Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 10 years

Average annual performance since launch

5,17 %


Performance as at 15/02/2019

FUNDS
2016 5,16 %
2017 2,31 %
2018 0,90 %
Since 01/01/2019 4,51 %
Over the last 12 months 10,21 %
Over 3 years 17,75 %
Since launch 75,30 %
Asset breakdown
Equities 78,79 %
Cash 18,44 %
Hedged Equities 2,77 %
Breakdown by currency
CAD ---
CHF ---
DKK ---
EUR ---
GBP ---
Others 0,00 %
Breakdown by region / by countries
Bermuda -0,00 %
Hong Kong -0,00 %
United Kingdom -0,01 %
Switzerland -0,01 %
Ireland -0,02 %
Others -2,72 %
Main positions
Unilever NV Cert. of shs 7,21 %
Kimberly Clark Corp 6,85 %
Danone SA 6,84 %
Microsoft Corp 4,96 %
Air Liquide SA 4,58 %

Investment objective and policy

The sub-fund invests a minimum of 75% of its net assets in global equities, without any geographical (including emerging countries), sectorial or monetary limitations. The selection process focuses in particular on environmental, social and governance (ESG) factors.

Management report - 4th Quarter 2018

In the fourth quarter of 2018, the MSCI All Country World Index net total return expressed in euros gave up 11.4%. Signs of a slowdown in the global economy, monetary tightening in the United States, and trade tensions between the United States and China triggered equity markets to correct. The NAV of BL-Sustainable Horizon (retail accumulation share net of fees in euros) was down 3.2%. On 1 October 2018, the collaboration between BLI and Vigeo/Forum Ethibel came to an end. In order to enhance its expertise in extra-financial analysis, BLI has subscribed to the ESG research of MSCI (MSCI ESG Manager) to provide a powerful non-financial information tool so it could conduct in-house evaluations of companies' attitudes in the environmental, social and governance domains. Accordingly, the selection of companies considered socially responsible is no longer based on the investment register that Forum Ethibel/Vigeo supplied to BLI from 1 January to 1 October 2018, but on the BLI management team's rendering of the extra-financial research provided by MSCI. For this reason, the portfolio underwent a number of changes during the quarter. New positions were opened in Intertek, Canadian National Railway, Reckitt Benckiser and Becton Dickinson, while the positions in Diageo, Medtronic, Canadian Pacific Railway, LVMH and GlaxoSmithkline were reduced. The entire positions in Konica Minolta, Pernod Ricard and Medtronic were sold. At the end of December, the fund was 83% invested in equities and 17% in cash. The sale of S&P 500 index futures amounting to 5.5% of the portfolio's value reduced the net exposure to equities to 77.5%. The breakdown by currency was as follows: 48.5% in EUR, 29% in USD, 15.5% in GBP, 4% in DKK, 2.5% in CAD, and 0.5% in CHF. The portfolio's geographic allocation was as follows: Europe 53.5%, North America 29.5% (5.5% hedged). The sector allocation was as follows: consumer 43.5%, industry and commodities 17.5%, healthcare 13% and technology 9%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 1 098,02 EUR
CODES Internal capitalisation code : 2026377000
ISIN capitalisation code : LU0093570173
WKN capitalisation code : 937804
SICOVAM capitalisation code : 959287
Net assets (million) 44,35 EUR
Launch date 03/03/1997

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.