Data as of 19/10/2017

Risk level

Low

High

Recommended investment horizon : > 4 years

average annual performance since launch

3,60 %


Performance as at 19/10/2017

FUNDS
2014 3,41 %
2015 1,64 %
2016 -0,44 %
Since 01/01/2017 13,51 %
Over the last 12 months 9,71 %
Over 3 years 20,32 %
Since launch 27,12 %
Asset breakdown
Equities 60,27 %
Hedged Equities 34,42 %
Bonds 3,69 %
Cash 1,62 %
Breakdown by currency
USD 69,88 %
EUR 8,53 %
GBP 5,94 %
CHF 5,73 %
JPY 5,15 %
Others 4,78 %
Breakdown by region / by countries
USA 31,01 %
United Kingdom 7,19 %
Switzerland 5,60 %
Japan 5,16 %
France 3,40 %
Others 7,90 %
Main positions
Constellation Brands Inc A 3,30 %
Mastercard Inc 3,24 %
Microsoft Corp 3,16 %
Visa Inc A 3,12 %
T Rowe Price US Large Cap Value Equity - I CAP 2,81 %

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 - 2nd Quarter 2017

In the second quarter, the main US stock markets posted positive performance. Quality and growth stocks were among the leading contributors to performance, although 'value'-type shares returned to favour with investors in June. Globally, the equity markets are continuing to be driven by prospects of moderate growth in the United States and a stronger recovery in Europe and Asia. On the currency markets, the USD exchange rate fell against most other developed countries' currencies. The dollar's weakness was due to revised forecasts for the hike in US interest rates and Mario Draghi's comments suggesting that reflationary forces are returning in the eurozone. At the end of June 2017, BL-Global Flexible USD was 94.1% invested in equities. Part of the equity exposure was hedged through the sale of index futures, reducing the portfolio's net equity exposure to 61% by the end of the quarter. The geographic allocation of the equity portfolio was as follows: North America 63.4%, Europe 20.0%, Japan 6.0% and Emerging Markets 4.7%. The manager kept 3.9 % of the portfolio invested in a US Treasury bond. Cash accounted for 2%. In currencies, the fund is 69.3% invested in USD, 7.6% in GBP, 6.5% in EUR, 6.0% in JPY, 5.8% in CHF and 4.8% in other currencies, mainly those of emerging countries. The fund's foreign exchange risk was not hedged during the quarter. At the end of June, the net exposure to USD was 69.3%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 127,12 USD
CODES Internal capitalisation code : 13548084
ISIN capitalisation code : LU0578147729
WKN capitalisation code : A1H54X
Net assets (million) 112,25 USD
Launch date 14/01/2011

European tax regime

35% on dividends (distribution shares)

Belgian tax regime

27% on redemptions

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.