BL Fund Selection Equities
Equity fund of funds
Data as of 16/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 8 years Performance
Average annual performance since launch 4,34 %
Performance as at 16/08/2019
Composition
| Asset breakdown |
| Equities | 85,86 % |
| Cash | 7,80 % |
| Absolute Return | 4,69 % |
| Hedged Equities | 1,64 % |
| Breakdown by currency |
| USD | 50,84 % |
| EUR | 41,09 % |
| JPY | 8,07 % |
| Breakdown by region / by countries |
| Bermuda | -0,00 % |
| Hong Kong | -0,00 % |
| United Kingdom | -0,01 % |
| Switzerland | -0,01 % |
| Ireland | -0,01 % |
| Others | -1,62 % |
| Main positions |
| Lindsell Train Global Equity - Accum Ptg C USD CAP | 6,63 % |
| Bakersteel Global Precious Metals - I EUR CAP | 6,14 % |
| GuardCap UCITS Global Equity - I USD CAP | 5,63 % |
| Schroder International Selection Asian Total Return - C CAP | 5,29 % |
| Vontobel US Equity - I CAP | 4,99 % |
Strategy
Investment objective and policy
This fund has a minimum net equity exposure of 75% and invests in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in bond funds, cash or any other type of transferable security that is listed or traded on regulated markets. The emphasis is on international diversification of investments and flexibility in terms of themes and sectors that may potentially be present within the fund.
Management report - 2nd Quarter 2019
Despite the continuing slowdown of the global economy and persistent major geopolitical uncertainties (trade negotiations, Brexit, Iran, etc.), the equity markets continued to rise in the first quarter, viewing the Federal Reserve's change of tone as a reason for optimism. Over the quarter, the S&P 500 (in dollars) and Stoxx Europe 600 (in euros) gained 4.15% and 3.04% respectively. The MSCI Emerging Markets (+0.61% in dollars) and Nikkei (+0.52% in yen) were less convincing, perhaps because they are more exposed to the China factor. However, the bond markets do not seem to have the same degree of optimism on the outlook for growth and inflation, and bond yields spiralled downwards. In the second quarter of 2019 alone, the 10-year Treasury yield declined from 2.40% to 2.00%, while the 10-year government bond for Germany was down from -0.07% to -0.33%, for France from 0.31% to 0.01%, and for Italy from 2.49% to 2.10%. In this disconcerting context, gold was back in favour with investors, gaining 9.07% over the quarter (in dollars). Against this backdrop, the fund was up 3%, slighter above the average for its universe despite its defensive positioning. The underlying funds held up well, with the US, global and Japanese equity funds producing particularly good relative performances. The gold-mining theme, accounting for nearly 10% of the portfolio, was also very strong after the price of gold broke through its major technical resistance level. Equity risk accounted for around 90% at the end of the quarter.
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (16/08/2019) | 212,47 EUR |
| CODES | Internal capitalisation code : 1393353000
ISIN capitalisation code : LU0135980968
WKN capitalisation code : 762210
SICOVAM capitalisation code : 509654
|
| Net assets (million) | 79,40 EUR |
| Launch date | 03/10/2001 |
