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BL-Global Flexible EUR
January 2011
Guy WAGNER
Chief Economist and fund manager
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High Conviction Investing
BL-Global Flexible
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with no specific predefined orientation (defensive, neutral, aggressive)
investing in equities, bonds and money-market products
in all geographical regions: Europe, United States, Asia, emerging markets
BL-Global Flexible
BL-Global Flexible is a balanced fund:
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- to deliver absolute returns
- with low volatility
- and preservation of capital over the medium to long term
BL-Global Flexible is not a capital guarantee fund and its NAV may decline over
shorter periods of time
BL-Global Flexible is therefore not appropriate for investors with an investment
horizon of less than three years
BL-Global Flexible
BL-Global Flexible's objectives:
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- In the long term, the financial markets reflect economic reality and businesses
fundamentals
- However, attempting to forecast short-term fluctuations on the markets is a vain
exercise
- The price paid determines the return
- The best way to control risk is to buy with a high margin of safety
BL-Global Flexible
BL-Global Flexible's investment philosophy is based on the following principles:
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- The valuation of the various asset classes
- Individual investment opportunities within each asset class
- BL-Global Flexible's structural investment themes
BL-Global Flexible
The weight given to the main asset classes in BL-Global Flexible depends on:
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The equity portion invests in quality companies.
A quality company is defined as having the following characteristics:
- Low levels of debt
- Low capital intensity
- High profitability
BL-Global Flexible applies a free cash flow model to assess the value of
companies.
The portfolio's equity weighting may be adjusted using derivatives.
The portfolio's structure is not dependent on a benchmark index; rather it is acombination of individual investment opportunities.
BL-Global Flexible
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The bond portion of BL-Global Flexible invests mainly in government bonds
denominated in euros (the funds reference currency). Duration management is
mainly based on inflation expectations.
From time to time, the fund invests in bonds denominated in other currencies or
corporate bonds when attractive opportunities in terms of risk/return arise.
BL-Global Flexible
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before currency hedging after currency hedging
BL-Global Flexible
Currency breakdown January 2011
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(1) of which 37% is covered through the sale of futures
Asset allocation January 2011
BL-Global Flexible
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before hedging after hedging
Eurozone 18% 5%
United States 26% 8%
United Kingdom 9.5% 3%
Japan 5.5% 5.5%
Asia ex Japan 15.5% 15.5%
Switzerland 5% 5%
Other 5% 5%
BL-Global Flexible
Geographical breakdown of equity portfolio (01/2011)
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by issuer type by currency
BL-Global Flexible
Breakdown of bond portfolio (01/2011)
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BL-Global Flexible
Performance of S&P 500 and equity weighting in BL-Global Flexible
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(1) German government bond
BL-Global Flexible
10-year yield(1) and bond weighting in BL-Global Flexible
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* BL-Global Flexible - capitalisation shares
BL-Global Flexible*: Performance since 2010
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BL-Global Flexible: Performance over5 years
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Launch date: 01/04/2005
Distribution shares: LU0211339816 (Management fee: 1%)
Capitalisation shares: LU0211340665 (Management fee: 1%)
Institutional shares: LU0379366346 (Management fee: 0.5%, initial investment
minimum 5 million)
Assets under management (10/11/2010): 763.65 million
BL-Global Flexible
Key features
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Banque de Luxembourg Fund Research & Asset Management
7, Boulevard Prince Henri - L-1724 Luxembourg
Tel.: (+352) 26 26 99 - 1
Fax: (+352) 26 26 99 - 33 33
E-mail: [email protected]
www.blfram.com
Guy WAGNER
Chief Economist / Fund Manager
Tel.: (+352) 26 26 99 - 3317E-mail: [email protected]
Contact