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
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: 03.12.2021)
NAV: EUR 167.55 (02.12.2021)
Rolling performance (02.12.2021)
|02.12.2020 - 02.12.2021||-3.93%||-0.56%|
|02.12.2019 - 02.12.2020||1.32%||-0.43%|
|02.12.2018 - 02.12.2019||6.71%||-0.39%|
|02.12.2017 - 02.12.2018||-3.38%||-0.37%|
Annualized performance (02.12.2021)
|Since Inception p.a.||2.54%||0.03%|
Cumulative performance (02.12.2021)
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|
|Subscription Fee (max.)||5.00%|
|Performance Fee||15.00% (with High Water Mark)|
|Legal form||SICAV Luxembourg jurisdiction|
|SFDR category||Article 8|
Key data (30.11.2021, base currency EUR)
|No. of positions||161|
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 -1.2% 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