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 American Smaller Companies

Equity funds

Data as of 21/08/2019

Risk level

Low High
Recommended investment horizon : > 10 years

Performance

Average annual performance since launch 12,36 %

Performance as at 21/08/2019

FUNDS
2016 9,51 %
2017 20,59 %
2018 0,87 %
Since 01/01/2019 16,61 %
Over the last 12 months 7,45 %
Over 3 years 39,30 %
Since launch 54,60 %

Composition

Asset breakdown
Equities 96,29 %
Cash 3,71 %
Breakdown by currency
USD 97,16 %
CAD 2,61 %
EUR 0,22 %
Main positions
Resmed Inc 3,94 %
Lamb Weston Holdings Inc 3,06 %
Church + Dwight Co Inc 2,81 %
Check Point Software Technologies Ltd 2,79 %
Clorox Co 2,70 %

Strategy

Investment objective and policy

BL-American Smaller Companies invests up to 80% of its assets in shares of American companies with a market capitalization below 20 billion USD. Selected companies have a well-defined business model with a clear market strategy. The fund invests in companies with a strong competitive advantage, showing a sustainable superior return profile and generating high and consistent levels of free-cash flow. In combination with a solid financial situation. Investment decisions are based on strict valuation and quality criteria.

Management report - 2d Quarter 2019

In June, the central banks came to the rescue. Confronted by weaker economic data, risks to the trade outlook and still low inflation, the Federal Reserve and the European Central Bank indicated that the cavalry is coming in the form of further monetary stimulus. Risk assets, such as equities and credit, rallied along with traditional safe haven assets, such as developed market government bonds, gold and the yen. Reversing the weakness in risk assets in May, June's strong performance has made it a good second quarter and certainly a good start to the year, almost irrespective of what you were invested in. In this environment the BL-American Smaller Companies Fund (retail share class capitalization net of fees in USD) underperformed its Benchmark, the MSCI US Small + Mid Cap NR USD Index, by 0.02%. In absolute terms, the fund showed a positive performance of 4.17%. During the second quarter, we initiated a position in ANSYS. The company is the leading provider of physics-based simulation software, serving more than 45 000 customers worldwide. As products become more complex along with increasing demands to improve time-to-market and quality and reduce costs, simulation is becoming an increasingly important tool to help companies achieve these objectives. Despite offering the broadest portfolio of simulation software across physics disciplines (e.g., structures, fluids, electromagnetics, optical, etc.) and having the leading market share amongst simulation competitors, we believe ANSYS remains underpenetrated and that there are plenty of opportunities to both add new logos and expand simulation usage within its installed base. Further, newer products have the potential to expand ANSYS beyond its core simulation market over time. Even with potential signs of increasing macro headwinds in certain geographies and verticals that ANSYS is exposed to, we believe ANSYS remains well positioned given the increasingly strategic role simulation plays within product development. Around 75% of the company's revenue is recurring and the high switching costs for businesses in term of time and money leads to sticky client relationships, exemplified by renewal rates around 95%. The company reinvests almost 20% percent of their revenues each year into research to continually refine and improve the software and therefore reinforcing their competitive advantage. The top 5 contributors in the quarter were Resmed, Manhattan Associates, Idexx Laboratories, Aspen Technology and CDW. The top 5 detractors were Sally Beauty, Lamb Weston, Waters, Check Point Software and A.O. Smith.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (21/08/2019) 156,22 USD
CODES Internal capitalisation code : 29339088
ISIN capitalisation code : LU1305478775
WKN capitalisation code : A1421A
Net assets (million) 265,56 USD
Launch date 13/11/2015

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.