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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 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 African Opportunities (Lux)

Africa – a still largely untouched continent with attractive growth potential

 Lower correlation to global markets, especially compared to other emerging markets

 Structural change, reforms, raw material reserves and infrastructure investments as primary growth drivers

Explained in 90 seconds

Bellevue African Opportunities explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0433847323

The Fund invests primarily in listed companies operating out of the emerging markets of Africa. At present, these are mainly countries in Northern Africa and the Sub-Sahara. Experienced emerging market experts, some of whom are from the region itself, focus on profitable large and mid-cap companies that stand to benefit from the region's strong growth momentum.

Indexed performance (as at: 02.06.2023)

NAV: EUR 164.06 (31.05.2023)


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

Rolling performance (01.06.2023)

I-EURBenchmark
01.06.2022 - 01.06.2023-15.64%-12.17%
01.06.2021 - 01.06.20227.19%9.66%
29.05.2020 - 01.06.20218.26%20.32%
31.05.2019 - 29.05.2020-19.05%-11.57%

Annualized performance (01.06.2023)

I-EURBenchmark
1 year-15.64%-12.17%
3 years-0.71%5.02%
5 years-6.12%-1.75%
10 years-1.16%-0.44%
Since Inception p.a.2.03%2.08%

Cumulative performance (01.06.2023)

I-EURBenchmark
1M-1.87%-2.14%
YTD-6.13%-2.15%
1 year-15.64%-12.17%
3 years-2.11%15.89%
5 years-27.10%-8.47%
10 years-11.05%-4.27%
Since Inception32.27%33.30%

Annual performance

I-EURBenchmark
2022-11.62%-6.74%
202111.67%11.82%
2020-14.25%-6.52%
20199.24%15.82%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The fund invests primarily in listed companies operating out of the emerging markets of Africa. These are mainly countries in Northern Africa and the Sub-Sahara that are benefiting from progressive structural change, economic reforms, infrastructure investment and their bountiful natural resources. They also offer largely untapped investment potential. The fund additionally invests in attractive opportunities in South Africa. Experienced emerging market experts, some of whom are from the region itself, focus on profitable large and mid cap companies that stand to benefit from the region's strong growth momentum. Using a fundamental bottom-up and top-down approach the investment specialists screen out the most attractive companies and construct a portfolio containing 50 to 70 stocks, broadly diversified across the various countries and sectors. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 to 7 years who want to diversify their portfolio with investments in emerging market equities. The Fund is exposed to the risks typical of emerging market equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date30.06.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0433847323
Valor number10264503
BloombergBBAFOIE LX
WKNA0RP3F
Total expense ratio (TER)1.81% (31.05.2023)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.05.2023, base currency EUR)

Beta0.67
Volatility12.30
Tracking error8.25
Active share46.46
Correlation0.85
Sharpe ratio-0.09
Information ratio-0.79
Jensen's alpha-4.98
No. of positions47

Top 10 positions

First Quantum Minerals
Ivanohe Mining
B2Gold
Label Vie
Attijariwafa Bank
Kosmos Energy
Akdital
Marsa Maroc
Naspers
Sothema
6.4%
5.9%
5.3%
5.0%
4.9%
4.5%
3.6%
3.5%
3.4%
3.4%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
18.8%
15.4%
14.3%
24.8%
8.5%
3.8%
14.5%

Geographic breakdown

Morocco
South Africa
Egypt
Ghana
Zambia
DR Congo
Mali
Kenya
Burkina Faso
Nigeria
Netherlands
Others
Cash
25.6%
18.2%
15.4%
6.6%
6.4%
5.9%
5.3%
3.5%
3.0%
1.8%
1.7%
1.4%
5.4%

Breakdown by sector

Materials
Financials
Healthcare
Communication Services
Energy
Consumer Staples
Consumer Discretion.
Industrials
Fixed Income
Real Estate
Others
Cash
32.7%
18.4%
7.8%
6.8%
6.2%
5.6%
5.2%
4.7%
3.9%
2.8%
0.6%
5.4%

Opportunities

  • Africa – a still largely untouched continent with attractive growth potential.
  • Structural change, reforms, raw material reserves and infrastructure investments as primary growth drivers.
  • Local experts – emerging market specialists, including from the region, with a competitive track record.
  • Active fund management that is not based on a benchmark index, but on an in-depth analysis of individual companies.
  • Low correlation, in particular to the equity markets of other emerging countries.

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.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

Fears of a US recession along with the lack of catalysts to spark growth prospects in China’s property and industrial sectors affected our commodities exposure. Oil producing companies were particularly hit in the second half of April when the Brent and WTI benchmarks lost 8%. On the other end, our structural growth stories showed some resilience last month with Morocco delivering returns in line with those in developed markets and helping the Fund outperform Emerging Market indices.

