Bellevue Sustainable Entrepreneur Europe (Lux)
Owner-operated or family-run companies think in generations, not in quarters
Solid balance sheets, high innovative strength and safety awareness have a positive effect on the share price
Companies impress with high ESG scores
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU0767970303
The fund’s aim is to achieve capital growth in the long term. The Fund invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, keen environmental awareness and low debt are among the key success factors of sustainable owner-managed companies.
Indexed performance (as at: 08.05.2024)
NAV: GBP 285.81 (07.05.2024)
Rolling performance (07.05.2024)
I-GBP | Benchmark | |
05.05.2023 - 07.05.2024 | 7.35% | 11.80% |
06.05.2022 - 05.05.2023 | 11.75% | 13.24% |
07.05.2021 - 06.05.2022 | -9.99% | -2.63% |
07.05.2020 - 07.05.2021 | 44.76% | 33.61% |
Annualized performance (07.05.2024)
I-GBP | Benchmark | |
1 year | 7.35% | 11.80% |
3 years | 2.59% | 7.22% |
5 years | 6.21% | 8.87% |
10 years | 5.89% | 7.59% |
Since Inception p.a. | 7.07% | 8.86% |
Cumulative performance (07.05.2024)
I-GBP | Benchmark | |
1M | 1.29% | 2.38% |
YTD | 6.58% | 7.75% |
1 year | 7.35% | 11.80% |
3 years | 7.98% | 23.28% |
5 years | 35.17% | 53.04% |
10 years | 77.25% | 108.03% |
Since Inception | 128.65% | 179.55% |
Annual performance
I-GBP | Benchmark | |
2023 | 7.96% | 13.39% |
2022 | -8.15% | -5.88% |
2021 | 12.84% | 17.24% |
2020 | 7.60% | 3.67% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The fund actively invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PWC, Luxembourg |
Launch date | 30.04.2009 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU0767970303 |
Valor number | 18316269 |
Bloomberg | BELBBIG LX |
WKN | A1JWEB |
Total expense ratio (TER) | 1.47% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency EUR)
Beta | 0.92 |
Volatility | 14.80 |
Tracking error | 5.75 |
Active share | 89.88 |
Correlation | 0.93 |
Sharpe ratio | 0.12 |
Information ratio | -0.92 |
Jensen's alpha | -5.17 |
No. of positions | 36 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Above-average top line growth driven by high innovation and strong pricing power.
- Higher operating margins on the back of high market share ("Champion in the niche") combined with good cost discipline.
- Social responsibility, ethical behavior and keen environmental awareness are characteristic entrepreneurial values.
- Multi-award-winning management team with a long and successful track record investing in owner-run firms.
- Entrepreneurs for entrepreneurs – the Bellevue Group is itself an owner-run company with the majority of shares held by employees.
Risks
- The fund actively invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
- The fund may invest a proportion of its assets in financial instruments that might under certain circumstances have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- Succession planning poses an additional risk for owner-run companies.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
Against this backdrop, the fund returned 4.3% (EUR / B shares), outperforming its benchmark by 30 bps.
Main detractors in the month were BESI (-18.6%), Jeronimo Martins (-16.9%) and Sopra Steria (-5.2%). BESI was subject to profit taking as the adoption of hybrid bonding in memory may be somewhat postponed. The chip making industry seems to favour TCB in the short term, a cheaper technology but with lower performance notably in term of bandwidth and power. Jeronimo Martins reported FY23 results highlighting pressure on Polish margins and hints of deflation, which led to a strong pressure on the shares. We understand that the company guidance for a 30 bps margin erosion reflects a worst case scenario. Sopra Steria suffered from negative read across following a poor guidance from Accenture. The slow start of 2024 was already well flagged, but growth should accelerate from Q2 on. Sopra is fully refocussing on European IT services after the disposal of its banking software business and the group will become a real alternative to global providers in Europe.
Top 3 contributors in the month were ITV (+32.2%), Caixabank (+17.1%) and Bankinter (+17.4%). ITV delivered 2023 results a touch ahead of expectations. More importantly, ITVx, its AVOD platform, showed encouraging streaming numbers, gradually confirming our view that ITV has a key role to play in the free nonlinear segment. ITVx already represents close to 25% of ITV Media revenues, a number that looks big enough to absorb the decline in linear and underpin a solid sales growth trend. Bankinter and Caixabank, together with the banking sector, benefited from a combination of high longterm rates and positive macroeconomic data. Bankinter and Caixabank are trading on PEs of ca. 7x and deliver dividend yields of respectively 7.1% and 9.3%.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less