Bellevue Global Macro (Lux)
The world in one portfolio - all-weather strategy with absolute return approach
The fund seeks consistent positive annual returns over the business cycle
UCITS V regulated absolute return strategy with daily liquidity
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1233583258
The Fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility of 5-7%. The Fund actively invests globally in several asset classes with the possibility to build up long- and short exposure, maintaining a constant level of risk over time.
Indexed performance (as at: 28.03.2024)
NAV: USD 164.86 (27.03.2024)
Rolling performance (27.03.2024)
HI-USD | Benchmark | |
27.03.2023 - 27.03.2024 | 12.07% | 5.42% |
25.03.2022 - 27.03.2023 | -0.96% | 2.77% |
26.03.2021 - 25.03.2022 | -6.57% | 0.14% |
27.03.2020 - 26.03.2021 | 17.41% | 0.34% |
Annualized performance (27.03.2024)
HI-USD | Benchmark | |
1 year | 12.07% | 5.42% |
3 years | 1.22% | 2.75% |
5 years | 2.59% | 2.13% |
Since Inception p.a. | 3.26% | 1.84% |
Cumulative performance (27.03.2024)
HI-USD | Benchmark | |
1M | 1.37% | 0.41% |
YTD | 2.42% | 1.28% |
1 year | 12.07% | 5.42% |
3 years | 3.70% | 8.49% |
5 years | 13.68% | 11.15% |
Since Inception | 31.89% | 17.06% |
Annual performance
HI-USD | Benchmark | |
2023 | 10.83% | 5.23% |
2022 | -6.79% | 1.67% |
2021 | -2.17% | 0.16% |
2020 | 4.06% | 0.67% |
Facts & Key figures
Investment Focus
The fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility around 5-7%. The fund actively invests globally in several asset classes with the possibility to build up long and short exposure, maintaining a constant level of risk over time. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PriceWaterhouseCoopers |
Launch date | 31.03.2010 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.80% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1233583258 |
Valor number | 28230777 |
Bloomberg | BLBBGHU LX |
WKN | A143AU |
Total expense ratio (TER) | 1.32% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (29.02.2024, base currency EUR)
Volatility | 6.00 |
Sharpe ratio | -0.46 |
No. of positions | 83 |
Benefits & Risks
Benefits
- Fund targets to achieve consistent absolute returns across the economic cycle
- Systematic investment approach – based on proprietary models developed over the past 23 years
- Use of leverage is possible, the net exposure is usually between 120% and 150%
- Possibility to make short investments if the market environment offers appropriate opportunities to do so
- UCITS V regulated absolute return strategy with daily liquidity
Risks
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses
- The fund may invest part of its assets in bonds. Their issuers may become insolvent
- The investment in fixed-interest securities gives rise to interest rate risks
- Investing in emerging markets entails the additional risk of political and social instability
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency
Review / Outlook
The fund returned -0.3% in February with a volatility of 3.8%. During the month, the MSCI World Equity Index gained 4.1%, the JP Morgan Global Government Bond Index lost 1.0% and commodities gained 0.9%, all figures in euro hedged terms.
The main contributors to this month’s performance were non-government bonds 0.13%, equities 0.04%, and long-term government bonds 0.47%. Gold and foreign exchange contributed marginally. Non-government bonds were supported by the emerging market strategy but negatively impacted by our conservative positioning in the corporate debt strategy. Within equities, dividend futures were the engine while the sector strategy underperformed. Government bonds were affected by the rise in interest rates. The US 10-year treasury yield increased by 40 bps to 4.25%.
During the month, we increased the allocation to equities from 18% to 20%. We invested in Chinese blue chips technology stocks, which are very attractively priced in the light of their value creation. We maintained the allocation to non-government bonds and long-term government bonds at 34% and 22%, respectively. The total portfolio duration remained at 2.6 years vs the long-term average of 3.8 years. The main hedges of the fund are the 22% long term government bond, the 17% USD and the 4% gold exposures.
Scenario 1, weight of 25%: Investments in IT accelerate, central banks end rate increases, inflation falls, equity investors are underweight. The market continues to rally. Economic indicators are mixed. The economy is recovering in the US while it is still weak in Europe. Any positive news on the economy, such as booming artificial intelligence (AI) related investments or a recovery in manufacturing PMIs, would be positive for equity and credit markets. This is neutral to negative for government bonds and negative for the USD.
Scenario 2, weight of 50%: The US economy drifts into a mild recession. Several mitigating factors are likely to dampen the market correction and result in a loss of 5% to 10%: liquidity is still abundant, the boom in AI-related investments continues and institutional equity investors are already positioned cautiously. This scenario is negative for credit and slightly positive for government bonds.
Scenario 3, weight of 25%: Credit conditions in the US deteriorate, developed economies fall into a global recession. Under this scenario, inflation persists, and the Fed’s restrictive monetary policy starts to impact the economy. Equity and credit markets correct. This is positive for government bonds, the USD and potentially gold.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the subfund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less