Institutional InvestorsThe 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: 12.05.2025)
NAV: EUR 193.05 (11.05.2025)
Rolling performance (12.05.2025)
| I-EUR | Benchmark | |
| 11.05.2024 - 11.05.2025 | 5.15% | 3.23% |
| 11.05.2023 - 11.05.2024 | 8.35% | 3.88% |
| 11.05.2022 - 11.05.2023 | 3.68% | 1.11% |
| 11.05.2021 - 11.05.2022 | -12.41% | -0.58% |
Annualized performance (12.05.2025)
| I-EUR | Benchmark | |
| 1 year | 5.15% | 3.23% |
| 3 years | 5.71% | 2.73% |
| 5 years | 2.43% | 1.41% |
| 10 years | 1.80% | 0.54% |
| Since Inception p.a. | 2.92% | 0.55% |
Cumulative performance (12.05.2025)
| I-EUR | Benchmark | |
| 1M | 2.31% | 0.16% |
| YTD | 1.07% | 0.92% |
| 1 year | 5.15% | 3.23% |
| 3 years | 18.12% | 8.42% |
| 5 years | 12.78% | 7.25% |
| 10 years | 19.54% | 5.56% |
| Since Inception | 54.44% | 8.57% |
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 |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (30.04.2025, base currency EUR)
| Beta | 1.00 |
| Volatility | 5.72 |
| Correlation | 1.00 |
| Sharpe ratio | 0.26 |
| 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 -1.10% in April with a volatility of 9.6%. During the month, the MSCI World Index in EUR fell by 4.1% and the Bloomberg Global Aggregate Government EUR-Hedged Index rose by 1.0%.
The main performance contributors were gold (+0.31%), government bonds (+0.30%), foreign exchange (+0.25%), non-government bonds (-0.13%), and equities (-1.82%). April was highly volatile due to President Trump’s “Liberation Day” and his subsequent U-turn on tariff policy. Gold and government bonds helped offset equities and non-government bonds negative contributions. Non-government bonds lagged broader credit markets due to emerging markets. Equities underperformed the MSCI World Index in EUR with the largest drags coming from the S&P 500 and Chinese IT stocks exposures.
Amid ongoing US policy uncertainty, we remain cautious. We reduced the equity allocation from 22% to 15% and continued shifting exposure from US to European equities. We also reduced credit from 31% to 29%. We kept long-term government bonds at 33% but shifted part of the US 10-year Treasury exposure into Bunds to improve diversification. The USD exposure remains mostly hedged.
Total duration slightly increased from 3.3 to 3.6 years vs the long-term average of 3.7 years. The fund’s main hedges are the 33% 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 the DeepSeek challenge. 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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