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BL European Smaller Companies
Equity funds
Data as of 19/08/2019
Risk level
| Low |  | High |
Performance
Average annual performance since launch 7,08 %
Performance as at 19/08/2019
| FUNDS | |
|---|---|
| 2016 | -1,10 % |
| 2017 | 15,02 % |
| 2018 | -11,75 % |
| Since 01/01/2019 | 10,32 % |
| Over the last 12 months | -7,25 % |
| Over 3 years | 12,35 % |
| Since launch | 57,88 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 94,00 % |
| Cash | 6,00 % |
| Breakdown by currency | |
|---|---|
| EUR | 60,30 % |
| GBP | 12,73 % |
| CHF | 11,69 % |
| SEK | 9,53 % |
| DKK | 2,91 % |
| Others | 2,85 % |
| Main positions | |
|---|---|
| Carl Zeiss Meditec AG | 6,34 % |
| Amplifon SPA After Split Post Frazionamento | 5,93 % |
| Loomis AB B | 4,53 % |
| Gerresheimer AG | 3,60 % |
| Rotork PLC | 3,53 % |
Strategy
Investment objective and policy
BL-European Smaller Companies invests up to 80% of its net assets in shares of small and mid-cap European companies. The companies selected have high profitability due to exploiting their competitive advantage and offer favorable development prospects. In addition, they have a sound financial position and feature low levels of capital intensity. Management decisions will be based on strict valuation and quality criteria.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. News from the central banks continues to be favourable for the equity markets. 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 benchmark index (MSCI Europe Small Cap Net Return EUR) gained 1.35% over the quarter. BL European Smaller Companies (retail accumulation share net of fees) was up 3.72%. The three biggest contributors to performance were Compugroup (Germany), Carl Zeiss Meditec (Germany) and Amplifon (Italy). Their share prices were mainly boosted by the publication of very good figures for 2018. At the other end of the spectrum came Viscofan (Spain), Ontex (Belgium) and De'Longhi (Italy). These three companies were hit by a slowdown in their activity at the start of the year due to higher production costs and lower volumes. The entire investment in Temenos was sold in May. After a strong stock market run over the last five years, the company's market capitalisation now exceeds the limit allowed by the portfolio's investment policy.General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 158,29 EUR |
| NAV class A capitalisation shares (19/08/2019) | 153,01 EUR |
| Latest dividend | 0,78 EUR |
| Date of last dividend payment | 01/02/2018 |
| CODES | Internal capitalisation code : 13890962 Internal distribution code : 13890913 ISIN capitalisation code : LU0832875438 ISIN distribution code : LU0832875354 WKN capitalisation code : A1J4V0 WKN distribution code : A1J4VZ |
| Net assets (million) | 183,59 EUR |
| Launch date | 20/11/2012 |
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.