Bellevue 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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Investment Focus

ISIN-No. LU1325892591

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: 03.12.2021)

NAV: EUR 114.01 (02.12.2021)


Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (02.12.2021)

AB-EURBenchmark
02.12.2020 - 02.12.2021-6.48%-0.56%
02.12.2019 - 02.12.20201.31%-0.43%
02.12.2018 - 02.12.20196.80%-0.39%
02.12.2017 - 02.12.2018-3.35%-0.37%

Annualized performance (02.12.2021)

AB-EURBenchmark
1 year-6.48%-0.56%
3 years0.39%-0.46%
5 years0.57%-0.42%
Since Inception p.a.0.50%-0.41%

Cumulative performance (02.12.2021)

AB-EURBenchmark
1M-3.27%-0.05%
YTD-7.44%-0.52%
1 year-6.48%-0.56%
3 years1.19%-1.38%
5 years2.89%-2.10%
Since Inception2.86%-2.30%

Annual performance

AB-EURBenchmark
20202.18%-0.44%
20197.03%-0.40%
2018-2.75%-0.37%
20172.98%-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

SRRI

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 Fee1.40%
Subscription Fee (max.)5.00%
Performance Fee15.00% (with High Water Mark)
ISIN numberLU1325892591
Valor number30538202
BloombergBBGMABE LX Equity
WKNA2AGX8

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8
Redemption periodDaily

Key data (30.11.2021, base currency EUR)

Volatility6.77
Share ratio0.33
No. of positions161

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 -1.2% in October with a volatility of 3.9%. During the month, the MSCI World equity index rose 5.6%, the JP Morgan global government bond index lost 0.2% and commodities gained 5.8%, all figures in euro hedged terms.

Although we entered the month with a portfolio duration of only 0.6 year, government bonds contributed -1.47%. The government bond strategy was affected by the impacts of rising yields on the long US 7y treasury position and of the yield curve flattening on the shorts US 15y and 30y treasury positions. The US 7y treasury yield increased +17 bps to 1.55% while the US 30y treasury tightened 11 bps to 1.93%. Other contributions were equities +0.55%, non-government bonds -0.14% and foreign exchange -0.19%. The positive equity contribution was diminished by the underperformance of the biotechnology sector. The Nasdaq Biotechnology Index lost 1.9% versus a gain of 5.6% for the MSCI World.

During October, we increased the government bond net exposure from 88% to 105%, bringing the portfolio’s duration to 2.1 years, still below the long term average of 4 years. The US 7y treasury future now offers an attractive short term yield of 3.5%. The equity exposure was increased from 31% to 33%. The non government bond exposure remained at 22%.

We modified our investment scenarios on October 7 as follows:

Scenario 1, with a weight of 30%, foresees a year-end rally in equities. Despite many concerns such as a more persistent inflation or the Fed starting to taper in November, liquidity remains extremely abundant. Inflation is a concern but will retreat somewhat. This is positive for developed market equities, negative for high yield and government bonds.

In Scenario 2, with a weight of 40%, anticipates a tug of war between deteriorating financial conditions and still very aggressive monetary policies. We still think that a large correction is unlikely and key interest rates in developed countries will be kept very low for the foreseeable future. We expect equity markets to be volatile and to rise marginally. This is neutral to negative for high yield and government bonds.

Scenario 3, with a weight of 30%, projects that the economy disappoints and the growing gap between equity valuations and economic reality precipitates a market correction in risk-on assets. Supply chain disruptions are cascading through the economy, delaying the recovery and surprising markets. This is negative for equities, particularly cyclicals and growth stories as well as high yield bonds. This is positive for government bonds.

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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