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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.

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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.

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 Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, 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, Seestrasse 16 , CH - 8700 Kusnacht. 

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, Seestrasse 16, CH - 8700 Kusnacht. 

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, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document ("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 investor information document ("KID"), the management regulations 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.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual reports. These can be obtained 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 Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. 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.

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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

Bellevue Entrepreneur Strategies explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU1986980750

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: 02.10.2023)

NAV: CHF 146.92 (28.09.2023)


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

Rolling performance (28.09.2023)

HI-CHFBenchmark
28.09.2022 - 28.09.202316.45%15.16%
28.09.2021 - 28.09.2022-29.04%-34.17%
28.09.2020 - 28.09.202131.55%37.17%
27.09.2019 - 28.09.202014.83%5.77%

Annualized performance (28.09.2023)

HI-CHFBenchmark
1 year16.45%15.16%
3 years2.82%1.31%
Since Inception p.a.3.71%0.63%

Cumulative performance (28.09.2023)

HI-CHFBenchmark
1M-2.88%-2.21%
YTD5.18%-0.86%
1 year16.45%15.16%
3 years8.69%3.99%
Since Inception17.54%2.82%

Annual performance

HI-CHFBenchmark
2022-22.95%-24.32%
202118.75%19.23%
202015.75%11.43%

Investment Focus

The fund’s aim is to achieve capital growth in the long term and 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, 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 entrepreneurs throughout the sector. It pursues a fundamental, bottom-up approach in identifying the most attractive foundercontrolled companies with a small market capitalization while maintaining an investment portfolio of 35 to 45 stocks diversified by country, 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

SRRI

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 European small capitalized founder-controlled companies. The Fund displays the typical risks associated with equity investments in European small caps.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date30.06.2011
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU1986980750
Valor number47555224
BloombergBFESHIC LX
WKNA2PHXB
Total expense ratio (TER)1.47% (31.07.2023)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.07.2023, base currency EUR)

Beta0.88
Volatility17.10
Tracking error6.45
Active share90.03
Correlation0.93
Sharpe ratio0.49
Information ratio-0.45
Jensen's alpha-1.87
No. of positions39

Top 10 positions

Bankinter
Laboratorios Rovi
Arjo
Burckhardt Compression
Subsea 7
Fuchs
Unicaja Banco
Sopra Steria
CAF
Television Francaise
4.0%
3.7%
3.3%
3.2%
3.2%
3.1%
3.1%
3.0%
3.0%
2.9%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
Others
16.8%
20.2%
41.0%
16.6%
5.5%

Geographic breakdown

Switzerland
Spain
France
Sweden
Finland
Germany
Austria
Norway
Italy
Portugal
Netherlands
Cash
14.8%
13.8%
12.1%
11.6%
10.9%
7.6%
7.5%
5.5%
5.1%
2.3%
2.0%
7.0%

Breakdown by sector

Industrials
IT
Financials
Materials
Healthcare
Consumer Staples
Energy
Consumer Discretion.
Communication Services
Cash
27.1%
14.2%
13.3%
8.2%
7.0%
6.8%
5.9%
5.4%
5.4%
7.0%

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 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.

European small and mid caps, as measured by the MSCI Europe Small Cap ex-UK, rose 2.7% in July, (SXXP +2.1%), sustained by the encouraging downward trend of US inflation. The US economy is showing signs of a gradual slow down giving further credit to the thesis of a soft landing. In Europe, inflation remained high, with the core component flat mom at 5.5% and close to the March record-high of 5.7%. The Eurozone Composite PMI fell to 48.9 in July, down from 49.9 in the previous month, including 51.1 for the Services PMI (52.0 in June) and 42.7 for Manufacturing (43.4). Against this backdrop, the Fed and the ECB raised their rates by a further 25 bps in July, leaving the door open for further hikes. US and German rates increased, with the 10 years back to 2023 highs, but with an encouraging steepening through the curve. The Chinese Politburo Standing Committee launched new easing measures, not on a large scale and with no clear direction but enough to trigger a positive market reaction. Sector wise, energy (+7.4%), real estate (+7.3%) and personal care, drug and grocery stores (+6.4%) performed best while basic resources (-1.6%), travel & leisure (-0.3%) and food, beverage and tobacco (+0.0%) lagged the most.

