Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 4 years

Average annual performance since launch

3,81 %


Performance as at 15/02/2019

FUNDS
2016 -0,44 %
2017 16,67 %
2018 -2,45 %
Since 01/01/2019 6,25 %
Over the last 12 months 3,14 %
Over 3 years 23,38 %
Since launch 35,43 %
Asset breakdown
Equities 56,64 %
Hedged Equities 33,45 %
Cash 7,50 %
Bonds 2,41 %
Breakdown by currency
BRL ---
CHF ---
EUR ---
GBP ---
HKD ---
Others 0,00 %
Breakdown by region / by countries
Bermuda -0,01 %
Hong Kong -0,03 %
United Kingdom -0,12 %
Switzerland -0,14 %
Ireland -0,28 %
Others -32,88 %
Main positions
Microsoft Corp 4,96 %
Mastercard Inc 4,57 %
Visa Inc A 3,41 %
Becton Dickinson + Co 3,21 %
Diageo PLC 2,77 %

Investment objective and policy

The fund aims to beat returns offered by money-market products and bonds while avoiding volatility usually associated with the stock markets. This means that the fund offers greater capital protection during bear markets. The weighting of the various asset classes may change significantly depending on how attractive they are in relation to each other (from 0 to 100%).

Management report - 4th Quarter 2018

In the fourth quarter of 2018, the MSCI All Country World Index net total return expressed in USD gave up 12.75%. 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. On the bond markets, government bonds benefited from the weakness of equities. The J.P. Morgan Government Bond Index US Unhedged LOC gained 2.65%. In the fourth quarter, the net asset value of BL-Global Flexible USD (retail accumulation share net of fees in USD) was down 7.9%. At the end of December 2018, BL-Global Flexible USD was 93.8% invested in equities. Part of the equity exposure was hedged via the sale of equity index futures, taking the net equity exposure at the end of the quarter to 59%. The portfolio's geographic allocation was as follows: North America 70.4%, Europe 19.5%, Japan 4.4% and emerging markets 5.7%. 2.4 % of the fund remains invested in a US Treasury bond. Cash accounted for 3.8%. In terms of currencies, the fund was invested as follows: 74.4% in USD, 6.7% in GBP, 6.5% in EUR, 4.2% in JPY, 4.1% in CHF and 4.1% in other currencies, particularly those of emerging markets. The fund had no currency-risk hedge during the quarter.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 135,43 USD
CODES Internal capitalisation code : 13548084
ISIN capitalisation code : LU0578147729
WKN capitalisation code : A1H54X
Net assets (million) 85,10 USD
Launch date 14/01/2011

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.