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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.

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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.

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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.

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Birgitte Olsen, Portfolio Manager of the Bellevue Entrepreneur strategies, Bellevue Asset Management

If not now, when? Investing in entrepreneurs for stability and growth

Birgitte Olsen, Portfolio Manager of the Bellevue Entrepreneur strategies, Bellevue Asset Management
06.05.2022 - Birgitte Olsen

Market commentary of May 6, 2022

Uncertainty on financial markets is currently high and investors are increasingly looking for help in navigating today's markets. Owner-managed companies represent a viable alternative in this environment of heightened volatility and patchy visibility. These mostly small and mid-sized companies are more agile than large companies and they boast numerous other advantages as well. These range from high levels of continuity and sound long-term business strategies to low levels of debt, if any, strong pricing power, often thanks to a niche market focus, and reliable returns. Advantages that pay off two-fold in uncertain and turbulent times.

For weeks now – not just since Russian troops invaded Ukraine, although since then the ride has become more volatile – the stock market has been moving in both directions at a dizzying speed. Winning and losing sectors, and the winners and losers within a single sector, have often changed quickly and unexpectedly. Energy stocks, for example, were long neglected, but they suddenly experienced a strong revival, whereas one-time darling tech stocks were dumped. Markets generally dived when the conflict in Ukraine erupted into a full-blown war, but they recovered faster than one would have expected given the rather gloomy environment with continued supply chain disruptions, galloping inflation, and worries about higher interest rates and a recession.

Financial analysts have some catching-up to do 

Once again, good advice is hard to come by. Economists have lowered their GDP growth forecasts, but many financial analysts have yet to adjust their earnings models. They first want to see the results and management commentary for the first quarter of 2022, which should improve visibility. Downward revisions of earnings estimates can be expected under the current circumstances. This will inevitably lead to markdowns in the price of some stocks.

A lack of transparency is something that has long been held against owner-managed companies. Such criticism is no longer warranted. For about five years now, entrepreneur companies, those with a shareholder who has a controlling or dominating interest in the company, have become increasingly transparent. ESG (environmental, social and governance) is here to stay in the investment world. Modern corporate governance policies are now also the rule rather than the exception in the entrepreneur space.

What hasn’t changed are the traditional strengths these companies offer – their long-term horizons, with a generational (and not quarterly) perspective, management continuity, a strong commitment to capital preservation, and above-average returns on equity, which translate into above-average returns for all shareholders. These companies are naturally disinclined to take on debt. That is paying off in the current environment of rising interest rates. Entrepreneurs have invested their own money in the companies they own and run, which is why they are distinguished by strict financial controls, for example, low levels of debt, if any at all, a cost-conscious culture, good profit margins, and ample resources for innovation.

There's always a Plan B 

History has shown that owner-managed companies don't wait for paradigm shifts that force them to take action. Given their corporate far-sightedness, they always have a Plan B in the drawer. In difficult times, they profit from their reliable business partnerships. That is a tremendous advantage when commodity prices are soaring, supply chains are disrupted, and customers are threatening to take their business elsewhere.

Some dark clouds have gathered over the economy. Germany, a country highly reliant on Russian oil and gas, is in a particularly uncomfortable position. We do not expect a recession, but a sudden ban on imports of Russian fossil fuels could trigger one. The European Union, and especially Germany, are unlikely to risk such radical action in view of the consequences this would have on their own industrial sectors and their own citizens. 

Energy transition winners 

An even faster transition toward green energies is, on the other hand, imperative and it has been plain to see too. Political leaders are more willing to move in that direction now because of the war in Ukraine and the sharp increase in oil and gas prices. In Germany, for example, legislators are considering raising the country's clean energy target to 80% of its overall power mix by 2030. Such a rapid transition will not be possible without state subsidies. The previously slim profit margins of clean energy equipment manufacturers and producers are likely to widen as a result. Two of the winners among the entrepreneur companies active in this area are Burckhardt Compression, a Swiss compressor manufacturer, and Subsea7, a Norwegian provider of services to the energy sector.

An acceleration of the clean energy transition will benefit numerous companies. Renewable energy and sustainability go hand in hand. Therefore companies that are proactively pursuing a long-term ESG strategy are attractive for investors. Stora Enso is a prime example here. This Finnish company is the second-largest private forest owner in the world. It is swiftly evolving from a paper producer to a specialist for packaging, biomaterials and wood-based products. Fiber-based materials can be renewed and recycled. Today it is already possible to build high-rise buildings with more than 30 floors using wood instead of steel and concrete.

Travel and leisure is another topic that offers investor opportunities. After two years of the pandemic, consumers are eager to ramp up their social lives and start traveling again. This has brightened the outlook for companies in the consumer goods, leisure and travel sectors that are fairly well-protected against inflation. Examples here include the wine and spirits producer Pernod Ricard, the Norwegian salmon farming company Bakkafrost and, in Switzerland, the watchmaker Swatch Group, Zurich Airport, and Last Minute, a still small online player offering individual travel arrangements.

Strong players about to get stronger 

The range of investment opportunities is widely scattered. Focusing exclusively on defensive plays will lead to opportunity costs as investors miss out on growth opportunities, examples of which are U-Blox in Switzerland and Sopra Steria in France, two tech companies whose shares have been battered. And the opposite is true as well.

Higher interest rates will not be negative for every company either. Financial services providers and insurance companies will actually benefit from higher interest rates.

Diversification, also with respect to investment styles, is critical when markets are volatile and uncertainty is high. As growth rates subside, strong players are likely to squeeze out weak ones and become even stronger in the process. In such a scenario, with geopolitical turmoil as well as opportunities driven by structural change, owner-managed businesses are holding the right cards.

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