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

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Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0494762056

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: EUR 184.34 (25.10.2021)


Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (25.10.2021)

I-EURBenchmark
25.10.2020 - 25.10.20213.95%-0.56%
25.10.2019 - 25.10.2020-1.00%-0.42%
25.10.2018 - 25.10.20196.90%-0.38%
25.10.2017 - 25.10.2018-3.10%-0.38%

Annualized performance (25.10.2021)

I-EURBenchmark
1 year3.95%-0.56%
3 years3.15%-0.45%
5 years1.58%-0.42%
Since Inception p.a.3.41%0.04%

Cumulative performance (25.10.2021)

I-EURBenchmark
1M-1.23%-0.05%
YTD-1.27%-0.46%
1 year3.95%-0.56%
3 years9.75%-1.35%
5 years8.17%-2.07%
Since Inception47.47%0.46%

Annual performance

I-EURBenchmark
20202.73%-0.44%
20197.36%-0.40%
2018-2.18%-0.37%
20173.45%-0.37%

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 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

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
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date31.03.2010
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.80%
Subscription Fee (max.)5.00%
Performance Fee15.00% (with High Water Mark)
ISIN numberLU0494762056
Valor number11117648
BloombergBLBBGMI LX
WKNA1CW7R

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (30.09.2021, base currency EUR)

Volatility6.69
Share ratio1.08
No. of positions191

Top 10 positions

Bundesobl 0%
Germany 0% -20-10.06.22
Bundesobl. 0% 20-11.03.22
IShares Phy 11 Gold
BB Biotech
Moderna
BB African Opp. I2 EUR
STILLWATER 7.125% 17-27.06.25
Japan Hotel
MX Remit 4.875% 15.01.28
15.6%
14.0%
12.3%
1.7%
1.5%
1.3%
1.0%
0.9%
0.7%
0.7%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.2%
0.7%
5.6%
6.2%
1.9%
6.4%
78.2%

Geographic breakdown

United States
Switzerland
Luxembourg
Great Britain
Portugal
Denmark
Japan
France
Australia
China
Belgium
Sweden
Others
Cash
11.6%
2.3%
1.0%
0.9%
0.5%
0.5%
0.5%
0.4%
0.3%
0.2%
0.1%
0.1%
71.8%
10.0%

Breakdown by sector

Long dated bonds
Short dated bonds
Equities
Non-government bonds
Commodities
Short dated bonds
Long dated bonds
103.0%
43.0%
31.0%
20.0%
1.0%
-17.0%
-41.0%

Currency

EUR
USD
CHF
JPY
HKD
GBP
DKK
AUD
CAD
65.2%
26.6%
2.3%
2.1%
2.0%
1.2%
0.4%
0.2%
0.1%

Opportunities

  • 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.

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 -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

  • Lead Portfolio Manager

    Lucio Soso

    Lucio Soso is portfolio manager of the BB Global Macro Fund with many years of experience in finance. Prior to joining Bellevue Asset Management he worked 6 years for RBR Capital where he was also responsible for this fund and was developing the financial models and risk management for total return and global macro strategies. From 1995 to 1998, he worked as finance research director for All Asia Capital and from 1992 to 1995 as an institutional portfolio manager at Pictet et Cie in London. Lucio Soso holds a master in finance from the London Business School, a master in nuclear physics from the Tokyo Institute of Technology and a degree in electrical engineering from the Swiss Federal Institute of Technology (ETH) in Zurich.
  • 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 Investment & Products

    Markus Peter

    Markus Peter joined Bellevue Asset Management in early 2009 as head investments and products. 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).
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