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BL Equities Japan
Equity fund
Data as of 20/08/2019
Risk level
| Low |  | High |
Performance
Average annual performance since launch 12,32 %
Performance as at 20/08/2019
| FUNDS | |
|---|---|
| 2016 | 3,39 % |
| 2017 | 23,88 % |
| 2018 | -12,67 % |
| Since 01/01/2019 | 1,76 % |
| Over the last 12 months | -8,50 % |
| Over 3 years | 21,36 % |
| Since launch | 157,31 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 96,40 % |
| Cash | 3,60 % |
| Breakdown by currency | |
|---|---|
| JPY | 81,40 % |
| EUR | 14,57 % |
| USD | 2,41 % |
| CHF | 1,63 % |
| Main positions | |
|---|---|
| SECOM Co Ltd | 2,63 % |
| Obic Co Ltd | 2,42 % |
| Kao Corp | 2,34 % |
| Shimano Inc | 2,30 % |
| Nihon M+A Center Inc | 2,25 % |
Strategy
Investment objective and policy
BL-Equities Japan invests in Japanese equities with no restriction with regard to market capitalization. The investment philosophy of the fund is based on the principles of "business-like investing". This approach implies that the fund manager considers every investment like a stake in a business with a long-term investment horizon. This means that he is on the look-out for quality companies with a tangible competitive advantage that results in high levels of profitability and strong potential for free cash flow generation. Such investments are likely to create long-term value for shareholders. Great importance is also attached to company valuation. The fund only invests in a company when its share price provides a safety margin compared to its intrinsic value. 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
The Japanese market suffered a rather challenging second quarter and the MSCI Japan NR index lost 1.7% over the period. In May especially, the market was negatively impacted by the trade tensions that continue to beset the United States and China. Recent economic data and unimpressive quarterly results also weighed on investor sentiment. The NAV of BL Equities Japan B Cap (retail accumulation share, net of fees) was down 1.2%. Persol Holdings (specialist temporary staff services provider) delivered by far the best performance with its share price rocketing by over 40%. In terms of portfolio transactions, the manager introduced a new line, Sony. This electronics sector giant holds a diversified portfolio of activities, some of which offer very attractive growth prospects, especially video games, music and films. In foods, Calbee (crisps and cereals) and Meiji Holdings (dairy products and chocolate) were purchased. In the industrial sector, the manager reintroduced Komatsu (world's second-largest manufacturer of construction and mining equipment) and sold the holdings in Tadano (mobile cranes) and Tsubakimoto Chain (chains for industrial applications). The portfolio's holdings in SMS (supplier of HR solutions in the medical arena), Horiba (manufacturer of measuring instruments) and Pan Pacific International Holdings (operator of the discount store chain Don Quijote) were also sold. These companies had reached a high valuation level, while there is some uncertainty over their outlook. Zozo (Japan's biggest online fashion retailer) was sold following a review of its investment case.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (20/08/2019) | 18 590,00 JPY |
| NAV class A capitalisation shares (20/08/2019) | 21 002,00 JPY |
| Latest dividend | 199,49 JPY |
| Date of last dividend payment | 01/02/2018 |
| CODES | Internal capitalisation code : 13632297 Internal distribution code : 13772767 ISIN capitalisation code : LU0578148453 ISIN distribution code : LU0578147992 WKN capitalisation code : A1H541 WKN distribution code : A1H54Y |
| Net assets (million) | 59 748,47 JPY |
| Launch date | 28/06/2011 |
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.