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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 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: 27.01.2023)

NAV: EUR 183.80 (26.01.2023)


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

Rolling performance (26.01.2023)

I-EURBenchmark
26.01.2022 - 26.01.2023-9.71%-2.34%
26.01.2021 - 26.01.202212.88%10.50%
24.01.2020 - 26.01.2021-14.66%-5.47%
25.01.2019 - 24.01.20206.71%9.57%

Annualized performance (26.01.2023)

I-EURBenchmark
1 year-9.71%-2.34%
3 years-4.53%0.66%
5 years-3.35%-0.13%
10 years0.29%0.61%
Since Inception p.a.2.88%2.79%

Cumulative performance (26.01.2023)

I-EURBenchmark
1M3.54%5.00%
YTD4.35%6.64%
1 year-9.71%-2.34%
3 years-13.02%2.01%
5 years-15.66%-0.65%
10 years2.94%6.29%
Since Inception47.04%45.28%

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)2.42% (30.12.2022)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.12.2022, base currency EUR)

Beta0.66
Volatility15.50
Tracking error10.86
Active share46.13
Correlation0.83
Sharpe ratio-0.28
Information ratio-0.56
Jensen's alpha-5.57
No. of positions47

Top 10 positions

Ivanohe Mining
Naspers
Kosmos Energy
First Quantum Miner.
Commercial Intl.
B2Gold
Label Vie
Attijariwafa Bank
Egypt 7.625% 20-29.05.32
Safaricom
6.2%
5.4%
5.2%
5.2%
5.1%
5.0%
3.9%
3.5%
3.4%
3.2%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
19.5%
17.1%
13.0%
30.2%
5.1%
4.7%
10.4%

Geographic breakdown

South Africa
Morocco
Egypt
Ghana
Kenya
DR Congo
Zambia
Mali
Burkina Faso
Nigeria
Others
Cash
23.2%
20.5%
16.1%
7.3%
6.5%
6.2%
5.2%
5.0%
4.1%
0.9%
2.2%
2.9%

Breakdown by sector

Materials
Financials
Healthcare
Energy
Communication Services
Consumer Discretion.
Consumer Staples
Fixed Income
Industrials
Real Estate
Others
Cash
36.0%
20.6%
6.8%
6.5%
6.2%
5.6%
5.4%
3.4%
2.4%
2.4%
1.8%
2.9%

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.

The global monetary tightening along with US dollar strength last year set a challenging backdrop for equity markets that was exacerbated by the Russia-Ukraine war and ensuing spike in food and energy prices. The latter led to a performance divergence between net importers and net exporters of commodities in our region. South Africa rallied 22% (USD terms) in 4Q 2022, pairing its annual losses to -2.8% yoy thanks to the risk-on mood towards EMs after China exited its zero COVID-19 policy. Further, its trade balance got a year-end boost from the recovery in the price of iron ore, gold and platinum, of which it is a net exporter. Net commodity importers like Egypt, Morocco and Kenya suffered losses ranging from -19% to -27% yoy in 2022, in line with those of emerging and frontier markets indices of -20% and -26% yoy in USD. At -17% yoy, the fund outperformed emerging, frontier and some of the main developed markets last year, a testament to the fall of opportunity cost to invest in Africa vs. developed markets with the removal of accommodative monetary policies.

Another highlight last year was the deterioration in external balances leading to a depletion of foreign exchange reserves across the continent as many issuers were locked out of the USD debt market due to elevated financing costs. Morocco and South Africa relied on their diversified sources of USD and flexible FX regimes to weather these headwinds whereas Egypt and Kenya turned to the IMF for new funding assistance in the face of growing macroeconomic pressures. The last two countries count on structural reforms together with the support from bilateral and other development partners to bridge their balance of payments needs. Ghana on the other hand had no choice but to suspend payments on its USD debt obligations and is the second African nation to default after Zambia in 2020.

In Nigeria, the availability of US dollars is unlikely to improve as long as the Central Bank keeps its unorthodox monetary and FX policies. The institution’s cashless policy and recent changes to cash withdrawals limits disrupted the flow of Naira in circulation and mechanically constrained the demand for USD. The stock index was up 4% last month and 16% yoy in 2022 (USD terms), well supported by local investors for whom equities are among the few avenues with an acceptable risk/return profile. For foreign investors, investing in Nigeria makes little sense as capital repatriation has not been possible for more than 6 years. Moreover, market returns in USD are misleadingly inflated as the official rate used in the calculations is non-transactional, the black market rate (NGN730/USD) which is a better reference for real transactions is 40% weaker than the official rate.

The IMF finally approved a new USD 3bn program for Egypt and expects USD 14 bn of additional fundings from other international partners to help the country meet its balance of payment needs. The same month, the government made some progress in preparing the ground for one of the main IMF recommendations: a more flexible FX regime. The authorities cleared more than USD 5 bn of imported goods blocked at ports while the Central Bank lifted the letter of credit requirement for imports financing. In light of the deterioration in inflation outlook, the Central Bank raised its main operation rate to 16.75%, a 300 bps hike vs. the Refinitiv consensus of 125 bps. Despite this hawkish surprise, equities pursued their Q4 2022 rally to add 10% last month, which pairs the index losses in 2022 to -19% yoy vs -27% yoy prior to the last October devaluation.

Kenya is also proactively looking to solve its balance of payment issues through the IMF assistance (USD 437 mn received in December) and a fiscal consolidation to reduce its reliance on external debt for budget support. Equities were flat mom and ended the year down 25% in USD terms.

Last month, we subscribed to the IPO of Akdital Holding. The company is the largest private hospital group in Morocco and is well positioned to leverage the ongoing healthcare reforms to deliver a strong and sustainable growth. 2022 showed that the performance gap between Africa and developed/EM markets disappeared with the removal of supportive monetary policies. Once the uncertainty in global rates clears, we expect Africa to deliver positive hard currency returns – particularly the structural growth stories – even in an environment of slower global growth.

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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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