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.
Investment Focus
ISIN-No. LU0513479864
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: 24.06.2022)
NAV: CHF 144.00 (22.06.2022)
Rolling performance (22.06.2022)
| HB-CHF | Benchmark | |
| 22.06.2021 - 22.06.2022 | -14.02% | -0.74% |
| 22.06.2020 - 22.06.2021 | 4.87% | -0.76% |
| 21.06.2019 - 22.06.2020 | -1.39% | -0.73% |
| 22.06.2018 - 21.06.2019 | 4.03% | -0.71% |
Annualized performance (22.06.2022)
| HB-CHF | Benchmark | |
| 1 year | -14.02% | -0.74% |
| 3 years | -3.84% | -0.74% |
| 5 years | -2.02% | -0.74% |
| 10 years | 1.81% | -0.55% |
| Since Inception p.a. | 1.18% | -0.43% |
Cumulative performance (22.06.2022)
| HB-CHF | Benchmark | |
| 1M | -1.93% | -0.05% |
| YTD | -10.58% | -0.33% |
| 1 year | -14.02% | -0.74% |
| 3 years | -11.09% | -2.21% |
| 5 years | -9.72% | -3.63% |
| Since Inception | 15.20% | -5.12% |
Annual performance
| HB-CHF | Benchmark | |
| 2021 | -3.72% | -0.77% |
| 2020 | 1.86% | -0.72% |
| 2019 | 6.72% | -0.74% |
| 2018 | -3.29% | -0.73% |
Facts & Key figures
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. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | RBC Investor Services, Luxembourg |
| Fund Administrator | RBC Investor Services, Luxembourg |
| Auditor | PriceWaterhouseCoopers |
| Launch date | 31.03.2010 |
| Year end closing | 30. Jun |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 1.40% |
| Performance Fee | 15.00% (with High Water Mark) |
| ISIN number | LU0513479864 |
| Valor number | 11353519 |
| Bloomberg | BBGMABS LX |
| WKN | A1C094 |
| Total expense ratio (TER) | 1.94% (31.05.2022) |
Legal Information
| Legal form | SICAV Luxembourg jurisdiction |
| SFDR category | Article 8 |
Key data (31.05.2022, base currency EUR)
| Volatility | 7.17 |
| Sharpe ratio | -0.21 |
| No. of positions | 101 |
Opportunities & Risks
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.
Review / Outlook
The fund returned -0.7% in May with a volatility of 7.8%. During the month, the MSCI World Equity Index lost 0.2%, the JP Morgan Global Government Bond Index lost 1.5% and commodities rose 5.1%, all figures in euro hedged terms.
The main performance contributors are foreign exchange 0.23%, government bonds 0.13%, non government bonds 0.10%, gold 0.19% and equities 0.73%.
The forex strategy reflects the fact that our neutral portfolio is 100% euro hedged and benefited from the 1.77% loss of the USD vs the EUR. Government bonds gained thanks to the US 10y treasury yield tightening by 11 bps to 2.87%. The equity strategy underperformed overall equity markets due to the growth positions. It was a volatile month for non government bonds. The Bloomberg Global High Yield Index initially widened by 84 bps and then tightened by 61 bps.
During the month, we raised the equity exposure from 28% to 29% and the non-government bonds exposure from 22% to 23%. The non government bond book is now yielding 6.0% in EUR with a duration of 3.1y and an average bond rating of BB. We lowered the long term government bond exposure from 30% to 28%. We maintained a low portfolio duration at 2.5 years vs the long term average of 3.8. The main hedges of the fund are the 28% exposure to the US 10y treasury future and the 3.6% exposure to gold.
We modified our scenarios on May 30, 2022 as follows:
Scenario 1, weight 30%: Interest rates stabilize and inflation peaks. Market expectations and the Fed Dots are aligned. Inflation is likely to be peaking for many reasons: a) base effect, b) end of QE, c) a stabilization of raw material prices at current elevated levels, d) slowing but positive economic growth and e) a gradual resolution of supply chain disruptions. This is positive for equities and high yield bonds, slightly negative for government bonds.
Scenario 2, weight 40%: Due to external shocks, the economic growth slows down to lower but still positive levels. Markets consolidate. Input prices continue to rise and supply chain bottlenecks persist, affecting economic growth. Rising consumer price inflation at above 8% in the US and Europe is exerting a strong pressure on central banks to raise short term interest rates. The final level of interest rate remain uncertain.
Scenario 3, weight 30%: The world economy slips into recession due to an accumulation of external and internal shocks. The shocks mentioned in our central scenario take longer to resolve. This forces central banks to raise interest rates. This scenario is negative for equities and high yield bonds. Government bonds remain in a negative trend, but can offer a good hedge in case of an important market correction.
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. Show moreShow less
