Data as of 18/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

14,11 %

Performance as at 18/02/2019

2016 3,39 %
2017 23,88 %
2018 -12,67 %
Since 01/01/2019 8,57 %
Over the last 12 months -2,86 %
Over 3 years 35,74 %
Since launch 174,52 %
Asset breakdown
Equities 97,46 %
Cash 2,54 %
Breakdown by currency
JPY 77,78 %
EUR 17,75 %
USD 2,47 %
CHF 2,00 %
Main positions
Keyence Corp 3,00 %
SECOM Co Ltd 2,97 %
Murata Manufacturing Co Ltd 2,76 %
Sysmex Corp 2,67 %
Recruit Holdings Co Ltd 2,37 %

Investment objective and policy

BL-Equities Japan invests in Japanese equities with no restriction with regard to market capitalization. The investment philosophy of the fund is based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Such investments are likely to create long-term value for shareholders. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. 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

The Japanese market fell sharply during the quarter and the MSCI Japan NR index gave up 17.2%. The NAV of BL-Equities Japan B Cap (retail accumulation share, net of fees) was up 17.0%. The reasons for this weakness lie chiefly outside Japan. Uncertainty over the outcome of the trade war triggered by President Trump, political tensions and monetary tightening in the United States, fears of economic slowdown in China, and a strong yen are the main arguments put forward to explain the correction. Even though defensive stocks have obviously held up better during this correction, there was no real place of refuge, and significant losses were recorded at all levels and for all types of companies. In terms of transactions within the portfolio, the fund manager took advantage of volatility and depressed share prices to introduce five new lines: Asahi Group, Denso, Nihon M&A Center, Sushiro Global and Yahoo Japan. Asahi Group is the biggest Japanese brewer. Denso is the world's third-largest manufacturer of electronic parts for cars. Nihon M&A Center offers merger and acquisition consulting services for SMEs. Sushiro Global is a sushi restaurant chain. Yahoo Japan is the biggest internet portal in Japan, mainly operating information websites and online trading. On the sales side, Fast Retailing, Park24, Qol, Rohto Pharmaceutical, Sato Holdings and Seria were sold. These sales were partly due to profit-taking but also concerns over the growth potential of some of these companies in the short and medium term.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (18/02/2019) 19 601,00 JPY
NAV class A capitalisation shares (18/02/2019) 22 145,00 JPY
Latest dividend 199,49 JPY
Date of last dividend payment  01/02/2018
CODES Internal capitalisation code : 13632297
Internal distribution code : 13772767
ISIN capitalisation code : LU0578148453
ISIN distribution code : LU0578147992
WKN capitalisation code : A1H541
WKN distribution code : A1H54Y
Net assets (million) 62 595,16 JPY
Launch date 28/06/2011

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.