Data as of 19/10/2017

Risk level



Recommended investment horizon : > 3 years

average annual performance since launch

3,68 %

Performance as at 19/10/2017

2014 ---
2015 0,65 %
2016 4,09 %
Since 01/01/2017 0,66 %
Over the last 12 months -0,38 %
Over 3 years 6,66 %
Since launch 13,73 %
Asset breakdown
Bonds 96,41 %
Cash 3,59 %
Breakdown by currency
EUR 77,64 %
USD 7,57 %
MXN 4,41 %
PLN 2,40 %
IDR 2,37 %
Others 5,61 %
Main positions
Peru 2015 2.75% 30-01-2026 2,75 30/01/2026 4,65 %
Indonesia 2014 2.875% 08-07-2021 2,88 08/07/2021 4,21 %
Brazil 2014 2.875% 01-04-2021 2,88 01/04/2021 4,18 %
Morocco 2010 4.5% 05-10-2020 4,50 05/10/2020 4,02 %
CNOOC Curtis Funding No 1 Pty Ltd 2013 2.75% 03-10-2020 2,75 03/10/2020 3,86 %

Investment objective and policy

The fund invests in bonds (sovereign/quasisovereign/parastatal) of emerging market countries. It also invests in bonds of industrialised countries (issued in emerging market currencies)and to a lesser extent in corporate bonds (of emerging market and industrialised countries). The fund is denominated in euros; the fund's investments are principally in euros and US dollars as well as local currencies. The fund's objective is to generate regular income.

Management report - 2nd Quarter 2017

Emerging markets rallied further on both the local-currency and dollar-denominated markets. Despite some very tough individual situations, such as crises in Venezuela and Brazil, emerging markets on the whole continued to be driven by the global economic recovery. On the quarter, spreads on the JPMorgan Euro EMBI Global Diversified index shrank from 182.6 basis points to 158.6. The index gained a little more than 1% during the quarter. On the local-currency debt market, the JPMorgan GBI EM Broad index gained a little more than 2%. One noteworthy event was the appreciation in the euro to such an extent that it led to a loss on the dollar of almost 7% just from April to June. Generally speaking, emerging markets will continue to do well. Both the IMF and the ECB recently raised their growth outlooks. Two countries are still going through a major political crisis - Brazil and Venezuela. In Brazil's case, the markets have revised their expectations on reforms promised by President Temer. The coming direction of euro zone monetary policy will have an impact on the currency and, hence, on our investments in currencies other than the euro.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 113,73 EUR
NAV class A capitalisation shares (19/10/2017) 102,46 EUR
Latest dividend 6,67 EUR
Date of last dividend payment  01/02/2017
CODES Internal capitalisation code : 16624029
Internal distribution code : 16624030
ISIN capitalisation code : LU1008595214
ISIN distribution code : LU1008595057
WKN capitalisation code : A1XBE4
WKN distribution code : A1XBE3
Net assets (million) 191,79 EUR
Launch date 28/03/2014

European tax regime


Belgian tax regime

27% on redemptions
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.