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

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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, Spain and Portugal. 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. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), 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, Theaterstrasse 12, CH-8001 Zurich.

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, 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 Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue 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, Theaterstrasse 12, CH-8001 Zurich.

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Data protection

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More info

Bellevue Global Macro

Share class
 
Documents

ISIN-No.: LU1233584223

YTD: 4.58%

Anzahl Positionen: 64

The world in one portfolio - all-weather strategy with absolute return approach

The fund seeks consistent positive annual returns over the business cycle

 UCITS V regulated absolute return strategy with daily liquidity

Indexed performance (as at: 28.08.2025)

NAV: USD 173.71 (27.08.2025)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
HB-USD
Benchmark

Rolling performance (28.08.2025)

HB-USDBenchmark
27.08.2024 - 27.08.20256.26%4.99%
27.08.2023 - 27.08.202412.57%5.26%
27.08.2022 - 27.08.20233.80%4.44%
27.08.2021 - 27.08.2022-10.78%0.56%

Annualized performance (28.08.2025)

HB-USDBenchmark
1 year6.26%4.99%
3 years7.48%4.90%
5 years3.20%3.06%
10 years3.25%2.28%
Since Inception p.a.3.29%2.25%

Cumulative performance (28.08.2025)

HB-USDBenchmark
1M0.66%0.40%
YTD4.58%2.91%
1 year6.26%4.99%
3 years24.16%15.42%
5 years17.06%16.29%
10 years37.69%25.30%
Since Inception38.97%25.36%

Annual performance

HB-USDBenchmark
20247.47%5.36%
202310.16%5.23%
2022-7.31%1.67%
2021-2.76%0.16%

Investment Focus

The fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility around 5-7%. The fund is actively managed and invests globally in several asset classes with the possibility to build up long and short exposure, maintaining a constant level of risk over time. A proprietary global macro screening engine supports an experienced team of specialists to express their market views and to define the most successful top down strategies. Risk is an integrated part within the entire investment process. By targeting an explicit risk level on a daily basis the risk profile is maintained over time. The portfolio is mainly invested in liquid assets, the fund offers daily liquidity. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s objective is to achieve consistent positive returns across the economic cycle. The targeted returns are intended to be largely de-correlated from those of major asset classes. It is therefore particularly suited to investors with an investment horizon of at least 3 years who are focused on achieving consistent absolute returns. The base currency of the Fund is EUR.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date31.03.2010
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.40%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU1233584223
Valor number28230790
BloombergBBGMHBU LX
WKNA14WT7

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.07.2025, base currency EUR)

Beta1.00
Volatility5.26
Correlation1.00
Sharpe ratio0.37
No. of positions64

Benefits

  • Fund targets to achieve consistent absolute returns across the economic cycle
  • Systematic investment approach – based on proprietary models developed over the past 23 years
  • Use of leverage is possible, the net exposure is usually between 120% and 150%
  • Possibility to make short investments if the market environment offers appropriate opportunities to do so
  • UCITS V regulated absolute return strategy with daily liquidity

Risks

  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses
  • The fund may invest part of its assets in bonds. Their issuers may become insolvent
  • The investment in fixed-interest securities gives rise to interest rate risks
  • Investing in emerging markets entails the additional risk of political and social instability
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency

The fund returned +0.53% in July with a volatility of 2.6%. Over the month, the MSCI World Index (EUR) gained +3.88%, and the Bloomberg Global Aggregate Government (EUR Hedged) Index lost 0.42%.

The fund’s performance contributors were equities (+0.48%), non-government bonds (+0.29%), foreign exchange (-0.14%), and government bonds (-0.10%). Trade tariff expectations influenced markets, with equity markets reaching new highs across both sides of the Atlantic, supported by positive US trade agreements with major trading partners. Our equity investments lagged behind the MSCI World Index (EUR), mainly due to the European exposure. Non-government bonds performed in line with broader credit markets. Foreign exchange is explained by the short position in the US dollar versus the euro. Government bonds were affected by a 15 bp increase in the yield on 10-year US Treasuries to 4.37%.

