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BL Equities Asia
Equity funds
Data as of 19/08/2019
Risk level
| Low |  | High |
Performance
Average annual performance since launch 0,65 %
Performance as at 19/08/2019
| FUNDS | |
|---|---|
| 2016 | 0,51 % |
| 2017 | 29,77 % |
| 2018 | -15,72 % |
| Since 01/01/2019 | 3,26 % |
| Over the last 12 months | -5,78 % |
| Over 3 years | 2,82 % |
| Since launch | 3,64 % |
Composition
| Asset breakdown | |
|---|---|
| Equities | 92,97 % |
| Cash | 7,03 % |
| Breakdown by currency | |
|---|---|
| CNY | 21,45 % |
| KRW | 19,75 % |
| HKD | 16,06 % |
| TWD | 13,27 % |
| THB | 9,18 % |
| Others | 20,29 % |
| Main positions | |
|---|---|
| Samsung Electronics Co Ltd | 4,93 % |
| Tencent Holdings Ltd | 4,68 % |
| Taiwan Semiconductor Manufacturing Co Ltd | 4,24 % |
| Thai Beverage PCL | 4,23 % |
| Alibaba Group Holding Ltd Sponsored ADS | 4,02 % |
Strategy
Investment objective and policy
BL-Equities Asia invests in Asian equities (excluding Japan) with no restriction with regard to market capitalisation. 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 longterm capital gains.Management report - 2d Quarter 2019
The Asian markets equity index, the MSCI AC Asia ex Japan NTR, posted a small decline of 0.7% (in USD) in the second quarter of 2019. Over the same period, the fund (retail class B share) was down 1.6% in USD. The quarter was marked by a significant correction of -9.6% in USD in May (-8.7% for the fund) and a rebound in June, ending the quarter slightly down. The correction was triggered by a resurgence of trade tensions between the United States and China. The Trump government has blacklisted Huawei and US companies are now barred from selling key components to the Chinese telecoms giant. The United States threatened to raise customs tariffs on Chinese imports and China responded by threatening to do the same to American imports. The market rebound in June was prompted by the central banks. The latest signals from the President of the ECB and Chairman of the Federal Reserve boosted global equities. Mario Draghi is planning new stimulus measures due to the prevailing absence of inflation and Jerome Powell is assessing the possibility of a cut in interest rates because trade risks are casting gloom over the economy and inflation remains sluggish. In terms of sectors, financials did best while healthcare was the weakest. During the quarter, the manager opened positions in Haitian (industry, China), Indofood CBP (food industry, Indonesia), Jollibee Foods (restaurants, Philippines), TOA Paint (paints, Thailand), Café de Coral (restaurants, Hong Kong) and Sheng Siong (supermarkets, Singapore). On the sale side, the manager sold Yungtay Engineering (lifts, Taiwan), Premier Marketing (food industry, Thailand), BAT Malaysia (tobacco, Malaysia), Zeng Hsing (industry, Taiwan), Zhengzhou Yutong Bus (industry, China), Ascendas REIT (real estate, Singapore), Samsonite (luggage, Hong Kong), Infosys (IT, India), Haier Electronics (discretionary consumer, China), CK Asset Holdings (real estate, Hong Kong) and CK Hutchison (industrial conglomerate, Hong Kong).General information
| Net Asset Value | |
|---|---|
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 103,73 USD |
| NAV class A capitalisation shares (19/08/2019) | 100,32 USD |
| Latest dividend | 0,44 USD |
| Date of last dividend payment | 08/02/2019 |
| CODES | Internal capitalisation code : 16623961 Internal distribution code : 16623947 ISIN capitalisation code : LU1008593946 ISIN distribution code : LU1008593862 WKN capitalisation code : A1XBEX WKN distribution code : A1XBEW |
| Net assets (million) | 449,42 USD |
| Launch date | 30/01/2014 |
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.