BL Fund Selection 50-100
Dynamic fund of funds
Data as of 16/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 8 years Performance
Average annual performance since launch 3,59 %
Performance as at 16/08/2019
Composition
| Asset breakdown |
| Equities | 62,24 % |
| Absolute Return | 15,28 % |
| Bonds | 9,03 % |
| Hedged Equities | 6,02 % |
| Gold | 4,48 % |
| Cash | 2,94 % |
| Breakdown by currency |
| EUR | 55,35 % |
| USD | 27,01 % |
| JPY | 6,35 % |
| GOLD | 4,49 % |
| CNY | 3,05 % |
| Others | 3,76 % |
| Breakdown by region / by countries |
| Finland | -0,07 % |
| United Kingdom | -0,15 % |
| Belgium | -0,21 % |
| Netherlands | -0,30 % |
| Italy | -0,46 % |
| Others | -4,83 % |
| Main positions |
| Schroder GAIA Egerton Equity - C CAP | 6,10 % |
| Vontobel US Equity - I CAP | 4,82 % |
| Marshall Wace UCITS MW TOPS - Accum A EUR CAP | 4,80 % |
| Coupland Cardiff CC Japan Alpha - Accum I JPY CAP | 4,61 % |
| ETFS Metal Securities - 2007-o.f. Verfall auf Gold | 4,48 % |
Strategy
Investment objective and policy
This fund invests mainly in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in cash or any other type of transferable security that is listed or traded on regulated markets. The equity weighting can vary between 50% and 100% of net assets. 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 the 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 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). The fund gained 1.22% in the second quarter, penalised by its cautious bias even though this had been useful during the correction in May. Generally speaking, the underlying funds in all geographic regions managed to outperform their respective benchmark index. The gold-mining theme, accounting for around 7% of the portfolio, was very strong after the price of gold broke through its major technical resistance level. The defensive bias is being maintained for the summer with equity risk close to 58%. The resolute attitude of the central banks has helped the markets to climb very sharply since the start of the year. This stimulus could lose its effectiveness, especially as recent economic signals have been less clear.
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (16/08/2019) | 187,19 EUR |
| CODES | Internal capitalisation code : 1393361000
ISIN capitalisation code : LU0135981693
WKN capitalisation code : 762211
|
| Net assets (million) | 105,55 EUR |
| Launch date | 03/10/2001 |
