Bellevue Entrepreneur Switzerland (CH)
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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. CH0259354873
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 sector and style (Value, GARP, Growth).
Indexed performance (as at: 02.10.2023)
NAV: CHF 185.68 (28.09.2023)
Rolling performance (28.09.2023)
I-CHF | Benchmark | |
28.09.2022 - 28.09.2023 | 12.41% | 5.79% |
28.09.2021 - 28.09.2022 | -25.72% | -11.85% |
28.09.2020 - 28.09.2021 | 33.11% | 15.76% |
27.09.2019 - 28.09.2020 | 20.14% | 5.31% |
Annualized performance (28.09.2023)
I-CHF | Benchmark | |
1 year | 12.41% | 5.79% |
3 years | 3.58% | 2.58% |
5 years | 4.56% | 5.09% |
Since Inception p.a. | 8.95% | 7.43% |
Cumulative performance (28.09.2023)
I-CHF | Benchmark | |
1M | -3.33% | -4.45% |
YTD | 4.59% | 2.54% |
1 year | 12.41% | 5.79% |
3 years | 11.14% | 7.96% |
5 years | 24.97% | 28.21% |
Since Inception | 92.49% | 72.79% |
Annual performance
I-CHF | Benchmark | |
2022 | -24.63% | -17.83% |
2021 | 26.69% | 23.38% |
2020 | 18.27% | 3.82% |
2019 | 30.21% | 30.59% |
Facts & Key figures
Investment Focus
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. 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 | RBC Investor Services Bank, Zürich |
Fund Administrator | PMG Investment Solutions AG, Zug |
Auditor | PWC |
Launch date | 04.04.2006 |
Year end closing | 31. Dec |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | CH0259354873 |
Valor number | 25935487 |
Bloomberg | PMBESWI SW |
Total expense ratio (TER) | 1.58% (31.07.2023) |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Key data (31.07.2023, base currency CHF)
Beta | 1.00 |
Volatility | 16.50 |
Tracking error | 4.12 |
Active share | 42.42 |
Correlation | 0.97 |
Sharpe ratio | 0.58 |
Information ratio | 0.46 |
Jensen's alpha | 2.06 |
No. of positions | 43 |
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 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 0.5% in the month (+13.6% ytd, CHF / A shares), underperforming its benchmark by 100 bps.
Main detractors in the month were SFS (-12.2%), Cie Financière Richemont (-6.4%) and LEM Holding (-4.0%). SFS slightly trimmed its 2023 guidance on the back of softer H1 numbers. Margins were impacted by a negative mix and weakness of the electronic business. We do not see this as structural and expect cyclical improvements as the destocking in electronics and industrial markets come to an end. Richemont reported quarterly sales up 14% and 19% at constant FX, 3% below consensus, with China, Macau and Hong Kong strong performances not being enough to offset the Americas turning negative for the first time since the pandemic. While growth was disappointing, the outperformance of the high-margin Jewelry Maison still leads to margin expansion and positive EPS revisions. LEM Holding published very strong quarterly results, with revenue and EBIT growth of 24% and 34% respectively. Order intake was lower with supply chains finally normalizing. This should not come as a surprise and was well flagged by management, nevertheless the market reacted negatively to it. We seized the occasion to increase our position. LEM is a clear beneficiary of rising electrification demand and valuation multiples fall rapidly below the LT average as growth kicks in.
Top 3 contributors in the month were Sulzer (+11.2%), Kardex (+8.5%) and Gurit (+12.1%). Sulzer’s Q2 results beat consensus and FY guidance was raised for order intake, sales and profitability. Sulzer benefits from positive demand trends in all its end markets and we await the result of the upcoming CMD and the strategic review of the new management. Kardex reported strong H1 results. Against robust demand for intralogistics products, order backlog increased 17%, sales 30% and EBIT 81% on the back of a 150 bps increase in GM and tight costs control. This led to a sharp increase in consensus estimates, offsetting 18 months of negative revision trend. With 2023 EPS back to historical highs, we note Kardex' share price is still lagging 25% behind its peak level despite excellent operating performance. After a disappointing performance in 2023, Gurit rebounded ahead of its H1 results due in August. Its high margins tooling business, usually a leading indicator for demand, did show significant growth in Q1 (+24.1% org.), which might finally suggest a nearing of the cycle trough.
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