
Bellevue Entrepreneur Switzerland (CH)
ISIN-No.: CH0023244368
YTD: 13.94%
Active share: 47.98
Anzahl Positionen: 40
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: 10.07.2025)
NAV: CHF 326.01 (09.07.2025)
Rolling performance (10.07.2025)
A-CHF | Benchmark | |
09.07.2024 - 09.07.2025 | 8.12% | 9.07% |
09.07.2023 - 09.07.2024 | 4.25% | 5.60% |
09.07.2022 - 09.07.2023 | 7.20% | 3.09% |
09.07.2021 - 09.07.2022 | -18.47% | -7.41% |
Annualized performance (10.07.2025)
A-CHF | Benchmark | |
1 year | 8.12% | 9.07% |
3 years | 6.51% | 5.66% |
5 years | 6.76% | 5.93% |
10 years | 7.98% | 6.29% |
Since Inception p.a. | 6.71% | 5.30% |
Cumulative performance (10.07.2025)
A-CHF | Benchmark | |
1M | 0.95% | 0.77% |
YTD | 13.94% | 12.13% |
1 year | 8.12% | 9.07% |
3 years | 20.83% | 17.97% |
5 years | 38.70% | 33.37% |
10 years | 115.41% | 84.11% |
Since Inception | 249.64% | 170.75% |
Annual performance
A-CHF | Benchmark | |
2024 | 1.38% | 3.83% |
2023 | 8.21% | 6.53% |
2022 | -24.92% | -17.83% |
2021 | 26.24% | 23.38% |
Facts & Key figures
Investment Focus
The fund 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 Bank, Montrouge, Zurich Branch |
Fund Administrator | CACEIS Bank, Montrouge, Zurich Branch |
Auditor | PriceWaterhouseCoopers |
Launch date | 04.04.2006 |
Year end closing | 31. Dec |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.25% |
Subscription Fee (max.) | 5.00% |
ISIN number | CH0023244368 |
Valor number | 2324436 |
Bloomberg | SWENTEQ SW |
Total expense ratio (TER) | 1.58% (30.06.2025) |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Key data (30.06.2025, base currency CHF)
Beta | 1.03 |
Volatility | 14.26 |
Tracking error | 3.42 |
Active share | 47.98 |
Correlation | 0.97 |
Sharpe ratio | 0.52 |
Information ratio | 0.24 |
Jensen's alpha | 0.68 |
No. of positions | 40 |
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 1.4%, 99 bps better than the SPIEX benchmark. Since the beginning of the year, the fund has returned 11.5%, 173 bps above the benchmark.
Main detractors in the month were Swissquote (-8.7%), Sulzer (-7.6%) and SFS Group (-6.7%). The SNB cutting policy rates by 0.25% to 0% will be a negative for the NII but Swissquote’s management should have taken this into account in their traditionally conservative FY guidance. We expect the continued strong trading activity also in crypto to compensate for lower NII. Sulzer, like many other industrial companies, is prone to some hesitance regarding large project investments as clients stay on the sidelines due to tariff and economic uncertainties. This could lead to some lumpiness in order intake. Despite some sluggishness in the Chemtech segment, we believe Flow and Services are thriving. For SFS the demand environment remains below expectations. Nevertheless the company is proactively addressing the cost structure allowing for stable margins and cash flow. 2026 and 2027 should allow for some European industrial demand recovery.
Main contributors in the month were Montana Aerospace (+41.3%), Kardex (+12.9%) and Accelleron (+17.6%). The aerostructure supplier Montana displayed strong profitability improvement in the Q1 update, with aerostructure EBITDA margins expanding to 18% (+400 bps). FY guidance was confirmed despite tariff uncertainties. Montana will considerably benefit from the ramp up of Boeing's and Airbus’ production in 2026, which will contribute to higher profitability and ROIC. Kardex had been lagging and benefited from several broker upgrades. We like the business for its attractive positioning in the promising intralogistics market and appreciate the good profitability and high ROCE. 75% of its revenues stem from Europe. Accelleron continues to enjoy strong demand in both their energy and marine end markets. Vessel newbuilds, retrofits related to alternative fuels and growth in backup baseload power for DC are all very positive. On top of this, 75% of revenues are service related and recurrent, which make the business model pretty resilient to tariff uncertainties
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