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Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

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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.

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.rlich sind.

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 Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, 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 Sustainable Entrepreneur Europe (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. LU0415391944

The fund’s aim is to achieve capital growth in the long term. The Fund invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, keen environmental awareness and low debt are among the key success factors of sustainable owner-managed companies.

Indexed performance (as at: 22.03.2023)

NAV: EUR 433.99 (13.03.2023)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I-EUR
Benchmark

Rolling performance (13.03.2023)

I-EURBenchmark
11.03.2022 - 13.03.20235.79%5.35%
12.03.2021 - 11.03.2022-3.07%4.14%
13.03.2020 - 12.03.202154.59%44.32%
13.03.2019 - 13.03.2020-24.03%-18.02%

Annualized performance (13.03.2023)

I-EURBenchmark
1 year5.79%5.35%
3 years16.60%16.56%
5 years2.59%5.97%
10 years5.50%6.89%
Since Inception p.a.9.38%8.80%

Cumulative performance (13.03.2023)

I-EURBenchmark
1M-2.31%-3.93%
YTD5.68%4.56%
1 year5.79%5.35%
3 years58.51%58.34%
5 years13.67%33.68%
10 years70.81%94.81%
Since Inception247.19%222.12%

Annual performance

I-EURBenchmark
2022-13.09%-10.81%
202120.31%25.14%
20201.86%-1.99%
201921.25%26.82%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The Fund invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, keen environmental awareness and low debt are among the key success factors of sustainable owner-managed companies. The experienced management team, which is well connected in entrepreneurial circles, uses a fundamental bottom-up approach to identify the most attractive owner-managed companies with medium and large market capitalizations and constructs a portfolio of 35 to 45 stocks diversified across countries, sectors and style (Value, GARP, Growth). Awarded the FNG label, the fund takes ESG factors into account while implementing its 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 European founder-controlled companies. The Fund displays the typical risks associated with equity investments in Europe.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date30.04.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0415391944
Valor number3882723
BloombergBELBBIE LX
WKNA0RPSL
Total expense ratio (TER)2.18% (28.02.2023)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (28.02.2023, base currency EUR)

Beta0.88
Volatility19.60
Tracking error6.74
Active share89.34
Correlation0.95
Sharpe ratio0.55
Information ratio-0.20
Jensen's alpha-0.06
No. of positions43

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.4%
17.5%
33.8%
11.5%
31.5%
4.4%

Opportunities

  • 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.
  • Social responsibility, ethical behavior and keen environmental awareness are characteristic entrepreneurial values.
  • 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.
  • 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.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • 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.

European equities, as measured by the SXXR, rose 1.9% in February, against receding US and global markets (SPX -2.5%, MXWO -2.4%, both in USD). Strong economic data reignited fears of tighter monetary policies for longer and ultimately recession angst. Longterm rates resumed their upward trend, with the German Bund back to 2.65% and treasuries up 41 bps to 3.92%. The labour market remains tight with unemployment rates at decades lows both in Europe and the US. The flash Eurozone PMI Composite Index rose for a fourth successive month, climbing to 52.3 from 50.3 in January. The improvement was led by services (53.0 from 50.8), while manufacturers returned to expansion mode for the first time since last May. Inflation in the Eurozone slowed only marginally to 8.5% and core inflation actually increased to a new record high of 5.6%. Against this backdrop, the Fed and the ECB raised interest rates by 50 basis points at their meetings in early February and confirmed further hikes. In term of sector performances, banks (+6.2%), automobile and parts (+6.2%) and energy (+5.2%) performed best while basic resources (-6.6%), real estate (-2.1%) and technology
(-0.7%) lagged the most.

Against this backdrop, the fund increased 2.4%, 9.2% ytd (EUR / B shares), outperforming its benchmark by 52 bps (49 bps ytd).

Main detractors in the month were Synlab (-16.6%), Merck (-6.1%) and Kering (-7.3%). Synlab surprisingly cut its 2023 guidance, which was only provided at 3Q. This clearly suggests to us not only a deterioration of near-term fundamentals and industry pricing pressure, but even more importantly a complete lack of visibility on the management side. We have decided to exit the position. Merck reported soft Q4 earnings with the divisions electronics and life science decelerating in the context of softer markets. 2023 guidance was also light, as COVID-related sales decelerate. The French luxury good company Kering presented weaker-than-expected FY22 results and heavier operating deleverage, mainly due to the Chinese lockdowns during Q4. The conference call was however very supportive on both Gucci’s growth and China reopening. We stick to our revaluation case in light of the big discount to LVMH.

Top 3 contributors in the month were Sopra Steria (+22.8%), Publicis (+16.2%) and Subsea 7 (+8.0%). Sopra Steria, the French IT Services company, delivered strong EPS growth of 32%, driven by both organic growth and operating margin at the upper end of expectations. For 2023 the company is guiding for a topline growth of at least 3%, while margins should also continue to improve on the back of a better monetization of the offering. This should pave the way for a valuation rerating. In the same vein, the advertising agency Publicis delivered stronger than expected 2022 organic growth of 10.1%, driven by data and digital transformation, two growth drivers likely to boost growth above 3% in 2023. Subsea 7 continued to benefit from a favourable environment with increasing activity in both traditional O&G and renewable end-markets. Pricing power has returned to the subsea sector on the back of tightening equipment and services capacity. The company reported above expectation Q4 results in terms of EBITDA, cashflow and order intake.

Europe continues to outperform being much more geared to rising interest rates and China reopening versus the US. Also, the valuation discount had hit a new high in the aftermath of the Ukraine war and the expectation of a deep energy crisis. Between July and September, European natural gas prices made new all-time highs in the preparation of a potentially cold winter combined with supply shortages. Six months on, the picture has dramatically changed with European gas prices down by 85% on the back of warmer weather and lower consumption. With this, gas stocks remain high and the January stockpile is at the top end of the seasonal range of the past 10 years. This means Europe can reach full capacity again during the summer 2023, the risk of another gas price spike is low and the next winter can come.

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Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund 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

  • Eurosif Transparenzkodex

Rating

  • 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 Scandivien) 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.
  • 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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