Contact

If you have any questions, or would like to meet us or become a client, please contact our banking advisers who will be happy to respond according to your individual requirements.

 
Luxembourg
14 Boulevard Royal L-2449 Luxembourg
 
Monday to Friday
8.30 am to 5 pm

Contact

If you have any questions, or would like to meet us or become a client, please contact our banking advisers who will be happy to respond according to your individual requirements.

 
Brussels
Chaussée de La Hulpe, 120 – 1000 Brussels
Ghent
Rijvisschestraat 124 – 9052 Ghent
 
Monday to Friday
8.30 am to 4.30 pm


BL Global Bond Opportunities

Bond fund

Data as of 21/08/2019

Risk level

Low High
Recommended investment horizon : > 2 years

Performance

Average annual performance since launch 4,52 %

Performance as at 21/08/2019

FUNDS
2016 2,02 %
2017 0,45 %
2018 -2,25 %
Since 01/01/2019 2,62 %
Over the last 12 months 2,01 %
Over 3 years -0,45 %
Since launch 182,21 %

Composition

Asset breakdown
Bonds 95,94 %
Cash 4,06 %
Breakdown by currency
EUR 95,54 %
USD 3,61 %
PLN 0,85 %
Main positions
Russia 2013 3.625% 16-09-2020 3,62 16/09/2020 2,69 %
Deutschland Series 177 2018 0% 14-04-2023 0,00 14/04/2023 2,59 %
Oesterreich 2016 0% 15-07-2023 0,00 15/07/2023 2,58 %
Belgique 2016 .2% 22-10-2023 0,20 22/10/2023 1,82 %
Romania Series 2015-1 2015 2.75% 29-10-2025 2,75 29/10/2025 1,72 %

Strategy

Investment objective and policy

The fund invests principally in bonds issued in the currencies of the leading industrialised countries (without the Yen). In addition, some 20% of the assets are invested in emerging market bonds. On average the compartment is invested by about ¾ in the euro zone and by about ¼ in the dollar zone. Its key objective is to achieve a regular income.

Management report - 2d Quarter 2019

Eurozone sovereign bond prices rose during the second quarter. The JPMorgan GBI EMU Bond index posted positive performance of 3.41%. Periphery country bonds rose by 4.47% while the sub-index for the core eurozone countries (excluding periphery debt) gained 2.68% over the quarter. The Germany 10-year bond yield was down from -0.07% to -0.327% over the period. US Treasuries posted positive performance. The JPMorgan index for this market was up +3.13%. The US 10-year yield ended the quarter at 2%, 40 basis points lower than at the end of the previous quarter. The Federal Reserve kept its interest rates unchanged at 2.5% during the quarter. Having climbed to 2% in April, inflation only came to 1.8% at the end of May. Unemployment was stable at 3.7%. In terms of economic activity, the US Manufacturing PMI (purchasing managers' index) continued to contract over the quarter. It was only just over the 50 mark at 50.06. The price of WTI crude fell from $63.91to $58.47 per barrel. This fall is linked to concerns over economic growth due to the deterioration of trade negations between the United States and China. Emerging market debt gained nearly 2.91% according to the JP Morgan Euro EMBI Global Diversified index. This corresponds to a decrease in the blended yield, which reflects a yield of 1.84% at the end of June compared to 2.09% at the end of March. Faced with a decline in the global context and weakening US activity, we think that after the interruption to the normalisation of its monetary policy, the Federal Reserve will carry out a series of interest rate cuts between now and the end of the year. This will shore up the bond markets in general.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/08/2019) 699,54 EUR
NAV class A capitalisation shares (21/08/2019) 287,59 EUR
Latest dividend 3,33 EUR
Date of last dividend payment  08/02/2019
CODES Internal capitalisation code : 1061310000
Internal distribution code : 1136231000
ISIN capitalisation code : LU0093569910
ISIN distribution code : LU0093569837
WKN capitalisation code : 921164
WKN distribution code : 937797
SICOVAM capitalisation code : 959302
SICOVAM distribution code : 989724
Net assets (million) 396,56 EUR
Launch date 29/02/1996

Before making any decision to subscribe, customers must ensure they have understood the product, having measured the risks associated with it and consulted their own advisers on the appropriateness of the product for their particular financial situation, taking into account legal, tax and accounting aspects. This fact sheet has been drawn up for information purposes and shall in no event be considered a solicitation to buy or an offer to sell securities or other financial instruments. Information provided to the interested party does not constitute legal or fiscal advice and the Bank shall not be held liable for such information. The securities referred to in this document may cause the investor to incur significant risk and may not be appropriate for all investors. Such risks include market risks, high volatility, credit risk, liquidity risk and interest-rate risk. There is no guarantee that the securities described in this document will achieve their investment objectives. Past performance is no indication of future returns. The Bank shall not be held liable for the future performance of these securities. Potential investors must ensure that they understand the risks of investing in such products and should only take an investment decision after giving careful consideration, together with their professional advisers, to the appropriateness of this investment to their specific financial situation, particularly with regard to legal, tax and accounting aspects. We have made every effort to verify that the information presented in this document is correct, in particular the estimated values, opinions and other estimates. Nevertheless, no guarantee can be given as to the validity, timeliness, completeness, correctness or accuracy of the information, which is provided for guidance only. Information may be subject to change without prior notice.