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Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

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.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

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 and Spain. 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 . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), 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. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, 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 („KIID“), 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, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), 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 (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, 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 (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, 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 (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, 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: 09.12.2022)

NAV: EUR 414.32 (08.12.2022)


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

Rolling performance (08.12.2022)

I-EURBenchmark
08.12.2021 - 08.12.2022-11.09%-6.42%
08.12.2020 - 08.12.202121.41%23.96%
06.12.2019 - 08.12.20201.59%-1.32%
07.12.2018 - 06.12.201913.41%21.46%

Annualized performance (08.12.2022)

I-EURBenchmark
1 year-11.09%-6.42%
3 years3.11%4.59%
5 years2.02%4.87%
10 years5.66%7.33%
Since Inception p.a.9.20%8.81%

Cumulative performance (08.12.2022)

I-EURBenchmark
1M3.55%3.45%
YTD-12.31%-8.62%
1 year-11.09%-6.42%
3 years9.65%14.47%
5 years10.54%26.88%
10 years73.51%102.94%
Since Inception231.46%215.62%

Annual performance

I-EURBenchmark
202120.31%25.14%
20201.86%-1.99%
201921.25%26.82%
2018-15.17%-10.77%

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% (30.11.2022)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.11.2022, base currency EUR)

Beta0.90
Volatility19.80
Tracking error6.79
Active share89.00
Correlation0.96
Sharpe ratio0.38
Information ratio-0.04
Jensen's alpha0.53
No. of positions44

Top 10 positions

Subsea 7
Merck
Sopra Steria
Pernod-Ricard
Cie Financiere Richemont
Outotec Oyj
Hannover Rück
Anheuser-Busch INBEV
Vestas Wind
Swatch
3.3%
3.3%
3.1%
3.0%
2.9%
2.9%
2.8%
2.8%
2.7%
2.6%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.1%
1.5%
20.5%
33.2%
7.6%
32.7%
4.4%

Geographic breakdown

France
Germany
Switzerland
Spain
Norway
Sweden
Finland
Denmark
Netherlands
Italy
Belgium
Luxembourg
Portugal
Great Britain
Others
Cash
20.2%
13.5%
10.1%
9.0%
7.4%
7.1%
5.3%
4.8%
4.4%
4.3%
2.8%
2.6%
1.8%
1.6%
2.1%
3.2%

Breakdown by sector

Consumer Discretion.
Industrials
Consumer Staples
Healthcare
Financials
IT
Energy
Communication Services
Materials
Others
Cash
15.9%
15.1%
14.2%
13.7%
11.9%
9.2%
5.2%
4.5%
2.5%
4.7%
3.2%

Opportunities

  • Owner and family-run businesses think in generations, not in quarters.
  • Economic sustainability: Low debt, high degree of innovation, stable growth and strong margins.
  • 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 Stoxx 600, rose 6.9% in November, further building on its October strength, as inflation finally began to show signs of moderation. Inflation in the Eurozone fell for the first time in 17 months, from 10.6% in October to 10% ie faster than expected (10.4%), mostly due to a sharp reduction of energy prices. This follows encouraging October CPI data in the US, which led Jerome Powell to announce the Fed could slow down the pace of its rate hikes as early as December. In term of economic indicator, the Eurozone flash PMI Index rose from 47.3 in October to 47.8. Manufacturing continues to be weak. Factory output fell for a sixth successive month, but increased sequentially to 47.3 form 46.4 in October. The service output contracted at an unchanged rate compared to October. In term of sector performance, cyclicals outperformed defensives, with basic resources (16.2%), consumer products and services (15.2%) and technology (13.9%) performing best while telecom (+0.8%), healthcare (+3.2%) and real estate (+3.5%) lagged the most.

Against this backdrop, the fund rose 7.5% (EUR / B shares), a 60 bps outperformance versus its benchmark.

Top performers in the month were Richemont (+27.6%), Metso Outotec (+16.5%) and M6 (+31.1%). The Swiss luxury group Richemont reported far better-than-expected H1 results with 16% local currency top line growth versus a consensus of 12%. Profitability surprised strongly on the upside, driven by the rebound in the Asia-Pacific region. Metso Outotec’s Q3 confirmed the demand strength and margins made better-than-expected progress towards the 15%+ target. The long-term drivers for the mining equipment and service company remain compelling, offering exposure to structural growth in demand for metals critical to the electrical transition, particularly copper and battery metals. After the disappointment of the failed merger with TF1, M6 rebounded sharply together with all private consumption led sectors negatively correlated to inflation. We continue to rate M6 much better quality than perceived by the market. The stock is currently trading on an EV/EBIT’22 of 4x and boasts a dividend yield of 9% secured by record high earnings and a EUR 300 mn net cash position.

Main detractors in the month were Roche (-6.8%), Homeserve (-0.3%) and Zalando (-0.8%). Roche fell as the company announced the failure of is long-awaited Alzheimer’s treatment gantenerumab in the Phase III trial. Homeserve, which will be delisted by the beginning of next year following the offer by Brookfield Asset Management, was flat during the month around its takeover price. The online retailer Zalando, a position initiated towards November end, initially weakened after a strong rebound earlier in the month.

With further falling interest rates we have added to our growth exposure but also topping up on stocks badly hit by the sanguine inflation uplift. We have met with a great number of managements to close the year and prepare for 2023. Visibility is very different from sector to sector and even from company to company. As long as interest rates stay volatile we stick to our 50% GARP, 25% Value and 25% Growth architecture within the fund and still find very good opportunities within each category. We diminished our Prysmian position in light of the strong build up in capacities between all three cable players in Europe. We exited Kering after a disappointing management meeting, replacing it with the more expensive but high quality LVMH. We increased our Vestas position following renewed pricing discipline throughout the sector and added to discretionary consumption by switching out of Carrefour into ABI and Zalando.

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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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