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BL Equities America
Equity fund
Data as of 19/08/2019
Risk level
| Low |  | High |
Performance
Average annual performance since launch 7,93 %
Performance as at 19/08/2019
| FUNDS | |
|---|---|
| 2016 | 4,25 % |
| 2017 | 23,33 % |
| 2018 | -3,66 % |
| Since 01/01/2019 | 20,10 % |
| Over the last 12 months | 6,83 % |
| Over 3 years | 39,04 % |
| Since launch | 722,59 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 98,68 % |
| Cash | 1,32 % |
| Breakdown by currency | |
|---|---|
| USD | 97,33 % |
| EUR | 2,67 % |
| Main positions | |
|---|---|
| Microsoft Corp | 6,70 % |
| Mastercard Inc | 5,41 % |
| Visa Inc A | 5,25 % |
| Constellation Brands Inc A | 4,15 % |
| Amazon.com Inc | 3,69 % |
Strategy
Investment objective and policy
BL Equities America invests in US 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 of 2019, the MSCI USA Net Total Return USD index expressed in USD gained 4.13%. After the equity markets' strong rally in the first quarter, the second quarter saw much more volatility. On the one hand, the central banks were more dovish about future interest rate rises and even raised the idea of a fresh round of monetary stimulus measures, which was a boon to all the financial markets. On the other hand, investors' risk aversion intensified with the announcement during the quarter that the United States was going to increase customs tariffs on Chinese imports. US Treasury yields also continued to fall across the board and the market has clearly factored in several Federal Reserve interest rate cuts between now and the end of next year. The yield on the benchmark 10-year US Treasury note contracted further to stand at 2.00% at the end of June. In the second quarter, the net asset value of BL Equities America (retail accumulation share net of fees in USD) was up 4.13%. The main contributors to the fund's performance in the second quarter were tech giant Microsoft, payment card companies Visa and Mastercard, US brewer Constellation Brands and animal health company Zoetis. Among the weakest contributors to performance were cigarette manufacturer Philip Morris International, Lowe's, logistics company FedEx, tech conglomerate Alphabet and industrial group 3M. In terms of the composition of the investment portfolio, two new investments were opened during the quarter: Fiserv (leader in fintech) and UnitedHealth Group (one of the world's biggest healthcare companies). The entire holding in chemicals company PPG Industries was sold.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 8 388,78 USD |
| NAV class A capitalisation shares (19/08/2019) | 232,34 USD |
| Latest dividend | 1,36 USD |
| Date of last dividend payment | 01/02/2018 |
| CODES | Internal capitalisation code : 1134271000 Internal distribution code : 13407396 ISIN capitalisation code : LU0093570256 ISIN distribution code : LU0439764944 WKN capitalisation code : 937806 WKN distribution code : A0X9BJ SICOVAM capitalisation code : 959283 |
| Net assets (million) | 1 023,89 USD |
| Launch date | 03/01/1992 |
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.