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: 17.02.2025)
NAV: EUR 208.12 (16.02.2025)
Rolling performance (17.02.2025)
B-EUR | Benchmark | |
16.02.2024 - 16.02.2025 | 8.53% | 10.53% |
16.02.2023 - 16.02.2024 | -1.65% | 3.23% |
16.02.2022 - 16.02.2023 | -7.59% | -2.95% |
16.02.2021 - 16.02.2022 | 7.85% | 8.40% |
Annualized performance (17.02.2025)
B-EUR | Benchmark | |
1 year | 8.53% | 10.53% |
3 years | -0.46% | 3.46% |
5 years | 5.63% | 5.37% |
Since Inception p.a. | 6.40% | 7.83% |
Cumulative performance (17.02.2025)
B-EUR | Benchmark | |
1M | 5.11% | 4.86% |
YTD | 7.73% | 7.62% |
1 year | 8.53% | 10.53% |
3 years | -1.36% | 10.73% |
5 years | 31.53% | 29.92% |
Since Inception | 66.50% | 85.78% |
Annual performance
B-EUR | Benchmark | |
2024 | -0.91% | 2.48% |
2023 | 11.66% | 13.29% |
2022 | -25.75% | -20.38% |
2021 | 30.43% | 28.16% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in listed owner-managed companies in Switzerland 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 | 30.11.2016 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.60% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1477743899 |
Valor number | 33638251 |
Bloomberg | BVBESBE LX |
WKN | A2ASDH |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.01.2025, base currency CHF)
Beta | 1.00 |
Volatility | 15.56 |
Tracking error | 5.03 |
Active share | 44.61 |
Correlation | 0.95 |
Sharpe ratio | -0.30 |
Information ratio | -0.76 |
Jensen's alpha | -3.81 |
No. of positions | 41 |
Portfolio
Top 10 positions
Market capitalization
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 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.
- Succession planning poses an additional risk for owner-run companies.
- 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 increased 6.6% (CHF / B shares) on par with its benchmark.
Main detractors in the month were Barry Callebaut (-13.1%), SFS (-8.6%) and U-blox (-7.0%). Impacted by the strong rise of the cocoa price, Barry Callebaut reported disappointing Q1 2025 revenues and downgraded its full-year volume outlook to LSD volume decline. Barry kept its EBIT target unchanged, but FCF is likely to be significantly worse than anticipated due to working capital, raising questions about the financing implications. We have sold the position. SFS prelim sales and EBIT margin disappointed with no notable pick up in H2, which should have come as no surprise following recent macro indicators. 2025 consensus expectations of 4% top line growth and 60 bps margin improvement might be too steep and back end loaded but valuation is already reflecting this. U-blox failed to sell its loss making communicate division, which will be instead gradually phased out. This was a bit disappointing but not a game changer. Focus should now be on the remaining positioning activity, where u-blox is the clear leader, boasting strong normalized profitability and double digit expected growth in 2025.
Top 3 contributors in the month were Medmix (+39.6%), Gurit (+21.7%) and Temenos (+21.6%). As Medmix lowered its FY guidance following a weak H1, we see the results pretty much derisked for 2024. After meeting with the management, we hear end markets are stabilizing with dental slowly recovering. New MT targets should be communicated with the FY results end of February. Gurit released FY24 revenues of CHF 432 mn, close to its guidance but implying a good Q4 at +20%, driven by good performances of marine and manufacturing solutions, but also wind returning to positive growth. The company also announced it will reach the high end of its 6%-7% margin guidance, implying 9% for H2, a profitability level not reached since 2020. Temenos released preliminary results above expectations with Q4 sales up 8% yoy, including a very strong 59% growth from subscriptions, more than offsetting the decline in licences. EBIT came in 21% yoy, or 19% above expectations benefiting from operating leverage and restructuring measures announced earlier in 2024. This will need to be confirmed over time, but was a positive signal regarding the strategy adopted by the new management.
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