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: 13.11.2025)
NAV: CHF 168.59 (13.11.2025)
Rolling performance (13.11.2025)
| I2-CHF | Benchmark | |
| 13.11.2024 - 13.11.2025 | 13.57% | 13.69% |
| 13.11.2023 - 13.11.2024 | 7.40% | 9.33% |
| 11.11.2022 - 13.11.2023 | -4.06% | -3.12% |
| 11.11.2021 - 11.11.2022 | -25.87% | -21.43% |
Annualized performance (13.11.2025)
| I2-CHF | Benchmark | |
| 1 year | 13.57% | 13.69% |
| 3 years | 5.38% | 6.39% |
| 5 years | 3.56% | 4.22% |
| Since Inception p.a. | 3.83% | 4.16% |
Cumulative performance (13.11.2025)
| I2-CHF | Benchmark | |
| 1M | -0.68% | 1.26% |
| YTD | 14.62% | 13.73% |
| 1 year | 13.57% | 13.69% |
| 3 years | 17.03% | 20.41% |
| 5 years | 19.09% | 22.96% |
| Since Inception | 34.87% | 38.30% |
Annual performance
| I2-CHF | Benchmark | |
| 2024 | 1.27% | 3.83% |
| 2023 | 6.12% | 6.53% |
| 2022 | -28.52% | -24.02% |
| 2021 | 25.52% | 22.19% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed 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, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| 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 | 0.70% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU1725388356 |
| Valor number | 39331687 |
| Bloomberg | BBESI2C LX |
| WKN | A2H8LR |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (31.10.2025, base currency CHF)
| Beta | 1.04 |
| Volatility | 13.34 |
| Tracking error | 3.53 |
| Active share | 47.96 |
| Correlation | 0.97 |
| Sharpe ratio | 0.59 |
| Information ratio | -0.23 |
| Jensen's alpha | -1.22 |
| No. of positions | 42 |
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
Swiss SMid Caps, as measured by the SPIEX, rose 2.7% in October, outperforming the broader market (SMI +1.0%). Global economic conditions remained resilient, supported by moderating inflation and stronger-than-expected corporate earnings. In the US, the Fed cut rates by 25 bps and announced the end of QT, signaling a clear pivot toward policy easing amid a gradually cooling labor market. In the eurozone, preliminary Q3 GDP growth surprised to the upside at +1.3%, driven by firmer investment, improving business sentiment, and a smaller drag from trade. France and Spain showed encouraging momentum, while activity in Germany and Italy remained stable. A one-year trade truce between the US and China also helped ease tariff angst, supporting global business confidence. The eurozone’s Composite PMI rose to 52.2 in October, supported by a stronger services sector (52.6), while manufacturing edged up to 50.0, signaling a return to expansion. In Switzerland, the procure.ch Manufacturing PMI rose to 48.2 in October, up from September and above expectations. From a sector perspective, healthcare (+12.4%), utilities (+7.0%), and consumer discretionary (+5.7%) performed best, while communication services (-4.0%), financials (-0.1%), and consumer staples (+0.1%) lagged the most.
Against this backdrop, the fund increased 1.9%, underperforming the benchmark by 79 bps. The fund has returned 15.7% ytd, 246 bps above the benchmark.
The main detractors for the month were Aryzta (-20.6%), Burckhardt Compression (-9.9%), and VZ Holding (-5.6%). Aryzta lowered its FY 2025 margin guidance, citing a tougher competitive environment and slower execution of cost-saving initiatives. To accelerate progress, Chairman Urs Jordi, the company’s former CEO with a proven turnaround record, will assume the role of interim CEO. Despite the softer outlook, Aryzta reaffirmed its EUR 100 mn FCF target for 2025, implying an attractive 8% yield. Burckhardt Compression underperformed in anticipation of a challenging order intake in H1 2026 . The compressor specialist won a contract for ammonia boil-off gas re-liquefaction in Abu Dhabi and expanded its US presence with two new service centers. We have reduced our position in light of the numbers but validate Burckhardt’s strong structural growth trends for the medium and long term. VZ Holding suffered some profit taking for the second month in a row on no specific news.
The top three contributors were Montana Aerospace (+14.6%), Compagnie Financière Tradition (+8.6%) and Huber+Suhner (+7.9%). Montana benefitted from positive sector news flow. Boeing won regulatory approval to ramp up production of its best-selling 737 Max from 38 to 42 a month, a long-awaited milestone. Airbus presented solid results, with the potential for FY deliveries exceeding 800, reinforcing market confidence that the supply chain has finally turned a corner. Compagnie Financière Tradition continued its ytd outperformance in anticipation of good Q3 results. Huber+Suhner delivered positive Q3 numbers, marked by a 50% increase in its order intake. Bookings in the communication segment are up +137% yoy, underpinned by the first optical switches order, now visible in H&S accounts. Orders from industry were also good at +33%, as aerospace and defense and fast charging accelerated sequentially.
The improving economic environment in Europe, both from the standpoint of liquidity and according to purchasing managers’ indices, is a positive backdrop for Swiss SMID caps. The recent narrative among cyclical industrial companies is also turning more constructive, with the insecurities following Trump’s «Liberation Day» slowly receding. We observe some green shoots in conversations with management, albeit on a selective and sometimes company-specific basis. Overall, we see a continuous global need for more infrastructure CapEx investments to address the several strategic and pressing issues of AI, electrification, energy security, defence and deglobalization, to name a few. Trump and «Liberation Day» induced a temporary slowdown in activity, but we expect these projects to stay relevant and strategic for the foreseeable future.
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