Data as of 15/02/2019

Risk level



Recommended investment horizon : > 2 years

Average annual performance since launch

4,46 %

Performance as at 15/02/2019

2016 0,53 %
2017 2,26 %
2018 -0,47 %
Since 01/01/2019 0,37 %
Over the last 12 months 2,14 %
Over 3 years -0,35 %
Since launch 241,26 %
Asset breakdown
Bonds 94,57 %
Cash 5,43 %
Breakdown by currency
USD 100,00 %
EUR -0,00 %
Main positions
US Treasury Note Series P 2020 2013 2.125% 31-08-2020 2,12 31/08/2020 5,22 %
US Treasury Note Series AD 2019 2014 1.75% 30-09-2019 1,75 30/09/2019 5,21 %
US Treasury Note Series Q 2021 2014 2.125% 30-09-2021 2,12 30/09/2021 5,19 %
US Treasury Note Series L 2021 2014 2% 31-05-2021 2,00 31/05/2021 5,17 %
US Treasury Note Series H 2020 2013 1.25% 29-02-2020 1,25 29/02/2020 5,16 %

Investment objective and policy

The fund invests mainly in fixed income, variable income and convertible bonds denominated in USD, which are issued by first-rate issuers. Its key objective is to achieve a regular income.

Management report - 4th Quarter 2018

US Treasuries posted positive performance in the fourth quarter of 2018. The JPMorgan index for this market was up +2.41%. The US 10-year yield ended the quarter at 2.68%, 37 basis points lower than at the end of the previous quarter. Falling oil prices and the drop in inflation drove bond yields down. At 30 November, the consumer price index was only up by 2.2% compared to 2.5% the previous month. The price per barrel of Brent crude was down 35% over the quarter, closing at 53.8 dollars. The ISM Manufacturing Purchasing Managers' Index also posted a significant decline over the period, from 59.8 to 54.1. Nevertheless, on 19 December, the Federal Reserve raised its headline interest rate for the fourth time in the year to 2.5%. In view of the loss of acceleration in the US economy, the main question is whether US interest rates will continue to rise. According to the Federal Reserve, interest rates will continue to be gradually increased. However, the number of potential rises remains uncertain given the markets' recent correction. Another concern is that uncertainty over the trade negotiations will also have an impact on the health of the US economy in the coming months.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 1 263,02 USD
NAV class A capitalisation shares (15/02/2019) 281,19 USD
Latest dividend 3,26 USD
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1134389000
Internal distribution code : 1134360000
ISIN capitalisation code : LU0093570926
ISIN distribution code : LU0093570843
WKN capitalisation code : 937802
WKN distribution code : 937803
SICOVAM capitalisation code : 959299
SICOVAM distribution code : 959298
Net assets (million) 162,72 USD
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.