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Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

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The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria and Spain. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

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Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents BB Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB securities fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents BB Adamant Funds and BB Adamant Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB Adamant Global Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

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Fear and uncertainty regarding COVID variants and the negative effects they could have on the world economy have cast a shadow over market sentiment. What has that meant for small and mid cap performance? Leaders in market niches – hidden champions – are less vulnerable to the global macro cycle and often generate dynamic growth thanks to their innovation and technology leadership, even in the face of stronger headwinds. This is one reason why small and mid caps have outperformed both year to date and in recent weeks, regardless of the uncertainty associated with the Delta variant.

Dynamic small and mid caps with good return potential

Fear and uncertainty regarding COVID variants and the negative effects they could have on the world economy have cast a shadow over market sentiment. What has that meant for small and mid cap performance? Leaders in market niches – hidden champions – are less vulnerable to the global macro cycle and often generate dynamic growth thanks to their innovation and technology leadership, even in the face of stronger headwinds. This is one reason why small and mid caps have outperformed both year to date and in recent weeks, regardless of the uncertainty associated with the Delta variant.
05.10.2021 - Birgitte Olsen

Stock valuations may be at lofty levels in absolute terms, but that is justifiable in an environment of rock-bottom interest rates, accommodative monetary policy and excess liquidity. Huge government investments in infrastructure programs and clean energy are also a positive factor. P/E multiples in Europe have actually stopped climbing and are now receding as market gains have been outpaced by earnings growth and positive earnings revisions. This phenomena was again on display during the Q2 2021 reporting season.

Many companies reported significant positive earnings surprises and the consensus EPS estimate for 2021 has been revised 16% higher since January. Forward earnings estimates have climbed 26% since the beginning of the year, while stocks have advanced about 20%. This means valuation levels have declined by a full point despite the market gains and that the overall market has become less expensive. Going forward, identifying which companies are most likely to report positive earnings surprises will be more critical for performance than the general valuation re-rating.

With regard to investment styles, growth stocks have outpaced value stocks since April, which reflects the decline in bond yields. Yields have probably reached their low, so the performance of cyclicals and value stocks will likely level out during the remainder of the year. Sustained positive earnings momentum in the second half and a decline in Delta variant cases as immunization levels rise are potential performance triggers. The portfolio of the Bellevue Entrepreneur Europe Small Fund contains a mix of value (35%) and growth (65%) stocks that adequately captures diverse sources of alpha in the various investment styles to address the aforementioned uncertainty and constantly shifting scenarios. Astute stock picking remains the key factor for investment success though. In a recent portfolio transaction, we added French auto supplier Faurecia in the value segment after its compelling acquisition of Hella. We know and have strong confidence in the management teams of both companies and their ability to unlock the full synergies behind this deal. We continue to see considerable upside potential for small and mid-caps in general and for the Bellevue Entrepreneur Europe Small Fund in particular, which, with its sharp focus on quality, has delivered a return of 12.5% p.a. since its inception in 2011.