Data as of 15/02/2019

Risk level



Recommended investment horizon : > 10 years

Average annual performance since launch

7,61 %

Performance as at 15/02/2019

2016 -1,10 %
2017 15,02 %
2018 -11,75 %
Since 01/01/2019 9,99 %
Over the last 12 months -1,17 %
Over 3 years 24,70 %
Since launch 57,41 %
Asset breakdown
Equities 96,14 %
Cash 3,86 %
Breakdown by currency
CHF ---
DKK ---
EUR ---
GBP ---
NOK ---
Others 0,00 %
Main positions
Carl Zeiss Meditec AG 5,85 %
Loomis AB B 4,56 %
Britvic PLC 4,35 %
Amplifon SPA After Split Post Frazionamento 3,95 %
Viscofan SA 3,86 %

Investment objective and policy

BL-European Smaller Companies invests up to 80% of its net assets in shares of small and mid-cap European companies. The companies selected have high profitability due to exploiting their competitive advantage and offer favorable development prospects. In addition, they have a sound financial position and feature low levels of capital intensity. Management decisions will be based on strict valuation and quality criteria.

Management report - 4th Quarter 2018

In the fourth quarter, European markets trended downwards. General sentiment was affected by budget tensions in Italy, President Trump's protectionist rhetoric in America and continuing uncertainty over Brexit. The benchmark index (MSCI Europe Small Cap Net Return EUR) was down 16.49% over the quarter. BL-European Smaller Companies (retail accumulation share net of fees) gained 14.36%. During the period, only six of the fund's positions managed to post positive performance. The biggest three contributors were Mycronic, Britvic and Loomis. Mycronic, a Swedish company in the semi-conductor segment, surprised the market with substantially higher earnings and a major order from an Asian customer. For Loomis (Sweden) and Britvic (UK), the positive catalyst for the share price increase was also the publication of good third-quarter earnings data. At the other end of the spectrum were Amplifon, Viscofan and Rotork. In the case of Amplifon, the share price fell due to profit-taking and its exposure to Italy. For Rotork and Viscofan, worse-than-expected figures prompted the share price correction. The investment case for these two companies nevertheless remains completely intact. In terms of transactions within the portfolio, some positions were reinforced during the quarter: Bobst, Compugroup, De'Longhi, Elior, Gerresheimer, IMA, Loomis, Nibe and Royal Unibrew.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 157,09 EUR
NAV class A capitalisation shares (15/02/2019) 151,85 EUR
Latest dividend 0,78 EUR
Date of last dividend payment  01/02/2018
CODES Internal capitalisation code : 13890962
Internal distribution code : 13890913
ISIN capitalisation code : LU0832875438
ISIN distribution code : LU0832875354
WKN capitalisation code : A1J4V0
WKN distribution code : A1J4VZ
Net assets (million) 189,80 EUR
Launch date 20/11/2012

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.