BB Entrepreneur Europe Small (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

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Investment Focus

ISIN-No. LU0631859229

The Fund invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur/founder family holds at least a 20% of a company’s voting rights, thereby exerting signif. influence. The team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by country & sector.

Indexed performance (as at: 24.09.2021)

NAV: EUR 411.84 (23.09.2021)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (23.09.2021)

23.09.2020 - 23.09.202139.10%43.54%
23.09.2019 - 23.09.202012.64%5.58%
23.09.2018 - 23.09.2019-15.46%-4.55%
23.09.2017 - 23.09.20180.03%5.72%

Annualized performance (23.09.2021)

1 year39.10%43.54%
3 years9.79%13.05%
5 years11.48%13.06%
Since Inception p.a.12.35%13.17%

Cumulative performance (23.09.2021)

1 year39.10%43.54%
3 years32.46%44.64%
5 years72.27%84.76%
Since Inception229.47%255.02%

Annual performance


Investment Focus

The Fund invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur or a founder family holds at least a 20% of a company’s voting rights, thereby exerting significant influence. The typical qualities of these companies – a focused business model, fast decision-making processes, sustainable business policies and a strong corporate culture – go hand in hand with efficient innovation, high product quality and strong customer loyalty. The corresponding impact on the share price is demonstrably positive. The Fund’s Management Team offers a wealth of experience in this investment segment and has built up an extensive network with entrepreneurs throughout the sector. It pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies with a small market capitalization while maintaining an investment portfolio of 25 to 40 stocks diversified by country and sub-sector.Show moreShow less

Investment suitability & Risk

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to enhance their portfolio diversification with investments in European small capitalized founder-controlled companies. The Fund displays the typical risks associated with equity investments in European small caps.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date30.06.2011
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
Performance Fee0.10% (with High Water Mark)
ISIN numberLU0631859229
Valor number13084212
Total expense ratio (TER)2.25% (31.08.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.08.2021, base currency EUR)

Tracking error6.06
Active share90.54
Share ratio0.65
Information ratio-0.63
Jensen's alpha-3.09
No. of positions53

Top 10 positions

Zur Rose Group
Laboratorios Rovi
Sopra Steria
VAT Group

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn

Geographic breakdown


Breakdown by sector

Consumer Discretion.
Consumer Staples
Communication Services




  • Owner and family-run businesses think in generations, not in quarters.
  • Focus, a sense of responsibility, strong identification with the company, and personal financial commitment have a positive impact on the share price.
  • More conservatively financed, lower debt exposure and a higher risk capacity compared to non-family businesses.
  • 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.


  • The fund invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
  • Shares in smaller businesses are generally traded in lower volumes and are subject to bigger price fluctuations than larger enterprises.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • 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 may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

European small and mid caps increased 2.9% in August, beating the broader indexes (SXXR +2.2%). Despite the slowdown in global growth momentum caused by the Delta variant as well as some tightness in supply chains, markets were underpinned by the outstanding reporting season and the more relaxed stance of central banks. In term of macro surveys, the Eurozone PMI Composite slightly eroded to 59.5 in August from 60.6 in July. Eurozone inflation rose to 3%, above expectations of +2.7%, with limited impact on yields yet, suggesting that the narrative for temporary inflation remains the central one. In terms of sectors, information technology (+5.8%), financials (+4.7%) and healthcare (+3.8%) performed best while materials (0.5%), consumer discretionary (+1.1%) and consumer staples (+1.8%) lagged the most.

Against this backdrop, the fund rose 1.8% (EUR / B shares), 106 bps below its benchmark. Main detractors in the month were Rovi (-10.9%), BFF Bank (-12.2%) and Kamux (-21.6%). The Spanish specialist pharma company Rovi was severely impacted by the suspension of 1.6 mn doses of Moderna’s COVID-19 vaccine in Japan after abnormal particles (stainless steel) were found in some vials. In a joint investigation undertaken by Takeda and Moderna no safety nor efficacy issues could be identified. Rovi discarded a total of 3 lots after EMA clearance and swiftly reinstalled production. Rovi shares lost ca. 30% at the peak of confusion, but recovered most since. We continue to appreciate this investment case. BFF Bank, the Italian factoring specialist, published Q2 results below expectations, which led to some profit taking after a 80% share price performance YTD. The used cars digital platform Kamux delivered Q2 numbers marked by stronger than expected revenue growth of 52% but disappointing flat EBIT due notably to lower gross margin and a negative sales mix with faster growing countries showing lower profitability. We deem the share price reaction excessive as profitability issues should be temporary and both short and long-term growth trends remain very healthy.

