Bellevue Entrepreneur Europe Small (Lux)

 Owner-operated or family-run companies think in generations, not in quarters

Solid balance sheets, high innovative strength and safety awareness have a positive effect on the share price

Companies impress with high ESG scores

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0631859229

The Fund invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur/founder family holds at least a 20% of a company’s voting rights, thereby exerting signif. influence. The team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by country, sub-sector and style (Value, GARP, Growth).

Indexed performance (as at: 20.01.2022)

NAV: EUR 394.89 (19.01.2022)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display

Rolling performance (19.01.2022)

19.01.2021 - 19.01.202211.08%16.28%
19.01.2020 - 19.01.202115.05%12.96%
19.01.2019 - 19.01.202024.39%23.78%
19.01.2018 - 19.01.2019-25.81%-12.69%

Annualized performance (19.01.2022)

1 year11.08%16.28%
3 years16.06%17.01%
5 years9.19%11.43%
10 years13.35%14.37%
Since Inception p.a.11.50%12.49%

Cumulative performance (19.01.2022)

1 year11.08%16.28%
3 years56.46%60.36%
5 years55.27%71.88%
Since Inception215.91%246.63%

Annual performance


Investment Focus

The Fund invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur or a founder family holds at least a 20% of a company’s voting rights, thereby exerting significant influence. The typical qualities of these companies – a focused business model, fast decision-making processes, sustainable business policies and a strong corporate culture – go hand in hand with efficient innovation, high product quality and strong customer loyalty. The corresponding impact on the share price is demonstrably positive. The Fund’s Management Team offers a wealth of experience in this investment segment and has built up an extensive network with entrepreneurs throughout the sector. It pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies with a small market capitalization while maintaining an investment portfolio of 25 to 40 stocks diversified by country, sub-sector and style (Value, GARP, Growth).Show moreShow less

Investment suitability & Risk


Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to enhance their portfolio diversification with investments in European small capitalized founder-controlled companies. The Fund displays the typical risks associated with equity investments in European small caps.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date30.06.2011
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU0631859229
Valor number13084212
Total expense ratio (TER)2.19% (31.12.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Top 10 positions

Sopra Steria
Fuchs Petrolub
Besi Semiconductor Industries

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn

Geographic breakdown


Breakdown by sector

Consumer Discretion.
Communication Services
Consumer Staples
Information Technology


  • Owner and family-run businesses think in generations, not in quarters.
  • Focus, a sense of responsibility, strong identification with the company, and personal financial commitment have a positive impact on the share price.
  • More conservatively financed, lower debt exposure and a higher risk capacity compared to non-family businesses.
  • Multi-award-winning management team with a long and successful track record investing in owner-run firms.
  • Entrepreneurs for entrepreneurs – the Bellevue Group is itself an owner-run company with the majority of shares held by employees.


  • The fund invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
  • Shares in smaller businesses are generally traded in lower volumes and are subject to bigger price fluctuations than larger enterprises.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • The fund may invest a proportion of its assets in financial instruments that might under certain circumstances have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

European small and mid caps increased 3.8% in December. Shrugging off the new COVID restrictions, equities recovered from the Omicron-led correction, with European markets outperforming the US and Asia. Business surveys remained high in December though declining sequentially. Flash Eurozone PMI Composite reached 53.4. With central banks normalizing their policy and rising inflation, bond yields climbed in most regions. Oil prices also rebounded – but remain below the peak of USD 83.5/barrel of late October. At sector level, industrials (+6.1%) consumer discretionary (+5.1%) and materials (+4.5%) performed best while technology (+1.2%), consumer staples (+1.4%) and communication services (+1.5%) lagged the most. Against this backdrop, the fund rose 3.2%, 60 bp below its benchmark.

Top detractors in the month were Zur Rose (-32.2%), BESI (-10.4%) and CTT Systems (-6.0%). Zur Rose tumbled on the surprise announcement by the German Ministry of Health that the mandatory introduction for e-scripts set for January 1, 2022 will not apply. This is an overreaction in our view. The e-script is now a reality with most doctors and the project is delayed not cancelled. From what we hear, the new deadline could be July 1st, 2022. On our calculation, a one year delay would reduce the fair value from CHF 500 to CHF 420, still offering plenty upside. BESI, the Dutch maker of semiconductor equipment, announced heavy flooding affecting its Malaysian activities, pushing out EUR 25 mn of revenues to early 2022. BESI also gave initial indications on the Q4 order intake. The 18% yoy increase suggest the 2022 consensus revenue growth of 5% is still cautious. CTT was weak following fears of a slower recovery in air travel.

