BL Sustainable Horizon
Theme Fund
Data as of 19/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 10 years Performance
Average annual performance since launch 5,79 %
Performance as at 19/08/2019
Composition
| Asset breakdown |
| Equities | 79,30 % |
| Cash | 14,48 % |
| Hedged Equities | 6,22 % |
| Breakdown by currency |
| EUR | 41,44 % |
| USD | 25,32 % |
| JPY | 8,22 % |
| GBP | 7,71 % |
| CHF | 5,16 % |
| Others | 12,14 % |
| Breakdown by region / by countries |
| Bermuda | -0,00 % |
| Hong Kong | -0,01 % |
| United Kingdom | -0,02 % |
| Switzerland | -0,03 % |
| Ireland | -0,05 % |
| Others | -6,11 % |
| Main positions |
| Unilever NV | 8,55 % |
| Danone SA | 7,61 % |
| Kimberly Clark Corp | 5,98 % |
| Microsoft Corp | 4,86 % |
| Becton Dickinson + Co | 4,33 % |
Strategy
Investment objective and policy
The sub-fund invests a minimum of 75% of its net assets in global equities, without any geographical (including emerging countries), sectorial or monetary limitations. The selection process focuses in particular on environmental, social and governance (ESG) factors.
Management report - 2d Quarter 2019
In the second quarter of 2019, the MSCI All Country World Index net total return expressed in euros gained 2.2%. Equity markets were boosted by the highly accommodative statements from the Chairman of the Federal Reserve and the President of the ECB, suggesting quantitative easing measures on both sides of the Atlantic during the second half of the year. The NAV of BL Sustainable Horizon (retail accumulation share net of fees in euros) increased by 4.8%. The residual holding in UK spirits producer Diageo was sold during the second quarter. Since the alcohol sector is now excluded following the change of our SRI methodology on 1 October 2018 and a 6-month transition and adjustment period, our position in Diageo was definitively closed at the beginning of April. The position in Reckitt Benckiser was pared back after the US lawsuit against Indivior, which was spun off from Reckitt at the end of 2014, for fraudulently marketing Suboxone Film (even before 2014), a drug used in the treatment of opioid addiction. A position was opened in L'Occitane, a Luxembourg company listed in Hong Kong, which produces and markets cosmetics and personal care products. Originating in Provence, the company uses natural ingredients, mainly from that area of France. L'Occitane's attention to sustainable factors is an integral part of its natural business management process. At the end of June, the fund was 83.5% invested in equities and 16.5% in cash. The sale of S&P 500 index futures amounting to 3.5% of the portfolio's value reduced the net exposure to equities to 80%. The breakdown by currency was as follows: 46% in EUR, 25% in USD, 8.5% in GBP, 6.5% in JPY, 5% in DKK, 4.5% in CHF, 3.5% in CAD and 1% in HKD. The portfolio's geographic allocation was as follows: Europe 52.5%, North America 28% (3.5% hedged), Japan 2%, and Asia ex-Japan 1%. The sector allocation was as follows: consumer 41%, industry and commodities 18%, healthcare 14.5% and technology 10%.
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 1 225,59 EUR |
| CODES | Internal capitalisation code : 2026377000
ISIN capitalisation code : LU0093570173
WKN capitalisation code : 937804
SICOVAM capitalisation code : 959287
|
| Net assets (million) | 41,99 EUR |
| Launch date | 03/03/1997 |
