Bellevue Entrepreneur Europe Small (Lux)
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
Explained in 90 seconds
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Investment Focus
ISIN-No. LU0631859229
The Fund invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur/founder family holds at least a 20% of a company’s voting rights, thereby exerting signif. influence. The team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by country, sub-sector and style (Value, GARP, Growth).
Indexed performance (as at: 19.04.2024)
NAV: EUR 394.47 (18.04.2024)
Rolling performance (18.04.2024)
B-EUR | Benchmark | |
18.04.2023 - 18.04.2024 | 13.17% | 4.40% |
14.04.2022 - 18.04.2023 | -0.78% | -5.31% |
16.04.2021 - 14.04.2022 | -8.02% | 0.22% |
17.04.2020 - 16.04.2021 | 55.65% | 61.50% |
Annualized performance (18.04.2024)
B-EUR | Benchmark | |
1 year | 13.17% | 4.40% |
3 years | 1.08% | -0.31% |
5 years | 7.44% | 6.51% |
10 years | 8.47% | 8.27% |
Since Inception p.a. | 9.39% | 9.65% |
Cumulative performance (18.04.2024)
B-EUR | Benchmark | |
1M | 2.54% | 0.02% |
YTD | 8.89% | 0.88% |
1 year | 13.17% | 4.40% |
3 years | 3.28% | -0.93% |
5 years | 43.20% | 37.14% |
10 years | 125.71% | 121.49% |
Since Inception | 215.58% | 225.39% |
Annual performance
B-EUR | Benchmark | |
2023 | 16.15% | 12.85% |
2022 | -23.46% | -20.70% |
2021 | 19.48% | 24.71% |
2020 | 15.48% | 11.74% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term and actively invests in small capitalized, 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 Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PWC, Luxembourg |
Launch date | 30.06.2011 |
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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0631859229 |
Valor number | 13084212 |
Bloomberg | BFLESBE LX |
WKN | A1JG2H |
Total expense ratio (TER) | 2.18% (31.03.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (31.03.2024, base currency EUR)
Beta | 0.87 |
Volatility | 16.40 |
Tracking error | 6.47 |
Active share | 90.12 |
Correlation | 0.93 |
Sharpe ratio | 0.16 |
Information ratio | -0.07 |
Jensen's alpha | -0.09 |
No. of positions | 42 |
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 increased 5.0% (EUR / B shares), outperforming its benchmark by 118 bps. This bring the performance to 9.7% over the first quarter of 2024, a 624 bps beat vs. the benchmark.
Top detractors in the month were BESI (-15.1%), Sopra Steria (-5.2%), and Do & Co (-3.8%). BESI was subject to profit taking as the adoption of hybrid bonding in memory may be somewhat postponed. The chip making industry seems to favour TCB in the short term, a cheaper technology but with lower performance notably in term of bandwidth and power. Sopra Steria suffered from negative read across following a poor guidance from Accenture. The slow start of 2024 was already well flagged, but growth should accelerate from Q2 on. Sopra is fully refocussing on European IT services after the disposal of its banking software business and the group will become a real alternative to global providers in Europe. After a strong YTD performance, the international catering specialist Do & Co suffered some profit taking. We continue to like the investment case. The company boasts strong competitive advantages in a consolidating market, which leads to market share gains and profitability improvement.
Top performers in the month were Fuchs (+16.6%), CTT Systems (+15.8%) and Bankinter (+17.4%). Fuchs reported better than expected Q4 results including 3% organic growth, a 240 bps margin improvement and a very strong cash flow generation of EUR 465 mn, well ahead of its guidance. While the 2024 objective was a bit underwhelming, the company confirmed its 2025 EBIT target of EUR 500 mn, leaving ca 5% upside to consensus estimates. The aviation climate control specialist CTT released strong FY23 results with organic revenue growth of 21% and 52% EBIT growth. Thanks to its monopolistic position, the company is in a good position to capitalize on both the recovering aerospace demand as well as the increasing penetration of climate control products for aircrafts. The Spanish Bankinter, in line with banking peers, benefited from a combination of higher longterm rates and positive macroeconomic data. Bankinter is trading on a PE of 7x with a dividend yield of 7% secured by a payout of 50%.
Documents
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. Show moreShow less