Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 10 years

Average annual performance since launch

4,66 %


Performance as at 15/02/2019

FUNDS
2016 6,29 %
2017 6,23 %
2018 -8,30 %
Since 01/01/2019 7,38 %
Over the last 12 months 1,35 %
Over 3 years 17,79 %
Since launch 67,28 %
Asset breakdown
Equities 79,69 %
Cash 11,35 %
Bonds 8,97 %
Breakdown by currency
BRL ---
CNY ---
EUR ---
HKD ---
IDR ---
Others 0,00 %
Main positions
Thai Beverage PCL 2,78 %
Tencent Holdings Ltd 2,66 %
Cervezas Sponsored ADR repr 2 shs 2,43 %
Want Want China Holdings Ltd 2,38 %
Ambev SA 2,37 %

Investment objective and policy

The fund seeks long-term capital appreciation by investing in emerging market equities and bonds.The equity allocation can vary between 60% and 100%. The bond allocation results from the lack of opportunities on the equity side. The structure of this fund is not linked to a benchmark index, but derives from the addition of individual investment opportunities. The equity investments are based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. This sub-fund is also available denominated in USD with the identical investment policy (LU0887931029).

Management report - 4th Quarter 2018

The emerging markets equity index, the MSCI Emerging Markets NR, posted a decline of 6.2% (in EUR) in the fourth quarter of 2018. Over the same period, the fund (class B share) gave up 1.9% in EUR. In terms of sectors, utilities made the most headway, followed by property and financial services. The weakest sector was healthcare. The correction on emerging markets reflects the gloomy forecasts for emerging market growth, primarily due to increasing trade risks in a context of rising interest rates. The dollar's appreciation and the trade war could erode emerging market corporate earnings growth. At the end of the quarter, the markets corrected on uncertainties emanating from the United States about the position of the Fed Chairman Jay Powell, the resignation of Defence Secretary Jim Mattis, and the federal administration's partial shutdown. During the quarter, the fund manager strengthened some existing positions as their valuation had become more attractive. He also opened a position in Alibaba, undisputed leader in online retail in China, and in AVI, a South African food and beverage company. The fund manager sold Hanssem, a furniture and kitchens chain in South Korea. At the end of the quarter, the equity allocation came to 80%, compared to 74% at the beginning of the quarter. As valuations are starting to look more attractive, the fund manager will continue to buy high quality shares and thereby increase the equity allocation.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 167,28 EUR
NAV class A capitalisation shares (15/02/2019) 131,22 EUR
Latest dividend 0,96 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 2166636000
Internal distribution code : 2166628000
ISIN capitalisation code : LU0309192036
ISIN distribution code : LU0309191905
WKN capitalisation code : A0MWCY
WKN distribution code : A0MWCX
Net assets (million) 460,75 EUR
Launch date 30/10/2007

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.