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Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

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.

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.rlich sind.

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, Spain and Portugal. 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. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), 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, Theaterstrasse 12, CH-8001 Zurich.

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, 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 Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue 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, Theaterstrasse 12, CH-8001 Zurich.

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

By clicking on "Accept", you confirm that you agree to the legal provisions. 

Bellevue Entrepreneur Switzerland (CH)

ISIN-No.: CH0379353722

YTD: 7.10%

Active share: 44.74

Anzahl Positionen: 41

Explained in 90 seconds

Bellevue Entrepreneur Strategies 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: 14.02.2025)

NAV: CHF 143.49 (11.02.2025)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
B-CHF
Benchmark

Rolling performance (14.02.2025)

B-CHFBenchmark
11.02.2024 - 11.02.20259.35%10.90%
11.02.2023 - 11.02.2024-3.05%-0.37%
11.02.2022 - 11.02.2023-9.50%-7.93%
11.02.2021 - 11.02.20228.71%14.23%

Annualized performance (14.02.2025)

B-CHFBenchmark
1 year9.35%10.90%
3 years-1.37%1.09%
5 years5.23%3.59%
Since Inception p.a.5.08%6.24%

Cumulative performance (14.02.2025)

B-CHFBenchmark
1M5.31%5.30%
YTD7.10%6.93%
1 year9.35%10.90%
3 years-4.06%3.31%
5 years29.03%19.30%
Since Inception44.70%57.05%

Annual performance

B-CHFBenchmark
20241.40%3.83%
20238.23%6.53%
2022-24.89%-17.83%
202126.25%23.38%

Investment Focus

The fund actively 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, fast decision-making processes and a strong corporate culture – go hand in hand with efficient innovation, high product quality and strong customer loyalty. The corresponding impact on the share price is demonstrably positive. The fund’s Management Team offers a wealth of experience in this investment segment and has built up an extensive network with executives throughout the sector. It pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies with a small, mid as well as large market capitalization while maintaining an investment portfolio of 35 to 45 stocks diversified by sub-sector and style (Value, GARP, Growth). The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to enhance their portfolio diversification with investments in Swiss founder-controlled companies. The Fund displays the typical risks associated with equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS Bank, Montrouge, Zurich Branch
Fund AdministratorCACEIS Bank, Montrouge, Zurich Branch
AuditorPriceWaterhouseCoopers
Launch date04.04.2006
Year end closing31. Dec
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.25%
Subscription Fee (max.)5.00%
ISIN numberCH0379353722
Valor number37935372
BloombergPMBESWB SW

Legal Information

Legal formInvestment funds under Swiss law
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.01.2025, base currency CHF)

Beta1.02
Volatility15.44
Tracking error3.74
Active share44.74
Correlation0.97
Sharpe ratio-0.10
Information ratio-0.19
Jensen's alpha-0.71
No. of positions41

Top 10 positions

Sandoz
Swissquote
Lindt & Sprüngli
Sulzer
VZ Holding
Straumann
Kardex
Schindler
Burckhardt Compression
Roche
5.0%
4.1%
4.0%
3.7%
3.6%
3.6%
3.4%
3.4%
3.3%
3.2%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
3.8%
11.7%
22.2%
30.5%
7.5%
20.2%
4.2%

Breakdown by sector

Industrials
Healthcare
Financials
Consumer Staples
IT
Materials
Consumer Discretion.
Cash
37.4%
15.9%
15.6%
9.6%
8.4%
5.3%
2.8%
5.2%

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.

Swiss small & mid caps as measured by the SPIEX Index rose 6.9% in January, underperforming the SPI (+8.2%) but significantly outperforming other markets (SXXR +6.9%, MSCI World +3.3%, S&P +2.3%). Markets kicked-off 2025 with a strong performance, despite two notable risk-off episodes. DeepSeek raised concerns about both US AI supremacy and US tech valuations, underscoring the big reliance of global markets on a limited number of stocks. The Trump administration imposed (or threatened to impose?) steep tariffs on China, Canada and Mexico, causing markets to weaken by month end. Treasury yields reached levels near their two-year peaks, though later pulling back following encouraging inflation data. On a positive note, Europe PMIs showed signs of improvement, with the composite index rising above 50 for the first time since August 2024. While still in negative territory, the manufacturing PMI increased to 46.1. Meanwhile, the services PMI slightly dipped to 51.4 but continued in expansion territory. In Switzerland the manufacturing PMI rose 50 bps to 47.5, while services expanded strongly to 57.2  from 51.3 in December. Sector wise, information technology (+13.2%), communication services (+12.6%) and healthcare (+11.9%) performed best, while consumer staples (+1.8%), industrials (+3.6%) and real estate (+3.8%) lagged the most.

Against this backdrop, the fund increased 6.7% (CHF / A 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. 

A word on diversification, or the absence of it. Today, the weight of the US in the MSCI World Index is 77%, whereas the US commands just 25% of worldwide GDP. In the context of compressed equity risk premium and unprecedented level of US market concentration we believe DeepSeek is a factor increasing volatility and reminding investors of the benefits of diversification. Interestingly, this comes as BofA’s monthly statistics show a record January capital inflow into European equities, in fact the second biggest monthly inflow in 25 years. Obviously we still need to come to terms with the upcoming tariff risk potentially faced by European and Swiss products exported to the US. According to a MS analysis, the average MSCI Europe company generates only 38% of its revenues in Europe, 8% in China and 13% in Asia-Pacific. 26% is generated in the US, thereof 9% are services and 11% local for local (and eligible for tax rebates). Net net only 7% of revenues stem from goods exported into the US and subject to tariff increases. For Swiss companies, obviously Europe is the biggest export market. Surely some sectors are more exposed than others and one needs to take a close look at each company.

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Ratings

    • Co-Lead Portfolio Manager

      Birgitte Olsen

      Birgitte Olsen, CFA, Head Entrepreneur Investments, joined Bellevue Asset Management in 2008. Prior to that, she was Deputy Head of Portfolio Management Equities Europe at Generali Investments in Cologne for more than nine years. She worked as a Fund Manager (DE and Scandinavia) at Vontobel Asset Management in Zurich in 1997 and 1998. Birgitte Olsen started her career in the financial industry in 1994 as a sell-side analyst at Bank am Bellevue covering the insurance and pharmaceutical sectors. She holds a degree in Finance and Accounting from the University of St. Gallen.
    • Co-Lead Portfolio Manager

      Laurent Picard

      Laurent Picard joined Bellevue Asset Management in 2018. Prior to that, he was an Financial consultant for start-ups in the internet/tech sector. From 2009 to 2016 he was a senior equity research analyst for media at Société Générale, having joined from UBS Warburg, where he was an equity analyst for IT Services and Software and a strategist specialized on the French markets. Laurent Picard graduated from Paris X University and ESSEC business school and holds a Master of Financial Techniques.
    • Senior Product Specialist

      Loreno Ferrari

      Loreno Ferrari joined Bellevue Asset Management in 2018 and is a Senior Product Specialist. Previously, he spent 3 years as an Investment Specialist at UBS Asset Management and 8 years at Zürcher Kantonalbank, most recently as an Investment Advisor. Loreno holds a Bachelor of Science (BSc) in Business Administration (UAS) Zurich with a Specialization in Banking and Finance. He is a Certified International Investment Analyst (CIIA) and holds the Certificate in ESG Investing from CFA Institute.
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