Data as of 15/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

2,98 %

Performance as at 15/02/2019

2016 2,45 %
2017 7,45 %
2018 -4,13 %
Since 01/01/2019 7,83 %
Over the last 12 months 6,41 %
Over 3 years 23,20 %
Since launch 71,27 %
Asset breakdown
Equities 85,25 %
Hedged Equities 9,43 %
Cash 5,32 %
Breakdown by currency
USD 33,28 %
EUR 24,81 %
JPY 14,13 %
GBP 5,05 %
KRW 3,35 %
Others 19,38 %
Breakdown by region / by countries
Bermuda -0,00 %
Hong Kong -0,00 %
Switzerland -0,02 %
Finland -0,04 %
Ireland -0,05 %
Others -9,30 %
Main positions
Unilever NV Cert. of shs 3,19 %
Pernod Ricard 2,60 %
SAP SE Stamm 2,38 %
LVMH Moet Hennessy Louis Vuitton SE 2,37 %
Danone SA 2,15 %

Investment objective and policy

BL-Global Equities invests in international equities with no restriction with regard to market capitalisation. Geographically, the fund invests in Europe and the United States, and from time to time in Japan and the emerging markets. The fund aims to achieve long-term capital gains.

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. The NAV of BL-Global Equities (retail accumulation share net of fees in euros) was down 8.9%. No changes were made to the portfolio's structure during the quarter. The partial hedge on equities was maintained given that equity market valuations remain high due to the scale of the structural problems (generalised excessive debt in the global economy, geopolitical conflict between the United States and China) and prospects of the global economy's synchronised slowdown which are unfavourable to corporate earnings growth. At the end of December, the fund was 95.5% invested in equities, with 9% of this allocation hedged through the sale of futures. The portfolio's geographic allocation was as follows: Europe 37% (3.5% hedged), United States 30.5% (5.5% hedged), Japan 13% and emerging markets 15%. The sector allocation was as follows: consumer 42.5%, industry and commodities 20%, healthcare 15.5% and technology 17.5%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 856,35 EUR
NAV class A capitalisation shares (15/02/2019) 171,96 EUR
Latest dividend 0,19 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1287012000
Internal distribution code : 13412990
ISIN capitalisation code : LU0117287580
ISIN distribution code : LU0439764787
WKN capitalisation code : 577995
WKN distribution code : A0X9BG
SICOVAM capitalisation code : 500426
Net assets (million) 272,48 EUR
Launch date 31/10/2000

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.