Bellevue 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. LU0631859732

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, sub-sector and style (Value, GARP, Growth).

Indexed performance (as at: 03.12.2021)

NAV: CHF 337.93 (02.12.2021)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (02.12.2021)

02.12.2020 - 02.12.202118.54%21.11%
02.12.2019 - 02.12.202011.56%9.38%
02.12.2018 - 02.12.20198.87%11.92%
02.12.2017 - 02.12.2018-21.51%-11.43%

Annualized performance (02.12.2021)

1 year18.54%21.11%
3 years12.88%13.98%
5 years9.65%12.54%
10 years11.99%13.38%
Since Inception p.a.10.00%10.93%

Cumulative performance (02.12.2021)

1 year18.54%21.11%
3 years43.98%48.25%
5 years58.51%80.59%
10 years210.51%251.43%
Since Inception170.34%195.25%

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, sub-sector and style (Value, GARP, Growth).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 Fee10.00% (with High Water Mark)
ISIN numberLU0631859732
Valor number13084217
Total expense ratio (TER)2.22% (30.11.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (30.11.2021, base currency EUR)

Tracking error5.95
Active share90.14
Share ratio1.02
Information ratio-0.32
Jensen's alpha-0.26
No. of positions52

Top 10 positions

Laboratorios Rovi
Zur Rose Group
Sopra Steria
Fuchs Petrolub

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
Information Technology


  • 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 declined -4.2% in August, underperforming the broader indexes (SXXR -3.3%). After concerns about the potential collapse of the Chinese real estate giant Evergrande, investor’s attention shifted to inflation risks and a more hawkish Fed with yields rising quickly. Commodities were also on the rise witness oil peaking at USD 79 pba, ahead of pre-crisis levels. In term of macro surveys, the Eurozone PMI Composite declined to 56.1 in September from 59.0 in August, with both services (56.3) and manufacturing (55.6) sequentially decelerating but remaining well in expansion territory. In terms of sectors, cyclicals and value outperformed defensives/growth, which typically display higher negative sensitivity to rising LT rates. Energy (+9.5%), communication services (+1.4%) and financials (+0.6%) performed best while real estate (-9.2%), information technology (-7.9%) and materials (-6.2%) lagged the most.

Against this backdrop, the fund declined 4.3% (EUR / B shares), 8 bp below its benchmark.

Main detractors in the month were Wartsila (-13.0%), Duerr (-10.7%) and Alten (-8.9%). Wartsila, Finish manufacturer of boat engines and power generators, suffered some profit taking following a strong share price performance. Despite strength in service orders, demand for new equipment is slow to recover and the new CEO offered little visibility. We expect some more information in the upcoming November CMD. Duerr suffered sentiment wise from the ongoing difficulties of the auto sector as well as supply chain bottlenecks and input cost inflation. Alten, the French R&D outsourcing specialist, published H1 results marked by a faster than expected rebound of profitability, driven by a high utilization rate. Our recent company contact confirmed that the level of activity remains very healthy, with no indirect impacts from supply chain issues. Alten’s main challenges remain recruitment and the control of wage costs, although rising salary inflation is mostly passed through to customers. After a very strong performance the shares consolidated.

Top performers in the month were Subsea 7 (+16.7%), Unicaja (+15.3%) and Flughafen Zürich (+9.8%). Subsea 7, the Norwegian energy services company benefited from a more positive sentiment around higher oil prices inducing a good level of commercial activity as shown by the USD 750 mn EPCI contract announced at the end of the month. In a more favorable interest rates environment the Spanish bank Unicaja, has been gradually catching up with peers as the merger process with Liberbank is progressing. This should underpin a positive earning outlook, supported by EUR 150 mn costs synergies. Flughafen Zürich, like most travel and leisure stocks, traded firmer. Short-term air traffic volumes indications have been positive and we expect this trend to continue until year end in to the autumn school holidays and the Christmas season. Starting November, airlines will have to operate at least 50% of their 2019 capacity, in order not to lose airport slots. Also, higher vaccine rates and Merck’s new Covid treatment.

PMIs are weakening and inflation is rising both driven by demand/supply in-balances and supply chain disruptions. Society has been more or less switched off during 18 months and the system needs to adjust to a new and higher level of demand but JIT supply chains are not able to cope with such a kick-start. Spot inflation will normalize over time, although the absolute level should be above pre-pandemia. We do not adhere to a stagflation scenario and expect growth to return driven by large pent-up demand as COVID recedes and output is debottlenecked. During the month, we have initiated a new position in BE Semiconductor, a Dutch wafer fab equipment maker, specialized in die attach and packaging. With H1 21 EBIT margin of 41%, BESI is highly profitable and has cash on its balance sheet. Currently trading on 13.5x 2022 EV/EBIT, a 3 year low, the stock is attractively valued in the semi space.

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.