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Détail d'un fonds

Funds Detail



BL Global Bond Opportunities

Bond fund

Data as of 24/02/2021

Risk level

LowHigh
Recommended investment horizon : > 2 years

Performance

Average annual performance since launch 4,16 %

Performance as at 24/02/2021

FUNDS
2018-2,25 %
20190,44 %
20200,94 %
Since 01/01/2021-0,73 %
Over the last 12 months-1,29 %
Over 3 years-0,66 %
Since launch176,84 %

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 - 4th Quarter 2020

The fourth quarter of 2020 was very eventful and saw yields on euro sovereign issuers stabilise and corporate bond yield spreads narrow. The average yield spread of our BLI Corporate reference basket - which represents a universe of corporate issuers eligible to this fund - compared to euro risk-free rates, narrowed by 29 basis points to post a yield of 0.23% at the end of December 2020. Anticipations of an end to the crisis with the announcement of two vaccines that are more than 90% effective at the beginning of November and the start of the vaccination campaign in mid-December have significantly reduced the perception of risk on riskier bonds despite the ever-increasing damage caused by the pandemic. In addition, the European Central Bank announced an increase in the asset purchase envelope of Euro500 billion and a six-month extension of the Pandemic Emergency Purchase Programme. This allowed nominal sovereign yields to stabilise despite expectations that inflation would rise. Private debt outperformed sovereign debt thanks to a combination of narrowing yield spreads on riskier bonds and a higher nominal yield than public debt. Emerging markets were also significant beneficiaries of the reflationary environment and saw the arrival of large cash flows seeking to take advantage of the optimism for riskier assets. With just over 60% invested in private debt, the portfolio was driven by riskier assets despite stagnating yields on euro-denominated developed country sovereign debt. Emerging market sovereign debt in euros outperformed the developed country peers with a rise of over 1.3% over the quarter. Should the economic environment deteriorate, the quality segment composed of developed country sovereign bonds is expected to partially hedge the risk-asset risk. We took advantage of this accommodative environment to reposition the portfolio by exiting short-term bonds like Vale and Bharti. The capital was reinvested in green bonds such as Orsted and LeasePlan, which offer potential for narrowing yield spreads. If the macroeconomic situation in the European Union follows that of the United States, which points to an increase in inflation in the medium term, this should help euro-denominated risk assets since they have wide yield spreads. At 31 December 2020, the average yield of the portfolio was 0.08% with a modified duration of 5.29. In the fourth quarter, the portfolio grew by 0.85% while the J.P.Morgan Maggie index increased by 1.16%.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (24/02/2021)686,26 EUR
NAV class A distribution shares (24/02/2021)273,97 EUR
Latest dividend2,49 EUR
Date of last dividend payment  12/02/2021
CODESISIN 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)353,12 EUR
Launch date29/02/1996

Asset Publisher

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