Data as of 18/10/2017

Risk level

Low

High

Recommended investment horizon : > 6 years

average annual performance since launch

5,98 %


Performance as at 18/10/2017

FUNDS
Since 01/01/2017 2,14 %
Over the last 12 months ---
Over 3 years ---
Since launch 2,48 %
Asset breakdown
Absolute Return 83,75 %
Equities 7,00 %
Mixed Funds 4,92 %
Bonds 3,17 %
Cash 1,15 %
Breakdown by currency
EUR 94,71 %
USD 5,29 %
Breakdown by region / by countries
Europe 7,00 %
Main positions
Cigogne UCITS M+A Arbitrage - C2 CAP 7,98 %
BG UCITS Boussard + Gavaudan Absolute Return - Z EUR CAP 7,96 %
FundLogic Alternatives IPM Systematic Macro UCITS - I EUR CAP 7,41 %
Lazard Global Investment European Alternative - AP Dist EUR DIS 7,00 %
JL Equity Market Neutral - A CAP 5,67 %

Investment objective and policy

The objective of this fund is long-term capital appreciation through a diversified portfolio, while maintaining lower volatility than the equity markets. Over the medium term, it also aims to offer decorrelation from mainstream financial assets. This flexible subfund is chiefly invested in regulated UCITS deploying alternative strategies. These UCITS may be invested in any asset class in any geographic region. The proportion invested in the different strategies and asset classes will vary according to market circumstances.

Management report - 3rd quarter 2017

The allocation between the different types of alternative strategies is expected to be relatively stable over time. Long/short equity funds (essentially neutral to the market trend) are likely to be in the majority (around 40%) as this is generally the strategy with the most stable returns. Trend following funds account for 25-30% and should enable the fund to benefit from established trends to accrue gains, especially in downturns, and thus protect the portfolio. Global macro funds allocate their capital according to their managers' macroeconomic forecasts. Performances can be volatile in both directions, which justifies limiting their weighting to around 15-20%. The remaining 10-20% will be allocated to other types of strategies to achieve diversification. 2016 proved to be an extremely harsh year for the alternative management universe, with most strategies evolving simultaneously (a statistical rarity!) in an unfavourable environment. Caught in the crossfire of major trend rotations and wrong-footed by political events, many fund managers spent the year trying to avoid pitfalls rather than make gains. However, this kind of environment never lasts and the beginning of 2017 has already given out more favourable signals for certain strategies, especially long/short equities and global macro. The profile of diversification and decorrelation between the strategies used, as well as between the different funds selected, should enable BL Fund Selection Alternative Strategies to achieve an annualised return of 3% to 5% over the long term, with controlled volatility.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (18/10/2017) 102,19 EUR
CODES Internal capitalisation code : 40506205
ISIN capitalisation code : LU1526088379
WKN capitalisation code : A2AN1P
Net assets (million) 232,73 EUR
Launch date 12/12/2016

European tax regime

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Belgian tax regime

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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.