Against this backdrop, the fund increased 2.5% (EUR / B shares), underperforming its benchmark by 20 bps. This brings the performance of the fund over the first 7 months of 2023 to 14.5%, 508 bps above its benchmark.

Top detractors in the month were Cargotec (-13.8%), Metso (-10.1%) and Alten (-8.3%). Improving sales and growing profitability but falling yoy orders is a difficult juncture for capital goods companies and Cargotec was no exception. Despite 10% top line growth and EBIT margins improving by 270 bps to 13.5%, falling yoy order intake, although well flagged by management was not to the market linking. Cargotec is one of the cheapest industrials in Europe and the upcoming demerger of Kalmar should help crystallise value. Metso reported raising sales and above expectation record EBITA margins of 16.6% for Q2, however new orders declined by 11% yoy. With 40% exposure to copper and battery related metals Metso is well positioned to leverage the energy transition. Alten reported a decent organic revenue growth of +8.6%, but for once fell slightly short of expectations. The company gave a  2023 growth target of 10% implying a stabilization of its growth trend around 10% in H2 and no downward consensus revision. At ca 10x the 12m fwd EBIT, Alten is trading at historical trough levels implying a highly positive risk/reward while long term perspectives are positively underpinned by the electrification and digitization mega trends.

Top performers in the month were Arjo (+17.1%), TF1 (+18.2%) and Wartsilä (+10.8%). Arjo finally delivered a healthy 5% organic sales growth in Q2 triggering a relief rally. The demand picture has started to improve both in the US and Canada, contributing to positive sales growth for the first time since 2021. Lower costs and a more balanced relationship to prices should further help improve margins going forward. TF1 reported H1 operating results 14% above consensus on higher ad revenues and tight control. Encouragingly, TF1, as well as most European TV so far, announced that ad trends turned positive at the beginning of Q3, leading to consensus EPS upgrades of 5% to 10%. TF1 trades on an very low 3.5x 23 EBIT and offers a 8% dividend yield.  Wartsilä reported a positive Q2 with decent activity in the relevant marine segments and good demand for battery storage. At EBIT margin level Wartsilä delivered a consensus beat with energy storage operations posting positive EBIT for the first time.

As Paul Samuelson put it 1982, the equity market has predicted 5 out of 9 recessions. Just in this case markets have been steadily grinding higher while economists were rarely more pessimistic. And it seems the market path of less resistance is still on the upside as the odds of the FED delivering a soft landing are increasing. Germany is the only Economy in a technical recession, but a mild one. Half of companies have reported and a larger than usual proportion have beaten expectations. The setup is similar to last quarter, low hurdle rates into the numbers and improving fundamentals. All sectors except real estate, commodity and consumer are reporting positive yoy EPS growth.      

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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

Rating

    • Co-Lead Portfolio Manager

      Birgitte Olsen

      Birgitte Olsen, CFA, Senior Portfolio Manager Equities Europe, 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.
    • Portfolio Manager

      Michel Keusch

      Michel Keusch joined Bellevue Asset Management in 2007. Prior to joining Bellevue Asset Management he was a senior analyst at Crédit Agricole Cheuvreux from 2003 to 2007 . From 1996 to 2003 he was a senior analyst with Credit Suisse First Boston covering European consumer goods and services. Michel Keusch began his professional career in the consumer goods industry in brand management with Procter & Gamble and Fromageries Bel. He holds a DESS/MBA in international management from the University of Strasbourg in France and the University of Bath in the UK.
    • 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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