Data as of 19/10/2017

Risk level



Recommended investment horizon : > 10 years

average annual performance since launch

10,30 %

Performance as at 19/10/2017

2014 6,90 %
2015 13,28 %
2016 -1,10 %
Since 01/01/2017 14,20 %
Over the last 12 months 15,81 %
Over 3 years 42,89 %
Since launch 61,01 %
Asset breakdown
Equities 92,93 %
Cash 7,07 %
Breakdown by currency
EUR 56,54 %
GBP 20,50 %
CHF 13,31 %
SEK 6,49 %
DKK 1,84 %
Others 1,32 %
Breakdown by region / by countries
United Kingdom 20,50 %
Germany 20,40 %
Switzerland 13,31 %
Belgium 10,16 %
Italy 6,56 %
Others 22,00 %
Main positions
Norma Group SE Namen 4,37 %
Loomis AB B 4,20 %
Comet Holding AG 3,89 %
Britvic PLC 3,83 %
Ontex Group NV 3,62 %

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 - 2nd Quarter 2017

In the second quarter, the European markets made modest gains. The first two months were marked by strong rises. But towards the end of the quarter, June saw a correction. This contraction was prompted by a speech by ECB President, Mario Draghi. His remarks suggested that the monetary support that had been in place since the beginning of 2015 would no longer be needed to the same extent in the next few years. During the second quarter, the NAV of BL European Smaller Companies rose 3.24%, compared to 3.29% for the benchmark (MSCI Europe Small Cap). In the second quarter, the manager opened a new position in Royal Unibrew. The company operates mainly in Denmark, Finland and the Baltic countries and has found a niche among the major brewing groups. With a strategy based mainly on local brands, it is aiming to become established as a regional leader and avoid trying to compete with universal brewers like Heineken and Carlsberg. The company has a firm regional footing, a loyal customer base and a range of products to suit a variety of tastes. With its local brands, Royal Unibrew has successfully evolved as a regional craft brewer. Demand for craft beers has increased significantly in recent years. Royal Unibrew is set to reap the benefit of this trend with its vast range of craft beers. Alongside this investment, the manager also topped up the fund's investments in the following companies: Viscofan, Elior, Stabilus and Krones. No sales were made during the period.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 160,69 EUR
NAV class A capitalisation shares (19/10/2017) 156,08 EUR
Latest dividend 1,34 EUR
Date of last dividend payment  01/02/2017
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) 217,94 EUR
Launch date 20/11/2012

European tax regime


Belgian tax regime

27% on dividends (distribution shares)

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.