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To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

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.

Target group of the sites 

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.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

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

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

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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

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0415392082

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: 20.05.2022)

NAV: CHF 253.75 (19.05.2022)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
B-CHF
Benchmark

Rolling performance (19.05.2022)

B-CHFBenchmark
19.05.2021 - 19.05.2022-13.19%-5.87%
19.05.2020 - 19.05.202145.44%35.95%
17.05.2019 - 19.05.2020-20.07%-14.19%
18.05.2018 - 17.05.2019-14.56%-4.43%

Annualized performance (19.05.2022)

B-CHFBenchmark
1 year-13.19%-5.87%
3 years0.30%3.16%
5 years-0.11%3.19%
10 years4.71%7.19%
Since Inception p.a.5.57%5.82%

Cumulative performance (19.05.2022)

B-CHFBenchmark
1M-4.53%-5.15%
YTD-14.35%-11.54%
1 year-13.19%-5.87%
3 years0.92%9.81%
5 years-0.54%17.00%
Since Inception103.00%109.39%

Annual performance

B-CHFBenchmark
202114.38%19.65%
20200.65%-2.26%
201916.14%22.27%
2018-18.86%-14.19%

Investment Focus

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. The experienced management team, which is well connected in entrepreneurial circles, uses a fundamental bottom-up approach to identify the most attractive owner-managed companies with medium and large market capitalizations and constructs a portfolio of 35 to 45 stocks diversified across countries, sectors and style (Value, GARP, Growth). The Fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRRI

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 founder-controlled companies. The Fund displays the typical risks associated with equity investments in Europe.

General Information

Investment ManagerBellevue Asset ManagementAG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date30.04.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0415392082
Valor number3882728
BloombergBELBBBC LX
WKNA0RPSK
Total expense ratio (TER)2.19% (29.04.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (29.04.2022, base currency EUR)

Beta0.90
Volatility18.90
Tracking error6.05
Active share89.66
Correlation0.95
Sharpe ratio0.31
Information ratio-0.71
Jensen's alpha-3.70
No. of positions45

Top 10 positions

Subsea 7
Carrefour
Sopra Steria
Publicis Groupe
Merck
Mediobanca
Stora Enso
Ferrovial
Caixabank
Synlab
3.4%
3.3%
3.2%
3.1%
3.0%
2.8%
2.8%
2.7%
2.6%
2.5%

Market capitalization

2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
23.3%
39.0%
10.2%
25.8%
1.7%

Geographic breakdown

France
Germany
Switzerland
Spain
Italy
Sweden
Netherlands
Norway
Finland
Denmark
Great Britain
Portugal
Belgium
Cash
22.3%
12.2%
11.8%
9.0%
7.8%
7.1%
5.9%
5.4%
4.3%
3.6%
3.0%
2.5%
2.0%
3.2%

Breakdown by sector

Healthcare
Consumer Staples
Financials
Consumer Discretion.
Industrials
IT
Energy
Materials
Communication Services
Cash
16.2%
14.5%
13.7%
13.3%
12.2%
11.9%
5.9%
4.8%
4.5%
3.2%

Opportunities

  • Owner and family-run businesses think in generations, not in quarters.
  • Economic sustainability: Low debt, high degree of innovation, stable growth and strong margins.
  • 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 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.

European equities, as measured by the SXXR, declined 0.7% in April, a more robust performance compared to very weak global and US markets (SPX -8.8% in USD). Geopolitical tensions, growth and inflation scare dominated, with China’s lock downs further weakening the top down picture. Inflation data reached new records in the US and Eurozone and government bond yields kept rising while central banks become more hawkish. In the EZ Q1 GDP increased 0.4% qoq in line with expectations but surprisingly declined 1.4% on an annualized pace in the US. Flash Eurozone PMI rose to a 7-month high of 55.8 in April from 54.9 in March, led by Services (57.7 vs 55.6) which benefited from loosen COVID restrictions, and helped offset the waning manufacturing output (50.4 vs 53.1), impacted by production curbs and ongoing supply constraints. In terms of sector performance, defensives fared better with food, beverage and tobacco (+5.8%), personal care, drug and grocery stores (+4.1%) and utilities (+2.8%) performing best, while technology (-7.1%), financial services (-6.4%) and real estate (-5.9%) lagged the most.

Against this backdrop, the fund declined 1.1% (EUR / B shares), underperforming its benchmark by 38 bps.

High growth and tech companies suffered the most. Bottom 3 performers in the month were BESI (-24.5%), Carl Zeiss (-18.1%) and ASM International (-12.7%). BESI, the Dutch semi equipment manufacturer, reported Q1 revenues and profitability in line with forecasts, but the order intake disappointed due to both China lockdowns and a seemingly weak innovation cycle with Telco clients. Both are likely to normalize through 2022/23, while the announced sector Capex roadmap confirms good growth ahead. With net cash at hands, EBIT margin of 45% and hybrid bonding technology ramping up, we see significant upside potential at valuation <12x EBIT. Carl Zeiss, the German medtech company, was weak on supply chain and profitability concerns. ASM Int. also suffered from market rotation away from tech and high growth names while it delivered solid Q1 results marked notably by record orders confirming increasing production volumes and higher adoption of ALD from foundries.

Top 3 contributors in the month were Essity (+17.8%), Mowi (+10.9%) and Homeserve (+17.3%). Essity provided some relief following concerns about margins, with a Q1 EBIT 21% above consensus and organic sales growth of 14.6%, beating forecasts by 4 pp. This clearly demonstrated the group’s pricing power and ability to protect margins. The Norwegian salmon producer Mowi delivered Q1 results marked by the doubling of its EBIT with salmon prices reaching new highs. After having risen 25% in March on a possible PE takeover, Homeserve continued its upward trend after the Board officially entered into discussions with Brookfield Asset Management. The probability of a takeover has now increased considerably, and we would expect interest from other PE bidders.

After a rebound in March, equity markets are finally catching up with reality. Supply driven issues like availability of goods, commodity price inflation etc. slowly shift to demand side worries around consumer demand and risk to growth. Market sentiment is poor and better than feared Q1 earnings delivery did nothing to change this. The growth category has taken a serious beat with many names down 50% to 60% since the highs of 2021. On the aggregate, sentiment and positioning seem not bearish enough yet for markets to stage a reversal. We remain well diversified across all styles and sectors, favoring quality companies inherent to our Entrepreneur universe squaring strong balance sheets, high margins and capital returns. These times ask for experienced stock picking along the main themes of rising inflation, slowing growth, post Covid reopening, energy dependence and ESG.

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

Rating

  • 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. 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.
  • Senior Product Specialist

    Loreno Ferrari

    Loreno Ferrari joined Bellevue Asset Management in 2018 and is a Senior 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 Institute.
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