During the month, we increased the equity allocation from 24% to 38%, reflecting our more positive scenarios due to improved tariff expectations. We kept the allocations to government bonds and credit at 30% and 29%, respectively. The fund ended the month with a slight short USD exposure of -1.4%. Total duration remained stable at 3.4 years versus the long-term average of 3.7 years. The fund’s main hedges are the 30% long-term government bond and the 5% gold exposures.

On July 11, 2025, we reviewed our scenarios as follows:

Base scenario: Settling down in a world of tariffs. The global economy navigates the initial wave of tariffs well and shows resilience. While tariff discussions continue, markets now expect less extreme final levels than those announced on Liberation Day. Inflation keeps trending down gradually. We expect equity markets to continue to grind higher. This scenario is neutral for credit and slightly negative for government bonds.

Positive scenario: A world of stimuli. Tariff discussions fade into the background. Stimuli such as fiscal expansion in both the US and Europe, along with a more dovish Fed, become the main drivers of the equity markets. President Trump’s One Big Beautiful Bill Act is passed. European economies benefit from Germany’s new government-led fiscal easing. Inflation remains under control. This scenario is positive for equities and credit and negative for government bonds.

Negative scenario: Trade war. Major economies end up with extravagant tariffs, increasing recession risk. In addition, disruptive US policies at home and abroad further dampen market sentiment. We expect financial markets to focus more on recession fears than inflation concerns. Equity markets correct by around 20%. This scenario is negative for credit and positive for government bonds, though we apply less hedging value to US Treasuries.

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ESG

Legal notices

  • Co-Lead Portfolio Manager

    Malek Bou-Diab

    Malek Bou-Diab joined the Bellevue Global Macro team as Portfolio Manager in August 2024. He joined Bellevue Asset Management in 2009 as Senior Portfolio Manager Frontier Markets and Quant Analyst. Prior to that, he worked as Portfolio Manager at Julius Baer in the Emerging Markets team. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. He completed his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH) between 1999 and 2003.

  • Co-Lead Portfolio Manager

    Alexandrine Jaecklin

    Alexandrine Jaecklin joined Bellevue Asset Management in June 2015 as portfolio manager in charge of the bond selection. Before, Alexandrine worked for 15 years at UBS. She joined UBS as a credit analyst for Emerging Markets on the sell side in New York and London, and then moved to the Wealth Management in Zürich to cover European Financial credits. She spent the last 6 years of her time at UBS advising directly institutional private clients with a focus on bond markets on managing their portfolio. Prior to UBS, she was an research analyst at Laidlaw Global Securities (New York), Smith Barney (New York), and the United Overseas Bank (BNP subsidiary - Geneva) in the fields of Emerging Markets and fixed income. She holds a Master in International Relations, Economics section, from the Graduate Institute of International Studies (HEI) in Geneva.

  • Head Investments

    Markus Peter

    Markus Peter was appointed CEO of Bellevue Asset Management in June 2025. He has been Head Investments at Bellevue Asset Management since 2009 and a member of the Group Executive Board since 2024. He previously held several management positions during his 10 years with Julius Baer Group, including head product management and development, investment advisory as well as a product specialist for absolute return products. Prior to joining Julius Baer he was employed by IBM, treasury and project finance, as well as by Swiss Bank Corporation, equity and equity derivative trading. Markus Peter holds a master in business economics from the University of St. Gallen (HSG).

  • Portfolio Manager

    Stefan Köhling

    Stefan Köhling has been a portfolio manager and strategist at Bellevue Asset Management (Deutschland) GmbH since the beginning of 2023. Previously, he was an investment strategist in Wealth Management at Deutsche Bank. He started his career at the private bank Hauck und Aufhäuser as a multi-asset portfolio manager. Stefan holds a Bachelor's and a Master's degree in Economics and is a CFA charterholder.
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