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. LU0494762056
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: 02.10.2023)
NAV: EUR 167.57 (28.09.2023)
Rolling performance (30.09.2023)
| I-EUR | Benchmark | |
| 30.09.2022 - 30.09.2023 | 6.20% | 2.58% |
| 30.09.2021 - 30.09.2022 | -14.76% | -0.46% |
| 30.09.2020 - 30.09.2021 | 5.53% | -0.56% |
| 30.09.2019 - 30.09.2020 | -1.74% | -0.41% |
Annualized performance (30.09.2023)
| I-EUR | Benchmark | |
| 1 year | 6.20% | 2.58% |
| 3 years | -1.51% | 0.51% |
| 5 years | -0.30% | 19.55% |
| 10 years | 1.98% | 0.00% |
| Since Inception p.a. | 2.21% | 0.19% |
Cumulative performance (30.09.2023)
| I-EUR | Benchmark | |
| 1M | -1.40% | 0.30% |
| YTD | 1.65% | 2.28% |
| 1 year | 6.20% | 2.58% |
| 3 years | -4.48% | 1.54% |
| 5 years | -1.50% | 144.33% |
| 10 years | 21.66% | 0.02% |
| Since Inception | 34.38% | 2.62% |
Annual performance
| I-EUR | Benchmark | |
| 2022 | -8.89% | -0.01% |
| 2021 | -2.87% | -0.57% |
| 2020 | 2.73% | -0.44% |
| 2019 | 7.36% | -0.40% |
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 | RBC Investor Services, Luxembourg |
| Fund Administrator | RBC Investor Services, 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 | LU0494762056 |
| Valor number | 11117648 |
| Bloomberg | BLBBGMI LX |
| WKN | A1CW7R |
| Total expense ratio (TER) | 1.31% (29.09.2023) |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
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 1.2% in July with a volatility of 3.8%. During the month, the MSCI World equity index gained 3.3%, the JP Morgan Global Government Bond Index lost 0.7% and commodities rose 10.7%, all figures in euro hedged terms.
Financial markets were in risk-on mode underpinning the performance of equities and non-government bonds while long-term rates were under pressure. The positive contributors to the fund performance were equities (+0.83%), non-government bonds (+0.53%), gold (+0.06%), foreign exchange (+0.05%), while government bonds detracted (-0.24%). Within equity, all our substrategies were in line with the MSCI World Equity Index. The non-government bond strategy was driven by the emerging market and CoCo positions. Foreign exchanges reflect the gains on the USD hedges as the USD lost 0.8% vs the EUR. Government bonds suffered from the 12 bps widening in the US 10-year treasury yield to 3.96%.
During the month, we marginally increased the long-term government bond exposure from 31% to 32% and the non-government bond exposure from 29% to 30%. We decreased the equity exposure from 26% to 23%, reflecting our investment scenarios that expect a mild (50% weight) to severe (25% weight) recession. The total portfolio duration is 2.7 years vs the long-term average of 3.8. The main hedges of the fund are the 32% US 7-year treasury position, the 14% USD and the 4% gold exposures.
Scenario 1, weight 25%: Investments in IT accelerate, central banks end rate increases, inflation falls, equity investors are underweight. Economic indicators are mixed and any positive news on the economy, such as booming artificial intelligence (AI) related investments or a recovery in manufacturing PMIs, could trigger a strong equity markets rally. This is positive for credit, neutral to negative for government bonds and negative for the USD.
Scenario 2, weight 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 15%: liquidity is still abundant, services PMIs remain strong worldwide, 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 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
