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
Indexed performance (as at: 10.07.2025)
NAV: EUR 195.54 (09.07.2025)
Rolling performance (10.07.2025)
| I-EUR | Benchmark | |
| 09.07.2024 - 09.07.2025 | 4.43% | 2.96% |
| 09.07.2023 - 09.07.2024 | 12.07% | 3.96% |
| 09.07.2022 - 09.07.2023 | 1.58% | 1.74% |
| 09.07.2021 - 09.07.2022 | -12.40% | -0.59% |
Annualized performance (10.07.2025)
| I-EUR | Benchmark | |
| 1 year | 4.43% | 2.96% |
| 3 years | 5.94% | 2.88% |
| 5 years | 1.90% | 1.49% |
| 10 years | 2.07% | 0.58% |
| Since Inception p.a. | 2.97% | 0.56% |
Cumulative performance (10.07.2025)
| I-EUR | Benchmark | |
| 1M | 0.29% | 0.16% |
| YTD | 2.38% | 1.27% |
| 1 year | 4.43% | 2.96% |
| 3 years | 18.88% | 8.91% |
| 5 years | 9.86% | 7.69% |
| 10 years | 22.79% | 5.93% |
| Since Inception | 56.43% | 8.95% |
Annual performance
| I-EUR | Benchmark | |
| 2024 | 6.49% | 3.77% |
| 2023 | 8.55% | 3.32% |
| 2022 | -8.89% | -0.01% |
| 2021 | -2.87% | -0.57% |
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 is actively managed and invests globally in several asset classes with the possibility to build up long and short exposure, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| 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 | LU0494762056 |
| Valor number | 11117648 |
| Bloomberg | BLBBGMI LX |
| WKN | A1CW7R |
| Total expense ratio (TER) | 1.32% (30.06.2025) |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (30.06.2025, base currency EUR)
| Beta | 1.00 |
| Volatility | 5.35 |
| Correlation | 1.00 |
| Sharpe ratio | 0.52 |
| No. of positions | 60 |
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 0.42% in June with a volatility of 3.3%. Over the month, the MSCI World Index in EUR gained 0.88% and the Bloomberg Global Aggregate Government EUR-Hedged Index rose 0.53%. The fund’s performance was driven by equities (+0.29%), non-government bonds (+0.17%) and government bonds (+0.01%). Volatility spiked early in the month due to the Iran-Israel conflict and the subsequent US intervention. A ceasefire and positive economic data later supported risk assets, pushing US equities to new all-time highs. Equities outperformed the MSCI World Index in EUR thanks to the Hang Seng and the S&P 500 index exposures. Non-government bonds underperformed broader credit markets due to the emerging market bonds. Government bonds lagged, mainly due to the Bund, whose yield rose 11 bps to 2.61%, while other government bond markets performed better.
During the month, we kept the equity allocation at 24%. We slightly reduced the allocations to government bonds from 32% to 30% and to credit from 30% to 29%, by taking some profit on US treasuries and CoCos. We also reduced our USD exposure from 1% to -2%.
Total duration remained at 3.5 years vs the long-term average of 3.7 years. The fund’s main hedges are the 30% long-term government bond and the 5% gold exposures.
Base scenario: Volatile environment with a positive tilt. Market volatility continues due to tariff uncertainty. We are in the Trump 90-day tariff pause, during which bilateral trade negotiations are ongoing. Economic indicators have not yet reflected the impact of current or potential additional tariffs. We expect equities to respond to trade deals announcements and benefit overall. This is neutral for credit and slightly negative for government bonds. If many trade deals are reached, especially with China, we expect to move to the positive scenario.
Positive scenario: A world of deals. Major economies reach agreements with the Trump administration, avoiding a global trade war and bringing an end to the war in Ukraine. The US and Europe implement growth-supportive policies. Inflation remains under control, removing the need for rate hikes. This is positive for equities and credit, and negative for government bonds.
Negative scenario: Trade war. Few tariff agreements are reached, leading to prolonged high tariffs and rising recession fears. AI-driven investments, previously supporting economic resilience, face scrutiny due to Chinese challengers. Equity markets correct by around 20%. This is negative for credit and positive for government bonds, though we apply less hedging value to US Treasuries.
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