Bellevue Entrepreneur Swiss Small & Mid (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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1477743543
The Fund 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, thereby exerting significant influence. The Management Team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by sub-sector and style (Value, GARP, Growth).
Indexed performance (as at: 27.03.2024)
NAV: CHF 172.88 (26.03.2024)
Rolling performance (26.03.2024)
B-CHF | Benchmark | |
24.03.2023 - 26.03.2024 | 1.00% | 4.47% |
25.03.2022 - 24.03.2023 | -11.82% | -9.57% |
26.03.2021 - 25.03.2022 | -2.62% | 0.25% |
26.03.2020 - 26.03.2021 | 56.25% | 44.40% |
Annualized performance (26.03.2024)
B-CHF | Benchmark | |
1 year | 1.00% | 4.47% |
3 years | -4.63% | -1.79% |
5 years | 6.02% | 5.28% |
Since Inception p.a. | 4.53% | 5.73% |
Cumulative performance (26.03.2024)
B-CHF | Benchmark | |
1M | 2.57% | 1.64% |
YTD | 3.05% | 3.72% |
1 year | 1.00% | 4.47% |
3 years | -13.28% | -5.29% |
5 years | 33.98% | 29.37% |
Since Inception | 38.30% | 50.37% |
Annual performance
B-CHF | Benchmark | |
2023 | 5.14% | 6.53% |
2022 | -29.19% | -24.02% |
2021 | 24.35% | 22.19% |
2020 | 19.52% | 8.07% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term and 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, 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 | 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 | LU1477743543 |
Valor number | 33635331 |
Bloomberg | BVBESBC LX |
WKN | A2ASDF |
Total expense ratio (TER) | 2.08% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (29.02.2024, base currency CHF)
Beta | 1.00 |
Volatility | 16.40 |
Tracking error | 5.16 |
Active share | 37.45 |
Correlation | 0.95 |
Sharpe ratio | -0.19 |
Information ratio | -0.61 |
Jensen's alpha | -3.15 |
No. of positions | 44 |
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 rose 54 bps (CHF / B shares) in the month, underperforming its benchmark by 20 bps.
Main detractors in the month were Temenos (-25%), LEM (-14.3%) and Gurit (-14.4%). Temenos was impacted by the publication of a short seller report questioning accounting practices. While Temenos reporting has always been transparent on R&D accounting, the potential round tripping issue was new to us. We strongly reduced the position, waiting for the conclusions of the nominated independent committee. LEM reduced its annual sales guidance by 5% as client destocking is not showing any sign of bottoming out yet. Still, the new sales guidance implies stable revenue qoq suggesting no further deterioration. Gurit published preliminary sales results slightly below consensus, but more importantly narrowed EBIT margin guidance for 2023 from 3-6% to 4-5% while consensus was at the high end of the range. 2023 should be seen as a transition year however. 2024 should witness a profitability improvement thanks to various self-help measures as well as the expected gradually improving sales momentum.
Top 3 contributors in the month were Sulzer (+23.5%), VAT Group (+8.9%) and Bachem (+20.3%). Sulzer’s 2024 margin outlook of 12% surprised the market positively, leading to a HSD increase in consensus expectations. Along the wafer fab equipment sector, VAT benefited from Nvidia’s very strong results. For the near term, industry memory chip production utilization has recovered to some 80% and DRAM prices are increasing again sequentially, a good indicator the semi market recovery is coming soon. After having fallen more than 10% in January reflecting fears of a significant delay in the timing its new production capacity, Bachem rebounded strongly in February as investors started to take a more constructive view on the group’s (unchanged) CHF 1bn sales guidance for 2026. Should the company be able to credibly reconfirm these ambitions at the occasion of its annual results beginning of March, we believe the stock could continue its upward trajectory.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the subfund 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