Top performers in the month were Swissquote (+19.4%), Zur Rose (+16.2%) and Corticeira Amorim (+10.7%). Swissquote’s Q2 results confirmed the excellent preliminary numbers and full year guidance was risen. Key positive surprises were the substantial inflow of new clients (ca. 50000) and new assets (CHF 5 bn), as well as the strong growth in the highly profitable crypto-assets related income, which also massively exceeded expectations. Zur Rose benefited from positive management comments around the timely launch of the German e-script. Corticeira Amorim delivered a very strong set of results in Q2 2021, with sales and EBITDA significantly above pre-COVID levels, backed by strong on-trade activity as well as much more advantageous levels of cork supply costs.

While the absolute Valuation level of the equity market is high, it is absolutely warranted by the low interest rate environment, the stance of Central Banks and the amount of liquidity in the system. Money supply today is higher than before the pandemic. Interestingly, forward P/E’s multiples have declined in Europe as positive EPS revisions are running quicker than market prices. On average and despite the strong market performance, 12m forward P/E’s have contracted since the start of the year. Central Bank’s are modulating their exit strategies considering the Delta slow down and reemployment trends, which should promote a slower but longer lasting recovery. Our portfolio is therefore exposed to ca. 40% Value and 60% Growth with a continuous focus on fundamental Stock picking.

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. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base currency in %, calculated by the total return / BVI method.Show moreShow less

  • Lead Portfolio Manager

    Birgitte Olsen

    Birgitte Olsen, CFA, Senior Portfolio Manager Equities Europe, joined Bellevue Asset Management in 2008. Prior to that, she was Deputy Head of Portfolio Management Equities Europe at Generali Investments in Cologne for more than nine years. She worked as a Fund Manager (DE and Scandivien) at Vontobel Asset Management in Zurich in 1997 and 1998. Birgitte Olsen started her career in the financial industry in 1994 as a sell-side analyst at Bank am Bellevue covering the insurance and pharmaceutical sectors. She holds a degree in Finance and Accounting from the University of St. Gallen.
  • Portfolio Manager

    Michel Keusch

    Michel Keusch joined Bellevue Asset Management in 2007 and manages the BB Toros Prime Fund. Prior to joining Bellevue Asset Management he was a senior analyst at Crédit Agricole Cheuvreux from 2003 to 2007 . From 1996 to 2003 he was a senior analyst with Credit Suisse First Boston covering European consumer goods and services. Michel Keusch began his professional career in the consumer goods industry in brand management with Procter & Gamble and Fromageries Bel. He holds a DESS/MBA in international management from the University of Strasbourg in France and the University of Bath in the UK.
  • Portfolio Manager

    Laurent Picard

    Laurent Picard joined Bellevue Asset Management in 2018. Prior to that, he was an Financial consultant for start-ups in the internet/tech sector. From 2009 to 2016 he was a senior equity research analyst for media at Société Générale, having joined from UBS Warburg, where he was an equity analyst for IT Services and Software and a strategist specialized on the French markets. Laurent Picard graduated from Paris X University and ESSEC business school and holds a Master of Financial Techniques.
  • Product Specialist

    Loreno Ferrari

    Loreno Ferrari joined Bellevue Asset Management in 2018 as a Product Specialist. Previously, he spent 3 years as an Investment Specialist at UBS Asset Management and 8 years at Zürcher Kantonalbank, most recently as an Investment Advisor. Loreno holds a Bachelor of Science (BSc) in Business Administration (UAS) Zurich with a Specialization in Banking and Finance. He is a Certified International Investment Analyst (CIIA) and holds the Certificate in ESG Investing from CFA UK.