Data as of 19/10/2017

Risk level



Recommended investment horizon : > 10 years

average annual performance since launch

5,12 %

Performance as at 19/10/2017

2014 7,38 %
2015 0,93 %
2016 6,29 %
Since 01/01/2017 2,95 %
Over the last 12 months -2,44 %
Over 3 years 12,27 %
Since launch 64,65 %
Asset breakdown
Equities 74,15 %
Cash 14,57 %
Bonds 11,28 %
Breakdown by currency
EUR 12,27 %
TWD 10,65 %
BRL 10,38 %
USD 10,36 %
CNY 7,91 %
Others 48,46 %
Breakdown by region / by countries
Brazil 10,22 %
Taiwan 10,10 %
China 8,86 %
South Korea 7,72 %
Mexico 6,28 %
Others 30,51 %
Main positions
Ambev SA 2,65 %
Cervezas Sponsored ADR repr 2 shs 2,61 %
Taiwan Semiconductor Manufacturing Co Ltd 2,60 %
Thai Beverage PCL 2,15 %
Odontoprev SA 2,11 %

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 - 2nd Quarter 2017

The emerging market equity index, the MSCI Emerging Markets NR, corrected slightly in the second quarter of 2017, down -0.3% in EUR. Over the same period, the fund posted a drop of -2.9% in EUR. From a sector point of view, information technologies continued to post the best performance (+8.2% in USD), led by the two -juggernauts' of the Chinese index, Tencent (+22.5%) and Alibaba (+17.2%). The energy sector posted the biggest correction ( 10.8%) over the period while consumer staples ended -1.5% in EUR. In the second quarter, the manager opened a position in Clicks Group, the biggest pharmacy chain and largest pharmaceutical wholesaler in South Africa. A position was also opened in Vietnam Dairy Products. Vinamilk is by far the biggest dairy products company in Vietnam, where it has a market share of over 50%. On the sale side, the manager accepted the bid for Super Group, manufacturer of instant coffee, cereals and snacks based in Singapore, by Jacobs Douwe Egberts. At the end of the quarter, the equity allocation came to 75%, compared to 83% at the beginning of 2016. Since the last major correction, valuations have climbed steadily. Although earnings have been encouraging and valuations in general still do not seem excessive, the manager is keeping capital inflows in hand pending more favourable entry points to quality stocks.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (19/10/2017) 164,65 EUR
NAV class A capitalisation shares (19/10/2017) 131,25 EUR
Latest dividend 2,91 EUR
Date of last dividend payment  01/02/2017
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) 473,89 EUR
Launch date 30/10/2007

European tax regime

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

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.