Data as of 19/10/2017

Risk level



Recommended investment horizon : > 10 years

average annual performance since launch

3,35 %

Performance as at 19/10/2017

2014 ---
2015 -9,90 %
2016 0,51 %
Since 01/01/2017 23,11 %
Over the last 12 months 13,79 %
Over 3 years 10,49 %
Since launch 12,98 %

Investment objective and policy

BL-Equities Asia invests in Asian equities (excluding Japan) with no restriction with regard to market capitalisation. 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 longterm capital gains.

Management report - 2nd Quarter 2017

In the second quarter of 2017, the Asian markets' equity index, the MSCI AC Asia ex Japan, gained 6.2% in dollars. For its part, the fund recorded a gain of 4% in USD. The Chinese and Korean stock markets posted the quarter's best performances with gains of 11% and 9.69% (in USD) respectively. In contrast, the Thai stock market lagged behind, up just 2.1% (in USD). Korean equities were boosted by Mr Moon's victory in the presidential elections as well as by Samsung Electronics' decision to cancel its treasury shares, which account for over 13% of its stock market capitalisation. This action, on top of the decisions to buy back more shares and increase the dividend, could be a sign that Korean companies are at last moving forward in terms of good capital management for investors. The political change in South Korea is a strong step in this direction, especially as the new president has put reform of the Chaebols and strengthening the rights of minority shareholders at the heart of his programme. From a sector point of view, information technologies continued to post the best performance (+15.6% in USD), led by the two 'juggernauts' of the Chinese index, Tencent (+25%) and Alibaba (+30.7%). Alibaba was boosted in June by a sharp upward revision of its 2017 sales forecasts. Other sectors posted more measured progress over the quarter. The manager opened some new positions in the portfolio: Hyundai Mobis and Nongshim in South Korea, Sunny Friends Environmental Technology in Taiwan, and Vietnam Dairy Products in Vietnam.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 111,32 USD
NAV class A capitalisation shares (19/10/2017) 108,67 USD
Latest dividend 0,63 USD
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 16623961
Internal distribution code : 16623947
ISIN capitalisation code : LU1008593946
ISIN distribution code : LU1008593862
WKN capitalisation code : A1XBEX
WKN distribution code : A1XBEW
Net assets (million) 329,08 USD
Launch date 30/01/2014

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.