BL Global Flexible USD
Flexible fund
Data as of 19/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 4 years Performance
Average annual performance since launch 4,33 %
Performance as at 19/08/2019
Composition
| Asset breakdown |
| Equities | 50,47 % |
| Hedged Equities | 34,07 % |
| Bonds | 11,26 % |
| Cash | 4,20 % |
| Breakdown by currency |
| USD | 75,35 % |
| EUR | 5,60 % |
| JPY | 4,71 % |
| CHF | 4,48 % |
| GBP | 4,22 % |
| Others | 5,63 % |
| Breakdown by region / by countries |
| Bermuda | -0,01 % |
| Hong Kong | -0,03 % |
| United Kingdom | -0,12 % |
| Switzerland | -0,14 % |
| Ireland | -0,28 % |
| Others | -33,48 % |
| Main positions |
| Microsoft Corp | 5,23 % |
| Mastercard Inc | 4,58 % |
| US Treasury Bond 2015 2.5% 15-02-2045 2,50 15/02/2045 | 4,18 % |
| US Treasury Note Series F 2024 2014 2.25% 15-11-2024 2,25 15/11/2024 | 3,99 % |
| Visa Inc A | 3,99 % |
Strategy
Investment objective and policy
The fund aims to beat returns offered by money-market products and bonds while avoiding volatility usually associated with the stock markets. This means that the fund offers greater capital protection during bear markets. The weighting of the various asset classes may change significantly depending on how attractive they are in relation to each other (from 0 to 100%).
Management report - 2d Quarter 2019
In the second quarter of 2019, the MSCI All Country World Index net total return expressed in USD gained 3.61%. 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 boost 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 Global Flexible USD (retail accumulation share net of fees in USD) was up 4.98%. At the end of June 2019, BL Global Flexible USD was 83.7% invested in equities. Part of the equity exposure was hedged via the sale of equity index futures, taking the net equity exposure at the end of the quarter to 49.4%. The portfolio's geographic allocation was as follows: North America 70.4%, Europe 18%, Japan 5.6% and Emerging Markets 6%. 10.5% of the fund is invested in a US Treasury bond. Cash accounted for 5.8%. In terms of currencies, the fund is invested as follows: 76.2% in USD, 5.9% in EUR, 4.8% in JPY, 4.4% in GBP, 4.5% in CHF and 4.2% in other currencies, particularly those of emerging markets. The fund had no currency-risk hedge during the quarter.
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 145,13 USD |
| CODES | Internal capitalisation code : 13548084
ISIN capitalisation code : LU0578147729
WKN capitalisation code : A1H54X
|
| Net assets (million) | 78,42 USD |
| Launch date | 14/01/2011 |
