Data as of 15/02/2019

Risk level



Recommended investment horizon : > 6 years

Average annual performance since launch

6,97 %

Performance as at 15/02/2019

2016 4,64 %
2017 8,18 %
2018 0,10 %
Since 01/01/2019 9,26 %
Over the last 12 months 14,10 %
Over 3 years 31,97 %
Since launch 59,47 %
Asset breakdown
Equities 90,65 %
Cash 9,35 %
Breakdown by currency
AUD ---
CAD ---
CHF ---
CLP ---
DKK ---
Others 0,00 %
Main positions
Unilever NV Cert. of shs 7,06 %
Givaudan SA nom 4,85 %
Philip Morris International Inc 4,71 %
Colgate Palmolive Co 4,18 %
PepsiCo Inc 3,91 %

Investment objective and policy

The fund seeks long-term capital appreciation by investing in equities offering high dividend yields. BL-Equities Dividend invests in international companies whose current or expected dividend yield is higher than their benchmark index. There is no specific geographical, sector or monetary allocation. Companies are selected based on their valuation and intrinsic quality.

Management report - 4th Quarter 2018

In the fourth quarter of 2018, BL-Equities Dividend fell 5.37% (retail accumulation share net of fees in euros). Two companies exited the fund during the period. Swedish Match (tobacco derivative products) and Wesfarmers (supermarkets, DIY and office supplies stores). Apart from its valuation, Swedish Match is likely to be hard hit following the announcement by the FDA (US Food and Drug Administration) of its intention to ban flavoured cigars. Wesfarmers has completed its split into two groups, neither of which satisfies us completely. We also opened a new line in Intertek Group. Intertek is one of the global leaders in the TIC (Test, Inspection, Certification) sector and offers audit and quality consulting services, testing, analysis, benchmarking, product validation and certification, and supply chain inspection for a variety of sectors (consumer goods and products, energy, natural resources, transport, food, healthcare and beauty, etc.). With its gigantic portfolio of accreditations and authorisations, expertise, data, relations with various authorities and international recognition in terms of quality, Intertek acts as an independent, impartial, and reputable judge, certifying quality as a hallmark of value. This a critical area for clients (risk of recalling products and reputational risk) and the client retention rate is over 90%. The sector's growth has been driven by many trends including an increase in regulations, stricter standards, a greater number of brands and products, shorter innovation cycles, a growing interest in sustainable, high-quality products and traceability, new sales and marketing channels, the increasing complexity of supply chains, and greater attention paid to health and safety. Intertek presents a sound balance sheet, a high return on capital employed, and strong free cash flow generation. Its dividend has increased significantly this year (covered by free cash flow) to offer a yield above 2%. At the end of the period, BL-Equities Dividend offered a gross weighted average yield of 3.5% (cash included).

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 159,13 USD
CODES Internal capitalisation code : 13774684
ISIN capitalisation code : LU0751781666
WKN capitalisation code : A1JUGG
Net assets (million) 504,50 USD
Launch date 16/03/2012

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.