BL Fund Selection Alternative Strategies
Mixed funds
Data as of 16/08/2019
Risk level
| Low |  | High |
Recommended investment horizon : > 6 years Performance
Average annual performance since launch 0,19 %
Performance as at 16/08/2019
Composition
| Asset breakdown |
| Absolute Return | 88,53 % |
| Equities | 4,81 % |
| Bonds | 3,58 % |
| Cash | 3,09 % |
| Breakdown by currency |
| EUR | 95,62 % |
| USD | 4,38 % |
| Main positions |
| IPM UCITS Umbrella ICAV IPM Systematic Macro - Accum I Hedged EUR CAP | 6,93 % |
| BG UCITS Boussard + Gavaudan Absolute Return - Z EUR CAP | 5,44 % |
| JL Equity Market Neutral - A CAP | 5,01 % |
| Fort Global UCITS Contrarian - Accum Ptg B EUR CAP | 4,82 % |
| Lazard Global Investment European Alternative - AP Dist EUR DIS | 4,81 % |
Strategy
Investment objective and policy
The objective of this fund is long-term capital appreciation through a diversified portfolio, while maintaining lower volatility than the equity markets. Over the medium term, it also aims to offer decorrelation from mainstream financial assets. This flexible subfund is chiefly invested in regulated UCITS deploying alternative strategies. These UCITS may be invested in any asset class in any geographic region. The proportion invested in the different strategies and asset classes will vary according to market circumstances.
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 0.79% in the second quarter of 2019. The main contributions to this rebound came from the Trend Following strategies which managed to continue surfing bullish trends in sovereign debt and on the equity markets, with some even turning in quarterly performance of over 7%. Useful support was also provided by some of the long/short strategies (Polar UK Absolute Equity +8.1%, SEB Bodenholm Absolute Return +4.7%), although not true for all, with some L/S strategies even in slightly negative territory. The portfolio's structure responded well on the whole. It should however be noted that due to the current positioning of many of the underlying funds, the portfolio is now slightly correlated to equity market trends.
General information
| Net Asset Value |
| Calculated | Every business day |
| NAV class B capitalisation shares (16/08/2019) | 100,61 EUR |
| CODES | Internal capitalisation code : 40506205
ISIN capitalisation code : LU1526088379
WKN capitalisation code : A2AN1P
|
| Net assets (million) | 289,81 EUR |
| Launch date | 12/12/2016 |
