Data as of 14/02/2019

Risk level



Recommended investment horizon : > 8 years

Average annual performance since launch

3,46 %

Performance as at 14/02/2019

2016 -2,93 %
2017 7,20 %
2018 -8,06 %
Since 01/01/2019 6,06 %
Over the last 12 months -0,88 %
Over 3 years 14,30 %
Since launch 80,70 %
Asset breakdown
Equities 57,87 %
Absolute Return 17,44 %
Bonds 7,61 %
Cash 6,99 %
Hedged Equities 5,79 %
Gold 4,29 %
Breakdown by currency
EUR 63,35 %
USD 21,92 %
JPY 5,65 %
GOLD 4,29 %
CNY 3,06 %
Others 1,73 %
Breakdown by region / by countries
Finland -0,07 %
United Kingdom -0,15 %
Belgium -0,20 %
Netherlands -0,29 %
Italy -0,45 %
Others -4,65 %
Main positions
Schroder GAIA Egerton Equity - C CAP 5,66 %
Marshall Wace UCITS MW TOPS - Accum A EUR CAP 4,74 %
ETFS Metal Securities - 2007-o.f. Verfall auf Gold 4,29 %
Vontobel US Equity - I CAP 4,19 %
Lazard Global Investment European Alternative - EA Acc EUR CAP 4,08 %

Investment objective and policy

This fund invests mainly in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in cash or any other type of transferable security that is listed or traded on regulated markets. The equity weighting can vary between 50% and 100% of net assets. The emphasis is on international diversification of investments and flexibility in terms of themes and sectors that may potentially be present within the fund.

Management report - 4th Quarter 2018

At the end of September, the fund posted near-zero performance. The fourth quarter was particularly difficult and the fund lost 7.8%. The equity positioning had been cut to around 56% during the summer and through to the end of October, when, for a few weeks, a rebound (at least a technical one) was expected. However, this did not materialise, such that the equity allocation - which had been raised to 67% at the end of October, then 74% in mid-November - was brought back down to 64% in mid-December. Despite these generally appropriate shifts in allocation and the fact that the fund certainly held up better than the average in its asset class, the fourth-quarter correction was sizable in absolute terms. The underperformance of the underlying funds had a significant impact. 2017 was a year in which conviction equity funds strongly outperformed in general, and this was true for the funds in the portfolio in particular. Conviction management (especially funds focusing on cyclical stocks and small caps) trod water in 2018. Experience shows that remaining confident in the capacity of conviction fund managers to generate added value, especially in challenging times, is the right approach. We are counting on experience proving its worth this time round. Even though it is not likely to be easy, 2019 should provide some interesting entry points. 2018 had started with stocks being rather expensive and investment ideas were in short supply. 2019 looks set to be a very fruitful year for active management.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (14/02/2019) 180,70 EUR
CODES Internal capitalisation code : 1393361000
ISIN capitalisation code : LU0135981693
WKN capitalisation code : 762211
Net assets (million) 111,89 EUR
Launch date 03/10/2001

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.