Main performers in the month were Rovi (+14.2%), Husqvarna (+12.9%) and Duerr (+14.2%). Rovi’s Risperidone-ISM antipsychotic drug received a positive opinion from EMA’s Committee for Medicinal Products for Human Use (CHMP), a decisive step towards obtaining a formal approval. This is very positive and represents a key milestone for Rovi – not only for the approval of the product itself but mostly because it validates Rovi’s ISM technology, which could be transformational given its multiple potential usages. Husqvarna published new targets during its CMD. Revenue growth was raised to 5% p.a., from 4-4.5% previously, with the ambition to double robotic mowers and to increase the share of electrified products from 38% to 67% within five years. The margin target was also increased to 13% from 10%. Following a convincing CMD earlier in November, Duerr benefited from a favorable combination of strong ST business momentum and positive LT perspectives, with its products contributing to lowering the CO2 footprint.

Looking into 2022, European equities have a real chance of outperformance. The domestic economy is performing well and recent macro surprise indexes are trending upwards. With 4% consensus GDP growth for 2022, Europe should outgrow the US, also accommodating a much more benign inflation expectation. This should translate into solid earnings growth and above average equity returns. We are less worried about margins coming under pressure owing to rising costs as companies do manage to pass these on without much pushback when inflation is pro-cyclical i.e. based on rising demand.

We remain bullish on small and mid caps in the second year of COVID-19 recovery. We continue to see big alpha opportunities in the value category as valuation dispersion is still near all-time highs. Our value bias did not reward us in the second half of the year, but 2021 marks a first move by investors away from rich consensus EPS growth towards value.

In 2022 we want to continue to focus on affordable growth, value and quality, the latest being the namesake of our entrepreneur universe. Our stockpicking universe also boasts very strong balance sheets, 40% of companies being net cash, giving these great means to deliver more shareholder value via Capex, R&D, M&A, growth strategies and dividends. Many thanks to all our investors and all the best to you for 2022!

Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund 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. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base currency in %, calculated by the total return / BVI method.Show moreShow less


  • Lead Portfolio Manager

    Birgitte Olsen

    Birgitte Olsen, CFA, Senior Portfolio Manager Equities Europe, joined Bellevue Asset Management in 2008. Prior to that, she was Deputy Head of Portfolio Management Equities Europe at Generali Investments in Cologne for more than nine years. She worked as a Fund Manager (DE and Scandivien) at Vontobel Asset Management in Zurich in 1997 and 1998. Birgitte Olsen started her career in the financial industry in 1994 as a sell-side analyst at Bank am Bellevue covering the insurance and pharmaceutical sectors. She holds a degree in Finance and Accounting from the University of St. Gallen.
  • Portfolio Manager

    Michel Keusch

    Michel Keusch joined Bellevue Asset Management in 2007 and manages the BB Toros Prime Fund. Prior to joining Bellevue Asset Management he was a senior analyst at Crédit Agricole Cheuvreux from 2003 to 2007 . From 1996 to 2003 he was a senior analyst with Credit Suisse First Boston covering European consumer goods and services. Michel Keusch began his professional career in the consumer goods industry in brand management with Procter & Gamble and Fromageries Bel. He holds a DESS/MBA in international management from the University of Strasbourg in France and the University of Bath in the UK.
  • Portfolio Manager

    Laurent Picard

    Laurent Picard joined Bellevue Asset Management in 2018. Prior to that, he was an Financial consultant for start-ups in the internet/tech sector. From 2009 to 2016 he was a senior equity research analyst for media at Société Générale, having joined from UBS Warburg, where he was an equity analyst for IT Services and Software and a strategist specialized on the French markets. Laurent Picard graduated from Paris X University and ESSEC business school and holds a Master of Financial Techniques.
  • Product Specialist

    Loreno Ferrari

    Loreno Ferrari joined Bellevue Asset Management in 2018 as a Product Specialist. Previously, he spent 3 years as an Investment Specialist at UBS Asset Management and 8 years at Zürcher Kantonalbank, most recently as an Investment Advisor. Loreno holds a Bachelor of Science (BSc) in Business Administration (UAS) Zurich with a Specialization in Banking and Finance. He is a Certified International Investment Analyst (CIIA) and holds the Certificate in ESG Investing from CFA UK.