for the financial, insurance and energy sectors. Praxair and Starbucks were sold. We also completed the sale of our positions in vehicle equipment manufacturer Garrett Motion, and Resideo Technologies which develops home security systems. Both these companies have been in the portfolio since October 2018 after they were spun off from Honeywell, an industrial company in which we are still invested.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 7 662,08 USD
NAV class A capitalisation shares (15/02/2019) 212,22 USD
Latest dividend 1,36 USD
Date of last dividend payment  01/02/2018
CODES Internal capitalisation code : 1134271000
Internal distribution code : 13407396
ISIN capitalisation code : LU0093570256
ISIN distribution code : LU0439764944
WKN capitalisation code : 937806
WKN distribution code : A0X9BJ
SICOVAM capitalisation code : 959283
Net assets (million) 925,05 USD
Launch date 03/01/1992

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.