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Disclaimer
To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

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.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

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 and Spain. 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 . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), 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. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, 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 („KIID“), 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, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), 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 (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, 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 (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, 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 (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, 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.

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

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Glossary

A 
Active ShareThe active share measures the extent to which the holdings of an 
equity portfolio differ from the benchmark. The ratio can take values 
between 0 and 1, where 0 is a complete match between the portfolio 
and the benchmark and 1 where is no overlap between the portfolio 
and the benchmark. The higher the Active Share, the more active the 
fund manager.
AccumulatingAccumulating funds reinvest the income generated, i.e. they keep it 
permanently in the fund assets. They thus increase the unit value.
Annual/semi 
annual report

A asset management company must publish two reports on each 
investment fund each year: a semi-annual report and an annual report. 
There are clear legal requirements in this regard. 
Annual reports must contain, for example, the following:

  • Activity report
  • Statement of assets
  • Statement of income and expenditure
  • appropriation of income

The annual report must be published within four months of the end 
of the financial year, the half-yearly report within two months of the 
half-year reporting date.

B 
BenchmarkA benchmark is a comparative standard for measuring the 
investment performance of a fund. Usually, a market-relevant stock 
or bond index serves as a benchmark.
BetaThe beta measures the volatility of a fund in relation to the 
benchmark. A beta of 0 means that there is no dependency. If the 
beta fluctuates between 0 and 1, the price change of the share is 
on average less than that of the benchmark. A beta greater than 1 
indicates that the price change of the security is on average higher 
than that of the benchmark.
BVI methodThe BVI method is a method of calculating the performance of 
investment funds. The performance is the percentage change 
between the assets at the beginning of the investment period 
and their value at the end of the investment period. Distributions 
are mathematically invested immediately in new fund units. This 
makes the performance of distributing and accumulating funds 
comparable.
C 
Custodian feesCustody fees are charged by banks or fund companies for 
managing an investor's securities account.
D 
Distribution

Distributing funds pay out the income generated to investors as a 
so-called distribution.

Opposite: Accumulation

DrawdownDrawdown measures the loss of an investment from its historical high.
E 
Exchange Traded 
Funds (ETFs)

Exchange traded funds (ETFs) are traded on the stock exchange. 
As a rule, they replicate the composition of a specific index in full 
or with a high degree of consistency (index funds). The aim is to 
follow the performance of the underlying index as closely as 
possible.

Basic information on funds: see Investment funds.

Equity fundEquity funds invest primarily in equities, i.e. shares in listed 
companies. Basic information on funds: see Investment funds.
F 
Fund of FundsFunds of funds invest their assets in other funds, the so-called 
"target funds". 
For basic information on funds, see Investment funds.
G 
H 
I 
Information RatioThe information ratio expresses the ratio of additional returns 
generated to the extra risk involved. The over or underperformance 
of the fund relative to its performance comparison index is divided 
by the tracking error.
Investment fund

Investors receive fund units in line with their deposit and do not have 
to make any further investment decisions themselves. They become 
co-owners of the fund's assets and are entitled to the fund's profits, 
for example dividends, interest or price gains.

Investment funds differ in terms of

  • the investor group (see mutual funds, special funds)
  • tradability (see open-end funds, closed-end funds)
  • the assets contained (see equity funds, alternative investment 
    funds, funds of funds, money market funds, hedge funds, hybrid 
    funds, index funds, mixed funds, open-ended real estate funds, 
    bond funds)
  • the use of income (distributing and accumulating, i.e. reinvesting 
    funds)
  • the investment focus (see country funds, sector funds)
  • a possibly stated return target (see capital protected funds, 
    target return funds)
  • a possibly given maturity (see maturity funds, life cycle funds)
  • the possibility of trading them on the stock exchange (see index 
    funds)
  • their cost structure (see no-load funds)
Investment levelThe investment level is calculated from the fund assets less the 
fund's cash reserve. It corresponds to the proportion of fund assets 
invested in securities, real estate or derivatives.
ISIN

The international securities identification number ISIN uniquely 
identifies each exchange-traded security. In Germany, it is used 
alongside the national securities identification number WKN.

