BB Global Macro (Lux)
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
Please find a more detailed description of share classes here.
The Fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility of 5-7%. The Fund actively invests globally in several asset classes with the possibility to build up long- and short exposure, maintaining a constant level of risk over time.
Indexed performance (as at: 26.10.2021)
NAV: CHF 163.94 (25.10.2021)
Rolling performance (25.10.2021)
|25.10.2020 - 25.10.2021||3.11%||-0.77%|
|25.10.2019 - 25.10.2020||-1.92%||-0.70%|
|25.10.2018 - 25.10.2019||6.18%||-0.75%|
|25.10.2017 - 25.10.2018||-4.22%||-0.73%|
Annualized performance (25.10.2021)
|Since Inception p.a.||2.41%||-0.42%|
Cumulative performance (25.10.2021)
Facts & Key figures
The Fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility of 5-7%. The Fund actively 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.Show moreShow less
Investment suitability & Risk
|Investment Manager||Bellevue Asset Management AG|
|Custodian||RBC Investor Services, Luxembourg|
|Fund Administrator||RBC Investor Services, Luxembourg|
|Year end closing||30. Jun|
|NAV Calculation||Daily "Forward Pricing"|
|Cut of time||15:00 CET|
|Performance Fee||15.00% (with High Water Mark)|
|Legal form||SICAV Luxembourg jurisdiction|
|SFDR category||Article 8|
Key data (30.09.2021, base currency EUR)
|No. of positions||191|
Top 10 positions
Breakdown by sector
Opportunities & Risks
- 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% - 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.
- 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.
Review / Outlook
The Fund returned -1.5% in September with a volatility of 3.6%. During the month, the MSCI World Equity Index fell by 4.3%, the JP Morgan global government bond index lost 0.3% and commodities gained 6.0%, all figures in euro hedged terms. September was a difficult month where most asset classes showed a negative performance, with the exception of commodities.
The forex strategy contributed -0.61% in September. Our neutral portfolio is fully hedged in euro and the euro lost 2.0% vs the dollar this month. The negative performance is therefore more due to the long term choice of the neutral portfolio than to an active short term investment decision. Equity strategies outperformed the MSCI Word Index, but contributed nevertheless -0.52%. Government bonds were not able to compensate the losses in equities and lost -0.20%. Non government debt was marginally negative at -0.13%.
During the month, we increased the equity exposure marginally from 30% to 31%, the non government debt exposure from 20% to 22%. The government bond net exposure increased from 79% to 88%.
In order to hedge the portfolio against a deterioration in the real estate and financial conditions in China, we sold a small position of CNY vs USD towards the end of the month.
We reviewed our investment scenarios on September 8, adapted the scenarios and changed the weights:
Scenario 1, with a weight of 25%, foresees that worldwide quantitative easing pushes US equities further into bubble territory. Liquidity will remain ample as it will take time before tapering measures feed through financial markets. This is positive for value investing and emerging market equities, negative for high yield bonds and government bonds.
In scenario 2, with a weight of 50%, US headline inflation retreats from the current 5.4%, but remains more persistent than initially anticipated. News of supply chain disruptions, commodity price increases and China real estate woes cause a period of consolidation in equities. Government bonds will consolidate, caught between fears of rising inflation (negative) and a flight to quality (positive). This environment is neutral to negative for high yield bonds.
Scenario 3, with a weight of 25%, projects that US equity markets are overvalued and they experience a technical correction. There are several potential catalysts. This is negative for equities and high yield bonds. Depending on the catalyst, there could be a flight to quality, benefiting government bonds. Under most circumstances, we would regard scenario 3 as a buying opportunity.
Past performance is not a reliable indicator of future results and can be misleading. As the subfund 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 subfund, thus the performance of a benchmark is not a reliable indicator of future performance of the subfund 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