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. LU1725387978
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: 27.03.2024)
NAV: EUR 164.25 (26.03.2024)
Rolling performance (26.03.2024)
I2-EUR | Benchmark | |
24.03.2023 - 26.03.2024 | 13.00% | 19.31% |
25.03.2022 - 24.03.2023 | 0.35% | -0.45% |
26.03.2021 - 25.03.2022 | 1.11% | 8.59% |
26.03.2020 - 26.03.2021 | 50.06% | 35.57% |
Annualized performance (26.03.2024)
I2-EUR | Benchmark | |
1 year | 13.00% | 19.31% |
3 years | 4.66% | 8.84% |
5 years | 6.28% | 8.93% |
Since Inception p.a. | 4.41% | 7.16% |
Cumulative performance (26.03.2024)
I2-EUR | Benchmark | |
1M | 4.34% | 3.51% |
YTD | 6.94% | 7.26% |
1 year | 13.00% | 19.31% |
3 years | 14.65% | 28.97% |
5 years | 35.68% | 53.42% |
Since Inception | 31.40% | 54.88% |
Annual performance
I2-EUR | Benchmark | |
2023 | 10.70% | 15.81% |
2022 | -12.97% | -10.81% |
2021 | 20.48% | 25.14% |
2020 | 2.00% | -1.99% |
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 | 0.80% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1725387978 |
Valor number | 39331673 |
Bloomberg | BELBI2E LX |
WKN | A2H8LH |
Total expense ratio (TER) | 1.33% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (29.02.2024, base currency EUR)
Beta | 0.92 |
Volatility | 14.90 |
Tracking error | 5.74 |
Active share | 90.06 |
Correlation | 0.93 |
Sharpe ratio | 0.27 |
Information ratio | -0.89 |
Jensen's alpha | -4.94 |
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 2.3% (EUR / B shares), outperforming its benchmark by 30 bps.
Main detractors in the month were Alten (-5.6%), Roche (-8.2%) and Aker BP (-6.9%). Alten delivered 2023 results in line with expectations. For 2024 the revenue growth is expected to be “satisfactory” and profitability above 2023. While unsurprisingly not precise at the start of the year, the company initial guidance suggests another year of EPS growth above 10%. Alten is trading on less than 10x EBIT, close to historical trough, and 25% below its longterm average. Roche reported 4Q23 sales in line with 2H23 core EBIT 11% below expectations. Its 2024 target for MSD sales and core EPS growth was broadly in line and led to modest consensus reductions. Aker BP delivered stronger than expected Q4 EBITDA and FCF and the company proposed a higher than expected dividend of USD 2.4, a 10% yield. The outlook was however disappointing, with a 2024 production guidance of 410-440kboepd, ca 5% below expectations.
Top 3 contributors in the month were BESI (+19.6%), Prysmian (+12.3%) and Sopra Steria (+8.7%). BESI Q4 results confirmed once again its best in class profitability, with a strong 37% EBIT margin despite revenues being close to a cyclical trough. Also, BESI’s hybrid bonding technology is gradually taking off. Prysmian reported a FY23 EBITDA growth of 9%, including strong results from its transmission division – underpinned by the tailwinds of electrification and renewables megatrends – and weaker telecom earnings. The EBITDA 2024 guidance of EUR 1.625 bn at the mid-point led to ca 5% consensus upgrade. With a backlog of EUR 18 bn, the 2027 EBITDA target of EUR 2 bn seems well within reach. Sopra Steria delivered strong 2023 results, marked by best in class organic growth of 6.6% and 50 bps margin improvement, beating both expectations and the company guidance. Sopra also announced the disposal of its banking software business, a welcome operation that will reduce the company risk profile and crystallize value.
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