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Principles 

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The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

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The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria and Spain. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents BB Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB securities fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents BB Adamant Funds and BB Adamant Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB Adamant Global Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

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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

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0433847323

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: 20.05.2022)

NAV: EUR 195.08 (19.05.2022)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I-EUR
Benchmark

Rolling performance (19.05.2022)

I-EURBenchmark
19.05.2021 - 19.05.20228.20%11.66%
19.05.2020 - 19.05.20214.13%15.57%
17.05.2019 - 19.05.2020-17.80%-11.78%
18.05.2018 - 17.05.2019-8.53%-11.32%

Annualized performance (19.05.2022)

I-EURBenchmark
1 year8.20%11.66%
3 years-2.52%4.41%
5 years0.67%2.80%
10 years2.07%1.97%
Since Inception p.a.3.51%3.23%

Cumulative performance (19.05.2022)

I-EURBenchmark
1M-7.91%-9.21%
YTD-2.12%3.19%
1 year8.20%11.66%
3 years-7.39%13.85%
5 years3.41%14.83%
Since Inception56.06%50.75%

Annual performance

I-EURBenchmark
202111.67%11.82%
2020-14.25%-6.52%
20199.24%15.82%
2018-10.72%-13.81%

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

SRRI

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
AuditorPriceWaterhouseCoopers
Launch date30.06.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0433847323
Valor number10264503
BloombergBBAFOIE LX
WKNA0RP3F
Total expense ratio (TER)2.36% (29.04.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (29.04.2022, base currency EUR)

Beta0.67
Volatility14.40
Tracking error10.13
Active share43.25
Correlation0.82
Sharpe ratio-0.09
Information ratio-0.75
Jensen's alpha-5.84
No. of positions47

Top 10 positions

First Quantum Miner.
Ivanohe Mining
Label Vie
B2Gold
Attijariwafa Bank
Kosmos Energy
Firstrand
Sothema
Marsa Maroc
Safaricom
7.2%
5.8%
4.8%
4.6%
4.2%
4.1%
3.9%
3.6%
3.2%
2.8%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
19.5%
16.3%
11.3%
24.8%
11.5%
11.2%
5.5%

Geographic breakdown

Morocco
South Africa
Egypt
Zambia
Kenya
DR Congo
Ghana
Mali
Burkina Faso
Saudi Arabia
Nigeria
Cash
22.4%
21.1%
15.9%
7.2%
6.8%
5.8%
5.7%
4.6%
3.1%
2.9%
1.1%
3.3%

Breakdown by sector

Materials
Financials
Consumer Staples
Communication Services
Healthcare
Energy
Real Estate
Industrials
Consumer Discretion.
IT
Others
Cash
30.6%
24.6%
10.1%
8.4%
7.7%
4.1%
3.4%
3.2%
2.7%
1.3%
0.7%
3.3%

Opportunities

  • 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.

Risks

  • 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.

Fears of a slowdown of the Chinese economy due to protracted lockdown measures weighed negatively on commodities prices, particularly industrial metals. South Africa, a key beneficiary of the commodities rally in 1Q 22, was the main victim of this reversal of fortunes, ending April as the worst performer among our core markets. More headwinds to performances came from the notable US Dollar strengthening (Bloomberg USD Index up 4.7% mom vs. +7.6% ytd) which negatively affected our markets’ USD returns. Despite a challenging month, the fund’s ytd performance in USD remained above that of Emerging, Frontier and DM indices.

On top of the global macro challenges, South Africa faced heavy rainfalls causing severe flooding in KwaZulu Natal, the country’s 2nd largest province by GDP size and home to the Durban port handling 60% of the local container traffic. The damages from the flooding led Sasol – SA’s leading oil & chemicals group – and Transnet – the state-owned transport company – to call force majeure on their chemicals and coal exports infrastructure. Furthermore, power rationing returned last month, worsening domestic economic woes with a clear risk of GDP contraction in 2Q 2022. Inflation reached 5.9% yoy in March, closing on the Reserve Bank’s upper band target (6%), which, combined with the weaker ZAR/USD rate in April (-8.1%) could lead the institution to raise its main policy rate (4.25%) for a fourth consecutive meeting in May. Equities fell 4.1% mom.

TotalEnergies is the latest oil major to announce its intention to sell part of its onshore and shallow waters fields in Nigeria, citing sabotage and crude theft as the main reasons behind its divestment plans. This decision is a reminder of the structural issues hampering the country’s oil production, and showcases the reason why Nigeria missed its OPEC+ quotas for most of 2021 and this year. Under these circumstances, there was no improvement in the USD supply for foreign capital repatriation, hence foreign investors reinvested part of their “trapped” dividends into equities. The stock index added 5.6% last month, helped by 1Q 22 earnings from the main banks and consumers names surprising positively.

Italy’s Eni signed a deal with the Egyptian Natural Gas Holding Company to increase Egypt’s gas exports to Europe, targeting 3 bn cubic meter (bcm) this year. The 50% rise in annual gas flow from Israel to Egypt (+2.5 bcm since 1Q 22) and the restart of the Damietta gas liquefaction plant in 2021 (7.6 bcm capacity per year) allowed the country to position itself as a gas exporting hub helping the EU cut its reliance on Russian gas. These developments combined with successful reforms of the energy sector (energy trade balance flipped to a surplus in less than 5 years) could reignite a strong FDIs drive into the oil & gas sector, benefiting Egypt’s current account prospects in the medium term. The EGX 30 fell 1.7% mom on the quite market activity during the holy period of Ramadan and the lack of catalysts to lift valuation multiples from their historical lows. On the corporate front, the picture remains encouraging with Commercial International Bank and Obour Land – the largest white cheese producer – reporting double-digits earnings growth in 1Q 22 and positive forward guidance.

Higher food and energy prices pushed Moroccan inflation to 5.8% yoy last March, its highest level since 2008, but a brighter spot came from the tourism sector as the latest data showed a pick-up in tourists arrivals last February. This coincides with the removal of most COVID-19 restrictions in Europe and Morocco, which bodes well for the summer season. Equities gained 2.5% last month. The MAD lost 3.1% against the USD but gained 1.7% vs. the EUR.

Moving East, concerns on Kenya’s external balances drove relentless selling from foreign investors while local investors took a back seat, cherry picking only a few names. Equities fell 3.6% mom.

We reduced our exposure to commodities names as the momentum in global prices faded. In case commodities prices continue on a downward trend, we will again seize the attractively priced structural opportunities in countries that are net importers of commodities such as Egypt, Morocco and Kenya, in particular if they resume their ambitious reform programs. On the other end, if commodities prices resume their upward trend, we will once again increase our tactical allocation to commodities-related stocks and countries.

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

Ratings

  • 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.
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