BL European Family Businesses
Equity funds
Data as of 19/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 10 years Performance
Average annual performance since launch 7,37 %
Performance as at 19/08/2019
Composition
| Asset breakdown |
| Equities | 102,30 % |
| Cash | -2,30 % |
| Breakdown by currency |
| EUR | 85,90 % |
| CHF | 10,53 % |
| DKK | 1,70 % |
| SEK | 1,09 % |
| GBP | 0,48 % |
| Others | 0,29 % |
| Main positions |
| SEB SA | 4,05 % |
| Stroeer SE + Co KGaA | 3,96 % |
| Henkel AG + Co KGAA Vorzug | 3,01 % |
| Technogym SPA | 2,99 % |
| EssilorLuxottica SA | 2,86 % |
Strategy
Investment objective and policy
The BL-European Family Businesses fund invests in european equities regardless of market capitalisation. Companies are defined as family businesses if the person or family that founded the company or acquired the company's capital owns at least 25% of its shares, or if the family in question controls the business's strategy and operations. The portfolio structure is the outcome of the addition of individual investment opportunities rather than a replication of a market benchmark. The sub-fund's objective is long-term capital growth.
Management report - 2d Quarter 2019
In the second quarter, the European markets continued their first-quarter rally. Despite muted economic indicators on both sides of the Atlantic (manufacturing PMI), the slowdown of the Chinese economy, and geopolitical conflicts (Iran and the United States), the equity markets closed in the black. They seem to be focused on a potential new round of stimulus from the central banks. The ECB and the Federal Reserve both announced the continuation of an expansionist monetary policy and the possibility of cutting interest rates if required by the economic situation. During the period, the MSCI Europe Net Return index was up 3.02% and the MSCI Europe SMID Cap Net Return gained 2.27%. The BL European Family Businesses portfolio gained 3.54%. The main contributions to performance came from Stroeer, Compugroup, Belimo, EssilorLuxottica and Fluidra. Stroeer was boosted by structural growth in demand for digital and out-of-home advertising in Germany. Compugroup benefited from an improvement in the visibility of its activity among doctors and dentists, and the addition of the pharmaceutical segment in its growth forecasts due to their upcoming integration in Compugroup's telematic infrastructure (i.e. electronic medical card). On the other hand, the portfolio was dented by De'Longhi, Datalogic, Technogym, Exel Industries and Krones. De'Longhi suffered from declining activity in the food-preparation-robots segment and discontinuation of OEM appliances in Nespresso stores. Krones was hit by the continuing deterioration of its fundamentals due to raw material cost pressures and reduced demand from clients for plastic-bottle bottling systems. The position in Bonduelle was sold during the quarter.
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (19/08/2019) | 121,50 USD |
| CODES | Internal capitalisation code : 29290652
ISIN capitalisation code : LU1305479237
WKN capitalisation code : A1421G
|
| Net assets (million) | 112,08 USD |
| Launch date | 06/12/2016 |
