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BL Equities Europe
Equity fund
Data as of 19/08/2019
Risk level
| Low |  | High |
Performance
Average annual performance since launch 8,01 %
Performance as at 19/08/2019
| FUNDS | |
|---|---|
| 2016 | -1,78 % |
| 2017 | 16,75 % |
| 2018 | -5,40 % |
| Since 01/01/2019 | 14,08 % |
| Over the last 12 months | 2,57 % |
| Over 3 years | 24,51 % |
| Since launch | 828,32 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 94,67 % |
| Cash | 5,33 % |
| Breakdown by currency | |
|---|---|
| EUR | 61,07 % |
| GBP | 18,23 % |
| SEK | 9,06 % |
| CHF | 8,09 % |
| DKK | 3,50 % |
| Others | 0,05 % |
| Main positions | |
|---|---|
| SAP SE Stamm | 6,00 % |
| Unilever NV | 5,88 % |
| Danone SA | 5,23 % |
| Sika AG | 4,69 % |
| Essity AB B | 4,57 % |
Strategy
Investment objective and policy
BL-Equities Europe invests in European equities with no restriction with regard to market capitalisation. The structure of this fund is not linked to a benchmark index, but results from the addition of individual investment opportunities. The fund aims to achieve long-term capital gains.Management report - 2d Quarter 2019
In the second quarter, the European markets continued their first-quarter rally. Despite muted economic indicators on both sides of the Atlantic (manufacturing PMI), the slowdown of the Chinese economy, and geopolitical conflicts (Iran and the United States), the equity markets closed in the black. They seem to be focused on a potential new round of stimulus from the central banks. The ECB and the Federal Reserve both announced the continuation of an expansionist monetary policy and the possibility of cutting interest rates if required by the economic situation. The MSCI Europe Net TR EUR index gained 3.02%. BL Equities Europe (EUR retail accumulation share net of fees) was up 7.75%. SAP, Sika, LVMH, EssilorLuxottica and Adidas all contributed positively to the portfolio. SAP continued to benefit from the company's commitment to refocus on managing margins and generating cash. Sika was boosted by the finalisation of its acquisition of Parex (which offers attractive synergies) and an encouraging presentation on the group's growth vectors. Adidas was buoyed by the increase in its operating profit margin and strong business in China. The portfolio was hampered by Reckitt Benckiser, Norma, Henkel, Novo Nordisk and Fresenius. After the share price rally that greeted the arrival of its new CEO, Laxman Narasimhan from PepsiCo, Reckitt Benckiser dipped when the market reverted to caution over its upcoming results. Henkel suffered from sluggish results after disappointing activity in cosmetics. Fresenius announced rather uninspiring new growth targets.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 7 753,20 EUR |
| NAV class A capitalisation shares (19/08/2019) | 206,31 EUR |
| Latest dividend | 0,24 EUR |
| Date of last dividend payment | 08/02/2019 |
| CODES | Internal capitalisation code : 1134255000 Internal distribution code : 13407402 ISIN capitalisation code : LU0093570330 ISIN distribution code : LU0439765081 WKN capitalisation code : 989879 WKN distribution code : A0X9BK SICOVAM capitalisation code : 959285 |
| Net assets (million) | 1 196,05 EUR |
| Launch date | 21/09/1990 |
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.