BL Fund Selection 0-50
Flexible fund of funds
Data as of 16/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 3 years Performance
Average annual performance since launch 2,66 %
Performance as at 16/08/2019
Composition
| Asset breakdown |
| Absolute Return | 52,61 % |
| Hedged Equities | 24,13 % |
| Equities | 10,67 % |
| Bonds | 7,18 % |
| Cash | 5,41 % |
| Breakdown by currency |
| EUR | 87,72 % |
| USD | 6,43 % |
| MXN | 1,86 % |
| CNY | 1,49 % |
| BRL | 1,36 % |
| Others | 1,14 % |
| Breakdown by region / by countries |
| Finland | -0,30 % |
| United Kingdom | -0,61 % |
| Belgium | -0,84 % |
| Netherlands | -1,20 % |
| Italy | -1,86 % |
| Others | -19,33 % |
| Main positions |
| Memnon European - I Euro CAP | 6,36 % |
| Bakersteel Global Precious Metals - I USD CAP | 5,79 % |
| Lazard Global Investment European Alternative - EA Acc EUR CAP | 5,27 % |
| Schroder GAIA Egerton Equity - C CAP | 5,23 % |
| Assenagon Alpha Volatility - I DIS | 4,74 % |
Strategy
Investment objective and policy
The aim of this fund is long-term capital appreciation via a diversified portfolio of assets while targeting lower volatility than the equity markets. This flexible fund of funds has no geographical, sector or monetary restriction and invests mainly in UCITS and other UCIs. The proportion of investments in the various asset classes will depend on market circumstances. The maximum equity weighting permitted is 50%.
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 0.06% in the second quarter, hampered by its very low exposure to equities and the adverse performance of some of the absolute return strategies. After a complicated month in April, the fund fared better at the end of the quarter, especially thanks to the strong performance of the gold-mining theme, which accounts for around 5% of the portfolio. The portfolio's defensive profile is being maintained for the summer with equity risk close to 15%. The wealth management mandate of this fund limits the management team's scope for taking more risk based solely on the resolute attitude of the central banks, especially as the economic signals have been very weak recently
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (16/08/2019) | 130,16 EUR |
| CODES | Internal capitalisation code : 2418242000
ISIN capitalisation code : LU0430649086
WKN capitalisation code : A0RNSS
|
| Net assets (million) | 388,11 EUR |
| Launch date | 08/06/2009 |
