BL Equities Asia
Equity funds
Data as of 19/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 10 years Performance
Average annual performance since launch 3,90 %
Performance as at 19/08/2019
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 2018
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) | 127,15 EUR |
| CODES | Internal capitalisation code : 16623967
ISIN capitalisation code : LU1008594084
WKN capitalisation code : A1XBEY
|
| Net assets (million) | 405,05 EUR |
| Launch date | 03/02/2014 |
