Bellevue African Opportunities (Lux)

Africa – a still largely untouched continent with attractive growth potential

 Lower correlation to global markets, especially compared to other emerging markets

 Structural change, reforms, raw material reserves and infrastructure investments as primary growth drivers

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Investment Focus

ISIN-No. LU0433847596

The Fund invests primarily in listed companies operating out of the emerging markets of Africa. At present, these are mainly countries in Northern Africa and the Sub-Sahara. Experienced emerging market experts, some of whom are from the region itself, focus on profitable large and mid-cap companies that stand to benefit from the region's strong growth momentum.

Indexed performance (as at: 03.12.2021)

NAV: CHF 119.86 (02.12.2021)

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

02.12.2020 - 02.12.20217.20%7.48%
02.12.2019 - 02.12.2020-18.11%-7.68%
02.12.2018 - 02.12.20191.71%6.82%
02.12.2017 - 02.12.2018-9.11%-10.38%

Annualized performance (02.12.2021)

1 year7.20%7.48%
3 years-3.70%1.96%
5 years-0.18%2.09%
10 years0.89%0.44%
Since Inception p.a.-0.34%-0.26%

Cumulative performance (02.12.2021)

1 year7.20%7.48%
3 years-10.71%6.00%
5 years-0.92%10.92%
10 years9.31%4.52%
Since Inception-4.11%-3.16%

Annual performance


Investment Focus

The Fund invests primarily in listed companies operating out of the emerging markets of Africa. These are mainly countries in Northern Africa and the Sub-Sahara that are benefiting from progressive structural change, economic reform, infrastructure investment and their bountiful natural resources. They also offer largely untapped investment potential. The Fund additionally invests in attractive opportunities in South Africa. Experienced emerging market experts, some of whom are from the region itself, focus on profitable large and mid-cap companies that stand to benefit from the region's strong growth momentum. Using a fundamental bottom-up and top-down approach the investment specialists screen out the most attractive companies and construct a portfolio containing 50 to 70 stocks, broadly diversified across the various countries and sectors.Show moreShow less

Investment suitability & Risk


Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 to 7 years who want to diversify their portfolio with investments in emerging market equities. The Fund is exposed to the risks typical of emerging market equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
Launch date30.06.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0433847596
Valor number10264516
Total expense ratio (TER)2.37% (30.11.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (30.11.2021, base currency EUR)

Tracking error10.18
Active share51.17
Share ratio0.04
Information ratio-0.65
Jensen's alpha-4.53
No. of positions52

Top 10 positions

Label Vie
First Quantum Miner.
Commercial Intl. Bank
Attijariwafa Bank
Marsa Maroc
Ivanohe Mining
Equity Group

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

South Africa
Saudi Arabia
Burkina Faso
DR Congo

Breakdown by sector

Consumer Staples
Consumer Discretion.
Communication Services
Real Estate
Telecommunication Services
Consumer Discretionary


  • Africa – a still largely untouched continent with attractive growth potential.
  • Structural change, reforms, raw material reserves and infrastructure investments as primary growth drivers.
  • Local experts - emerging market specialists, including from the region, with a competitive track record.
  • Active fund management that is not based on a benchmark index, but on an in-depth analysis of individual companies.
  • Low correlation, in particular to the equity markets of other emerging countries.


  • Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
  • The fund may invest in financial instruments that might have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
  • Investments in foreign currencies are subject to currency risks.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

Our core markets in Africa ended October in the green as the global risk-off sentiment of last September waned and local investors deployed more cash to equities. The latter move was particularly visible in Egypt, where foreign investors’ net buying (specially from GCC institutions) also improved. Total active COVID-19 cases in the region fell again to reach 430000 last month, according to the John Hopkins University database. Still at the forefront of the fight against the pandemic, Morocco introduced a vaccine pass system similar to that in developed nations.

