Explained in 90 seconds
Owner-operated or family-run companies think in generations, not in quarters
Solid balance sheets, high innovative strength and safety awareness have a positive effect on the share price
Companies impress with high ESG scores
Indexed performance (as at: 10.07.2025)
NAV: CHF 381.80 (09.07.2025)
Rolling performance (10.07.2025)
I-CHF | Benchmark | |
09.07.2024 - 09.07.2025 | 7.15% | 8.37% |
09.07.2023 - 09.07.2024 | 18.38% | 12.85% |
09.07.2022 - 09.07.2023 | 8.11% | 3.86% |
09.07.2021 - 09.07.2022 | -27.78% | -21.40% |
Annualized performance (10.07.2025)
I-CHF | Benchmark | |
1 year | 7.15% | 8.37% |
3 years | 11.10% | 7.74% |
5 years | 7.28% | 7.32% |
10 years | 6.91% | 6.80% |
Since Inception p.a. | 8.28% | 7.97% |
Cumulative performance (10.07.2025)
I-CHF | Benchmark | |
1M | 3.00% | 1.12% |
YTD | 20.25% | 14.97% |
1 year | 7.15% | 8.37% |
3 years | 37.13% | 25.08% |
5 years | 42.12% | 42.35% |
10 years | 95.15% | 93.15% |
Since Inception | 205.44% | 193.25% |
Annual performance
I-CHF | Benchmark | |
2024 | 4.80% | 4.05% |
2023 | 10.13% | 6.12% |
2022 | -26.50% | -24.45% |
2021 | 15.16% | 19.23% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in small- and mid-cap, listed owner-managed companies in Europe where an entrepreneur or a founder family holds at least a 20% of a company’s voting rights. The qualities of these companies – a focused business model, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
Auditor | PriceWaterhouseCoopers |
Launch date | 30.06.2011 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0631859575 |
Valor number | 13084214 |
Bloomberg | BFLESIC LX |
WKN | A1JG2J |
Total expense ratio (TER) | 1.50% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2025, base currency EUR)
Beta | 0.89 |
Volatility | 14.82 |
Tracking error | 5.03 |
Active share | 89.37 |
Correlation | 0.95 |
Sharpe ratio | 0.75 |
Information ratio | 0.20 |
Jensen's alpha | 2.25 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Above-average top line growth driven by high innovation and strong pricing power.
- Higher operating margins on the back of high market share ("Champion in the niche") combined with good cost discipline.
- More conservatively financed, lower debt exposure and a higher risk capacity compared to non-family businesses.
- Multi-award-winning management team with a long and successful track record investing in owner-run firms.
- Entrepreneurs for entrepreneurs – the Bellevue Group is itself an owner-run company with the majority of shares held by employees.
Risks
- The fund actively invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
- Shares in smaller businesses are generally traded in lower volumes and are subject to bigger price fluctuations than larger enterprises.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The fund may invest a proportion of its assets in financial instruments that might under certain circumstances have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
Against this backdrop, the fund returned 3.0%, outperforming its benchmark by 220 bps. Ytd the fund is up 17.2%, outperforming its benchmark by 470 bps.
Top performers in the month were Montana Aerospace (+41%), Wartsila (+13.7%) and Sopra Steria (+11.6%). The aerostructure supplier Montana displayed strong profitability improvement in the Q1 update, with aerostructure EBITDA margins expanding to 18% (+400 bps). FY guidance was confirmed despite tariff uncertainties. Montana will considerably benefit from the ramp up of Boeing's and Airbus’ production in 2026, which will contribute to higher profitability and ROIC. As a leading power equipment and solution provider, Wartsila is benefiting from structurally strong demand trends in both end markets energy and marine. We expect Wartsila to be able to gain market share in the booming market of power generation for data centers, also in the US. Sopra Steria outperformed both its sector and the market, sustained by the stabilization of the Airbus supply chain, its ca. 20% exposure to the defense sector and the ramp-up of a large contract with the UK public sector.
Top detractors in the month were Swissquote (-8.9%), Nordex (-5.5%), and Cloetta (-4.1%), all three suffering some profit taking after very strong ytd performances. The SNB cutting policy rates by 0.25% to 0% will be a negative for the NII but Swissquote’s management should have taken this into account in their traditionally conservative FY guidance. We expect the continued strong trading activity also in crypto to compensate for lower NII. Nordex (ytd +59%) suffered from profit taking as the US administration was aggressively looking to phase out key tax incentives for Renewable projects. At the time we write, the new version of the bill appears more favorable, but is should be noted that Nordex has very limited current exposure to the US. Following a strong +23% share price performance in May on solid Q1-25 results, Cloetta eased together with the weaker consumer staples sector. We remain positive on the company’s outlook, underpinned by an acceleration of revenue growth, margin improvement, and strong FCF, which support potential upside from M&A and higher shareholder returns.
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