Data as of 15/02/2019

Risk level

Low

High

Recommended investment horizon : > 10 years

Average annual performance since launch

8,11 %


Performance as at 15/02/2019

FUNDS
2016 ---
2017 24,26 %
2018 -15,52 %
Since 01/01/2019 8,31 %
Over the last 12 months -6,87 %
Over 3 years ---
Since launch 18,67 %
Asset breakdown
Equities 97,91 %
Cash 2,09 %
Breakdown by currency
EUR 87,01 %
CHF 10,24 %
DKK 1,15 %
SEK 0,79 %
GBP 0,56 %
Others 0,25 %
Main positions
SEB SA 3,82 %
Technogym SPA 3,16 %
Datalogic SPA Post Frazionamento 2,82 %
FILA SPA 2,79 %
Stroeer SE + Co KGaA 2,65 %

Investment objective and policy

The BL-European Family Businesses fund invests in european equities regardless of market capitalisation. Companies are defined as family businesses if the person or family that founded the company or acquired the company's capital owns at least 25% of its shares, or if the family in question controls the business's strategy and operations. The portfolio structure is the outcome of the addition of individual investment opportunities rather than a replication of a market benchmark. The sub-fund's objective is long-term capital growth.

Management report - 4th Quarter 2018

In the fourth quarter, European markets trended downwards. General sentiment was affected by budget tensions in Italy, President Trump's protectionist rhetoric in America and continuing uncertainty over Brexit. During the period, the MSCI Europe Net Return index gave up 11.32% and the MSCI Europe SMID Cap Net Return EUR index lost 15.83%. Family business stocks again suffered more than the market, and the Euronext Family Business index was down 16.25%. The NAV of BL European Family Businesses was down by 15.48% over the quarter. The main contributions to performance came from Société BIC, Bonduelle, SOL, Pernod Ricard and DKSH. The portfolio's performance was undermined by Datalogic, Groupe SEB, Fluidra, Bossard and Jungheinrich. Within the portfolio, we continued to reduce the number of positions held and sold Massimo Zanetti, Baron de Ley, Masi Agricola, Garo, Miko and Roche.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (15/02/2019) 118,67 USD
CODES Internal capitalisation code : 29290652
ISIN capitalisation code : LU1305479237
WKN capitalisation code : A1421G
Net assets (million) 125,80 USD
Launch date 06/12/2016

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.