Egyptian equities were up 7.6% mom in EGP as local investors remain net buyers of the stock market, especially of names such as El Sewedy (electrical engineering and power infrastructure) or Alexandria Container (port operations) whose USD revenue streams are a tailwind in the context of a weakening EGP. Foreign inflows remain held back by the lack of progress on currency and structural reforms, which adds to the worries about Egypt’s ability to tackle its balance of payment issues. S&P Global Ratings voiced these concerns in its downgrade of Egypt’s outlook from stable to negative, stressing the urge for local authorities to deliver on their reform promises. Further, a swift implementation of the reform plan agreed under the latest IMF program would address concerns investors have around the nation’s debt.

Moving West, Morocco received the IMF board’s approval for a two-year USD 5 bn flexible credit line that will strengthen its FX buffers against external shocks. Another good news came from the pick-up in agricultural output leading headline inflation lower to 8.2% yoy last March from 10.1% yoy in February, the largest drop since early 2020. Lastly, tourists arrivals reached a new record of 2.9 million in 1Q 2023, up 17% vs. 1Q 2019, and are likely to provide a boost to domestic activity through their trickledown effect. This conducive backdrop supported another month of net inflows by local investors despite the usually low trading activity during the holy month of Ramadan. The stock Index was up 1.3% mom and the MAD gained 1.8% vs the USD.

South Africa suffered another episode of acute electricity rationing with almost half of the country’s generation capacity cut off the grid at some point adding to corporates’ struggle to operate without disruptions. On the consumers front, Capitec, a financial institution banking the mid-to-low income portion of the population, released a study showing that pressures on the purchasing power of its 20-million retail clients force the latter to arbitrate between their spending. Indeed, in the 12 months to last February, spending on pharmacy, education and home maintenance were cut by 30%, 15% and 13% respectively whereas spending on home loans, vehicle financing and fuel grew by 20%, 15% and 16%. The tough macroeconomic environment led the bank to book an impairment charge of ZAR 8.3 bn in its FY23 accounts, well above the ZAR 7.4 bn booked in FY21 which included the impact of the COVID-19 crisis. Equities gained 2.8% mom, driven by precious metal mining companies and a few other index heavyweights while the rand lost 2.7% against the USD.

Recent economic and earnings publications highlighted the negative impact the failed attempts of Naira demonetization had on business activity in Nigeria. Companies in the consumer space reported strong margin contractions in 1Q 23 and appeared as the main victims of the crisis. With an inflation still above 20% and no return to more orthodox policies in sight, prospects for Nigeria as an investment destination remain dire. The stock index fell 4.5% mom.

The Kenyan market fell 4.5% last month as a backdrop of slower GDP growth and a continued weakening of the shilling (-2.6% vs the USD mom) led foreign investors to continue exiting the market. This situation was exacerbated by growing fears related to the country’s debt sustainability, more specifically that of its USD borrowings given the country is still locked out of international markets by prohibitive interest rates.

Last month we reduced our exposure to the commodities complex to book some profits on large positions we have in the gold and copper mining space. We also reshuffled our allocation to oil producing companies to provide more space to the names we see as outperformers in case of another leg down in crude prices.

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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

  • Lead Portfolio Manager

    Malek Bou-Diab

    Malek Bou-Diab joined Bellevue Asset Management in June 2009 as portfolio manager new markets. He is lead portfolio manager for the BB African Opportunities Fund. Prior to that, he worked as investment specialist at Julius Baer, where he was responsible for managing an African equity fund. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. Between 1999 and 2003 he prepared his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH). He spent a large part of his youth in the Middle East, where he received an international education and studied Arabic.
  • Portfolio Manager

    Andy Gboka

    Andy Gboka joined Bellevue Asset Management as Analyst / Portfolio Manager of the BB African Opportunities Fund in January 2015. From 2011 to 2014 he was Senior Analyst at Exotix LLP covering the brewers and cement companies listed in Africa. He previously worked for Societe Generale Corporate and Investment Banking as Equity Analyst in the European utilities team covering the regulated sector. He holds a Msc specialised in Finance, Bordeaux Business School, now Kedge Business School since the merger with Euromed Marseille in July 2013.
  • Product Specialst

    Jean-Pierre Gerber

    Jean-Pierre Gerber joined Bellevue Asset Management early 2009 as a product specialist. Prior to this he had spent 10 years with Julius Baer, where he assumed various responsibilities including head of fund research and senior product specialist equities / emerging markets. He is Board Member of the Swiss African Business Circle which supports companies with their business engagements in Africa. Before, he worked as an assistant auditor and consultant at Ernst & Young. Jean-Pierre Gerber has a master's degree in business administration and economics after studies at the universities of Berne and Warwick, UK.
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