The ISIN has twelve digits, the structure of which is defined in 
ISO 6166. ISIN numbers assigned in Germany, for example, begin 
with the letters DE. This is followed by a national identification 
number and a check digit.

J 
Jensen's AlphaJensen’s alpha is a risk adjusted measure of a fund's performance r
elative to its performance comparison benchmark. Beta: A measure 
of the volatility of a fund relative to its performance comparison index, 
i.e. how sensitive the fund is to movements.
K 
L 
M 
Modified DurationSimplification / modification of the duration formula. 
The modified duration indicates the percentage change in a 
bond price due to a 1 percent change in market interest rates.
N 
Net asset valueThe net asset value of an investment fund is the sum of all valued 
assets less all liabilities. 
O 
Ombudsman for 
investment funds
The ombudsman's office for investment funds offers consumers 
an out-of-court, neutral arbitration procedure in the event of a 
dispute with a capital management company. The procedure is 
free of charge for consumers.
P 
P/B ratioThe price/book ratio is a key figure for the valuation of shares. 
The price-to-book ratio puts the market price of a share in relation 
to the book value of the share. The price-to-book ratio is a 
substance-oriented indicator that shows how expensive a share 
is on the stock market compared to its book value.
P/CF ratioThis indicator shows the ratio of the share price to the cash flow 
per share. The price/cash flow is used to assess the development 
of a company's earning power in the future and to compare different 
companies with each other.
Performance 

The performance is the arithmetical result of an investment over 
a certain period of time. The performance of investment funds is 
generally calculated on the basis of the unit value.

Distributions are usually regarded as reinvested, i.e. they are used 
to calculate the purchase of fund units. This makes it possible to 
compare the performance of distributing and reinvesting funds.

Annualized performance: average annual performance according 
to the BVI method.

Cumulative performance: total absolute performance calculated 
according to the BVI method.

Performance feeA fund manager may receive additional performance-based 
compensation if the investment fund it manages meets or exceeds 
certain targets.
Q 
R 
RankingsRankings sort investment funds with the same or very similar 
investment focus according to mathematical criteria and thus 
put them in an orderly sequence. This is based on historical data. 
In the case of investment funds, these are often performance or 
volatility.
RatingA rating is a forward-looking forecast of the quality and reliability 
of a company, borrower or investment vehicle, such as a bank, 
government, private borrower or investment fund.
Redemption priceThe redemption price is the value of a share class. It is calculated 
by dividing the fund assets by the number of share classes issued. 
Risk/return profileThe risk-return profile is the ratio of the expected capital gain 
to the risk of the investment.
S 
Share classAn investment fund may issue different types of share classes 
with different ISIN/securities identification numbers. The share 
classes may differ, for example, in the fee structure or the currency 
of the unit.
Sharpe Ratio

Sharpe ratio is the measure of risk-adjusted return of an investment. 
It is the return achieved of the fund above the risk-free interest rate 

divided by the volatility of the returns.

T 
TERThe total expense ratio describes the total costs and fees of a fund 
as a percentage of the average fund assets within a fiscal year. 
All costs charged to the fund assets are taken into account, with the 
exception of transaction costs.
Tracking ErrorA measure of how much a fund’s returns deviate from those of its 
performance comparison index. The lower the number the closer the 
fund’s historic performance has followed that of its performance 
comparison index.
U 
UCITS

In the European area, UCITS stands for "Undertakings for Collective 
Investment in Transferable Securities". These are investment funds 
that invest in legally defined types of securities and other financial 
instruments.

UCITS are allowed to invest in the following assets within respective 
defined limits and ratios:

  • Securities
  • Money market instruments
  • Bank deposits
  • Derivatis
  • Money market instruments
V 
VolatilityVolatility is the degree of variation of a security price or index around 
its mean over a fixed period of time. A security is referred to as volatile 
when its price fluctuates sharply.
W 
WKNThe securities identification number is a six-digit unique identifier 
for securities in Germany. It is used alongside the international 
identification number ISIN.
X 
Y 
Yield To Worst 
(YTW)
YTW is a ratio of callable bonds. It is usually used when the 
market interest rate is lower than the coupon and the issuer can 
terminate the bond because it can obtain financing on the market 
at a lower price. In such cases, YTW indicates the worst expected 
yield, i.e. the yield of the worst case.
Z