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Principles 

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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.

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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, 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 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

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. 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: 26.02.2024)

NAV: CHF 169.04 (23.02.2024)


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

Rolling performance (23.02.2024)

B-CHFBenchmark
23.02.2023 - 23.02.2024-4.57%0.24%
23.02.2022 - 23.02.2023-9.52%-5.77%
23.02.2021 - 23.02.20222.84%3.97%
21.02.2020 - 23.02.202123.62%8.16%

Annualized performance (23.02.2024)

B-CHFBenchmark
1 year-4.57%0.24%
3 years-3.89%-0.60%
5 years5.00%5.05%
Since Inception p.a.4.26%5.63%

Cumulative performance (23.02.2024)

B-CHFBenchmark
1M2.04%3.93%
YTD0.76%2.52%
1 year-4.57%0.24%
3 years-11.21%-1.79%
5 years27.67%27.97%
Since Inception35.23%48.63%

Annual performance

B-CHFBenchmark
20235.14%6.53%
2022-29.19%-24.02%
202124.35%22.19%
202019.52%8.07%

Investment Focus

The fund’s aim is to achieve capital growth in the long term 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, 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 and mid 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

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 Swiss founder-controlled companies. The Fund displays the typical risks associated with equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS Investor Services Bank, Luxembourg
Fund AdministratorCACEIS Investor Services Bank, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date30.11.2016
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU1477743543
Valor number33635331
BloombergBVBESBC LX
WKNA2ASDF
Total expense ratio (TER)2.09% (31.01.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.01.2024, base currency CHF)

Beta1.00
Volatility16.60
Tracking error5.15
Active share45.80
Correlation0.95
Sharpe ratio-0.16
Information ratio-0.61
Jensen's alpha-3.19
No. of positions46

Top 10 positions

Straumann
Lindt & Sprüngli
VAT Group
SGS
Kardex
Aryzta
Schindler
Sandoz
Swissquote
SIG Combibloc Group
5.8%
5.4%
4.7%
3.7%
3.4%
3.2%
3.2%
3.1%
2.7%
2.6%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
> 20 bn
Others
8.6%
15.2%
29.2%
24.2%
19.6%
3.2%

Breakdown by sector

Industrials
Consumer Staples
Healthcare
Financials
IT
Consumer Discretion.
Materials
Communication Services
Others
Cash
32.3%
15.5%
14.6%
12.6%
11.5%
4.6%
4.2%
2.2%
0.9%
1.7%

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 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 and mid caps as measured by the SPIEX Index were flat (+0.1%) in the month, underperforming the SPI (+1.4%) and global markets (+1.2%). Equity markets were characterized by a return to large caps as well as a sustained volatility, with interest rates remaining the crucial short-term factor. Against the backdrop of a more cautious central bankers stance, the timing of rate cut expectations was postponed and LT yields started to rise again. The US ten-year treasury edged up 15 bps to 4.1% while the German bund yields increased by 21 bps to 2.23%. On the macro front, PMI indices in both Europe and the US showed an improvement. In Europe to 46.6 from 44.4 in December; in the US to 52.3 from 50.9 and in Switzerland to 43.1 from 43.0. Sector wise, consumer staples (+4.2%), communication services (+3.3%) and financials (+2.9%) performed best, while consumer discretionary (-6.9%), utilities (-6.8%) and materials (-5.9%) lagged the most.

Against this backdrop, the fund lost 79 bps in the month, underperforming its benchmark by 89 bps (CHF / B shares).

Main detractors in the month were u-blox (-14.4%), Belimo (-12.8%) and Swatch Group (-10.9%). U-blox suffered from analog semiconductor news confirming the still ongoing brutal destocking in the industrial space. This is expected to continue into H1 and was well flagged by the company during Q3. Also, the CHF strength against the USD does not help. We have reduced our position, awaiting a better entry point later in H1. Belimo missed FY 2023 revenues expectations due to weakening end demand as well as destocking effects. On the positive front, margins remained extremely resistant despite additional costs and FX headwinds. This should persist in 2024, thanks to further price hikes. Swatch reported inline 2023 sales figures, but missed EBIT expectations by 11%, with EBIT margins falling 30 bps yoy. Key reasons for the miss were mainly the time lag effect from the strong negative currency impact which impacted margins by 200 bps, as well as some countercyclical investments. The year 2024 started well so far and the currency drag on margins should gradually normalize. Valuation wise, the stock is now trading at deep value levels, but the group’s poor shareholder friendliness (lack of IR, limited communication) is strongly weighing on the stock’s multiples.

Top 3 contributors in the month were Lindt & Sprüngli (+9%), Temenos (+13%) and SGS (+10.3%). Lindt & Sprüngli published solid preliminary 2023 figures. Organic sales growth of 10.3% was above consensus expectations of 9%, thanks to the strong resilience in volumes despite a 10% price increase. These results demonstrate the group’s ability to gain market share, even in a more challenging environment. The 6-8% top line guidance for 2024 bodes well for a continuation of this trend. Temenos pre-announced Q4 results, showing 6% LFL revenue growth, driven by a 11% license beat as both Americas and Europe performed well. Adjusted EBIT came 11% ahead, leading to 12% growth at constant currency for the FY, above the 8% guidance. Despite the publication of weaker-than-expected 2023 results, SGS shares responded very positively to the appointment of Geraldine Picaud as new CEO of the group. The new targets for 2027 reflect the current level of consensus, but the change in leadership certainly provides hopes for stronger profitability improvements looking forward.

This time last year the European CPI amounted to 8.5% (core 5.2%) versus today’s 2.8% and core at 3.4%. In this environment of more normalized inflation and interest rates we would expect small and mid caps to outperform again. Despite an okayish 2023 performance versus the SPI and SMI, Swiss small and mid caps as measured by the SPIEX virtually trade at the pre-COVID levels of 2020, while the SMI is up 15% and the Stoxx 50 33%. We have been busy in January, meeting and discussing with CEOs and CFOs of existing positions as well as hunting for new ideas. Companies with debt feel the pain and we are happy to stay away from leveraged balance sheets. Again, we expect 2024 to be a year of stock picking. There is still much disparity in valuations, meaning good opportunities for a fundamental bottom approach. By finding companies able to grow earnings in an idiosyncratic way and paying reasonable multiples, one can pretend to beat passive indexes in 2024.

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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. 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

Ratings

    • 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

      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.
    • 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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