A series of hikes in the price of regulated items took place in Egypt, starting with a 5% price increase in all domestic fuels, followed by a 28% upward revision in the tariff of natural gas (to USD 5.75/mmBtu) for industrials in the steel, cement and fertilizer sectors. On food, cooking oil price was raised to EGP 25/liter (up 19%) for ration card holders. These decisions remind us of the authorities’ commitment to fiscal discipline in the context of higher global commodities prices. Headline inflation stood at 6.6% yoy in September, up from 5.7% in August, a trajectory likely to carry on in the coming months as higher regulated prices filter through. Despite the upside risks to domestic inflation, the Central Bank kept its main policy rate unchanged at 8.75% whilst 12-month T-Bill rates remained in the 13.0-13.5% range they trade at since early this year, hence the lower real yields mom. Lastly, Egypt’s ability to attract/retain foreign Fixed Income flow should improve with the country returning to the JP Morgan’s EM Global Bond Index in January 2022 at an estimated weight of 1.8%. The EGX30 gained 8.6% mom, driven by a growing appetite from local and foreign institutions in stock heavyweights. The EGX70 and EGX100 fell 16.7% and 12.6% respectively given small and mid caps were affected by a regulatory crackdown on alleged market manipulations.

In South Africa, the resumption of power rationing by the state-owned utility Eskom made the headlines and spilled over into politics with the opposition seizing the opportunity to attack the ruling party in the run-up to the metropolitan elections (early November). For the first time since the end of the apartheid, local polls suggest that the ANC could fail to secure 50% of the vote, a prospect that would come at a critical time due to the need to hold onto fiscal consolidation targets. Equities shrugged off domestic uncertainties and gained 5% mom whereas the Rand lost 1% against the USD.

Tier-1 banks in Nigeria appear to have overcome the worse of the low-interest rate environment with net interest margins bottoming out in Q3 2021. In the manufacturing sector, Q3 publications showed the unabated pressure on margins coming from the FX situation and years of double-digit inflation. Furthermore, products distribution in Eastern Nigeria was disrupted by civil disobedience acts instigated by secessionist movements, that, over the past decade, regularly disturbed economic activities. The local stock index gained 4.5% mom, supported by the banks. The Naira was stable at NGN 413/USD on the official I&E window, but anecdotal evidence showed some FX repatriation transactions for foreign investors booked at spot and forward rates (150-days) of NGN 443 and NGN 452 per USD respectively.

In Kenya, authorities lifted the nationwide curfew in place since the onset of the pandemic and extended the operating hours for bars and restaurants to 11 p.m. The restrictions relief came with a KES 25 bn stimulus package to accelerate the economic recovery in the agricultural and livestock farming sectors that remain key for domestic employment. Equities were steady last month.

October was a quiet month in Morocco. The Q3 results released thus far came in line with market expectations and local investors kept on adding more equities. The stock Index was up 2.8% mom.

We reduced our exposure to South Africa and added to Saudia Arabia via the banks and the petrochemical complex. We participated in the IPO of the state-owned fintech company, e-finance, which successfully listed 26% of its share capital in Egypt. The transaction was 10x oversubscribed and triggered a strong interest from both foreign and local investors that we have not seen in years. The recovery in Egyptian equities last month was a welcome outcome which we think could be sustained should real yields continue on their downward trend.

Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund 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 sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund 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

    Malek Bou-Diab

    Malek Bou-Diab joined Bellevue Asset Management in June 2009 as portfolio manager new markets. He is lead portfolio manager for the BB African Opportunities Fund. Prior to that, he worked as investment specialist at Julius Baer, where he was responsible for managing an African equity fund. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. Between 1999 and 2003 he prepared his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH). He spent a large part of his youth in the Middle East, where he received an international education and studied Arabic.
  • Portfolio Manager

    Andy Gboka

    Andy Gboka joined Bellevue Asset Management as Analyst / Portfolio Manager of the BB African Opportunities Fund in January 2015. From 2011 to 2014 he was Senior Analyst at Exotix LLP covering the brewers and cement companies listed in Africa. He previously worked for Societe Generale Corporate and Investment Banking as Equity Analyst in the European utilities team covering the regulated sector. He holds a Msc specialised in Finance, Bordeaux Business School, now Kedge Business School since the merger with Euromed Marseille in July 2013.
  • Product Specialst

    Jean-Pierre Gerber

    Jean-Pierre Gerber joined Bellevue Asset Management early 2009 as a product specialist. Prior to this he had spent 10 years with Julius Baer, where he assumed various responsibilities including head of fund research and senior product specialist equities / emerging markets. He is Board Member of the Swiss African Business Circle which supports companies with their business engagements in Africa. Before, he worked as an assistant auditor and consultant at Ernst & Young. Jean-Pierre Gerber has a master's degree in business administration and economics after studies at the universities of Berne and Warwick, UK.