Data as of 19/10/2017

Risk level



Recommended investment horizon : > 2 years

average annual performance since launch

2,09 %

Performance as at 19/10/2017

2014 3,86 %
2015 -0,55 %
2016 -0,64 %
Since 01/01/2017 -1,14 %
Over the last 12 months -1,62 %
Over 3 years -2,08 %
Since launch 23,58 %
Asset breakdown
Bonds 96,32 %
Cash 3,68 %
Main positions
Deutschland Serie 173 2016 0% 09-04-2021 0,00 09/04/2021 16,42 %
Deutschland 2012 1.75% 04-07-2022 1,75 04/07/2022 12,47 %
Deutschland 2013 1.5% 15-05-2023 1,50 15/05/2023 12,43 %
Deutschland 2015 .25% 16-10-2020 0,25 16/10/2020 10,59 %
Deutschland 2014 1% 15-08-2024 1,00 15/08/2024 10,36 %

Investment objective and policy

The fund aims to produce higher returns than the benchmark index by using active management (JP Morgan EMU Bond). The fund artificially reproduces the risk/return profile of a classic bond investment by using derivatives. The fund's investment strategy involves taking active positions against the index in terms of rate fluctuations and positioning on the yield curve. It is a tax-efficient investment for German investors keeping the taxable income portion to a minimum.

Management report - 2nd Quarter 2017

The euro zone sovereign debt market achieved only a slight gain on average during the second quarter. Even so, performances were uneven from one issuer to the next. For example, the 10-year benchmark Bund yield rose from 0.32% to 0.46% on the month, while the 10-year Italian yield fell from 2.31% to 2.15%. All this came against a backdrop of an improvement in euro zone economic conditions. In June the ECB had raised its growth forecast to 1.9% for 2017, up from 1.8% one quarter earlier. Euro zone inflation came to 1.3% at the end of the quarter, far below the ECB's 2% target. Meanwhile, the jobless rate is still too high, at 9.1%, even after declining steadily for more than three years. Against this backdrop, Mario Draghi announced no change to current monetary policy. The debt-purchase plan is being kept at EUR 60 billion per month. The main key rate was kept on hold at 0%, and the deposit rate at -0.40%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 123,58 EUR
CODES Internal capitalisation code : 2144130000
ISIN capitalisation code : LU0309191731
WKN capitalisation code : A0MWCU
Net assets (million) 30,93 EUR
Launch date 01/08/2007

European tax regime

35% on redemptions
35% on dividends (distribution shares)

Belgian tax regime


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.