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Principles 

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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 BB Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB securities 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 BB Adamant Funds and BB Adamant Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB Adamant Global 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

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More info

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 select a share class.

HB-USDB-EURAB-EURHB-CHF

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0494761835

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: 16.05.2022)

NAV: EUR 154.79 (13.05.2022)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
B-EUR
Benchmark

Rolling performance (13.05.2022)

B-EURBenchmark
12.05.2021 - 13.05.2022-11.73%-0.58%
13.05.2020 - 12.05.20219.35%-0.51%
13.05.2019 - 13.05.2020-4.64%-0.40%
11.05.2018 - 13.05.20192.82%-0.36%

Annualized performance (13.05.2022)

B-EURBenchmark
1 year-11.73%-0.58%
3 years-2.72%-0.50%
5 years-1.26%-0.44%
10 years2.23%-0.21%
Since Inception p.a.1.78%0.01%

Cumulative performance (13.05.2022)

B-EURBenchmark
1M-4.54%-0.05%
YTD-9.02%-0.21%
1 year-11.73%-0.58%
3 years-7.95%-1.48%
5 years-6.14%-2.20%
Since Inception23.83%0.13%

Annual performance

B-EURBenchmark
2021-3.45%-0.57%
20202.17%-0.44%
20196.97%-0.40%
2018-2.76%-0.37%

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 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. A proprietary global macro screening engine supports an experienced team of specialists to express their market views and to define the most successful top down strategies. Risk is an integrated part within the entire investment process. By targeting an explicit risk level on a daily basis the risk profile is maintained over time. The portfolio is mainly invested in liquid assets, the Fund offers daily liquidity.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s objective is to achieve consistent positive returns across the economic cycle. The targeted returns are intended to be largely de-correlated from those of major asset classes. It is therefore particularly suited to investors with an investment horizon of at least 3 years who are focused on achieving consistent absolute returns. The base currency of the Fund is EUR.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date31.03.2010
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.40%
Subscription Fee (max.)5.00%
Performance Fee15.00% (with High Water Mark)
ISIN numberLU0494761835
Valor number11117626
BloombergBLBBGMB LX
WKNA1CW3N
Total expense ratio (TER)1.94% (29.04.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (29.04.2022, base currency EUR)

Volatility7.07
Sharpe ratio-0.25
No. of positions101

Opportunities

  • 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% - 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.

The fund returned -3.3% in April with a volatility of 6.9%. During the month, the MSCI World Equity Index lost 8.4%, the JP Morgan global government bond index lost 0.3% and commodities rose 5.1%, all figures in euro hedged terms.

April was difficult for most asset classes, with both treasuries and equities falling. The main performance contributors are equities (-1.36%), foreign exchange (-0.75%), government bonds (-0.71%), and non government bonds (-0.60%).

The equity strategy suffered along with overall equity markets. We note the resilient performance of dividend futures. We appreciate these investments in the current environment because dividends adjust with inflation. The loss of the forex strategy reflects the fact that our neutral portfolio is 100% euro hedged and suffers when the USD rises. The EUR/USD at 1.05 marks a record high for the USD not reached since December 2016. Government bonds suffered from a continued sell-off. The US 10y treasury yield rose by 60 bps, on the top of last month’s 51 bps, to 2.93%.

During the month, we decreased the equity exposure from 29% to 28%. We raised the long term government bond exposure from 28% to 30% and the non-government bonds exposure from 21% to 22%. We maintained a low portfolio duration at 2.4 years vs. the long term average of 3.9. The main hedges of the fund are the 35% exposure to the US 10y treasury future and the 3.6% exposure to gold.

Following the April 28 review, we maintained our scenarios:

Scenario 1, weight 20%: The uncertainty tied to the Russia-Ukraine conflict dissipates, ample liquidity and lack of alternatives cause equity markets to recover. Commodity prices will fall back and inflation is likely to peak in March in the world. This is positive for equities and high yield debt, and negative for government bonds and the USD.

Scenario 2, weight 50%: Tug of war between positive geopolitical news and deteriorating economic conditions translates into a period of market consolidation. On the positive side, geopolitical tensions are abating. However, the impact of economic sanctions, rising commodity prices, additional supply-chain bottlenecks and a potential China’s economic slowdown is yet to be seen in economic numbers. Equity markets consolidate with strong sector rotations. This is negative for government bonds and neutral for high yield bonds.

Scenario 3, weight 30%. Significant world economic slowdown or even recession translates into difficult equity markets. A large number of unfavorable factors are affecting the economic recovery. High commodity prices and economic sanctions will have a significant impact on world economies. Rising inflation will affect consumption and force central banks to raise interest rates. This scenario is negative for equities and high yield bonds and positive for government bonds.

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. 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 subfund, thus the performance of a benchmark is not a reliable indicator of future performance of the subfund 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

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ESG

  • Lead Portfolio Manager

    Lucio Soso

    Lucio Soso is portfolio manager of the BB Global Macro Fund with many years of experience in finance. Prior to joining Bellevue Asset Management he worked 6 years for RBR Capital where he was also responsible for this fund and was developing the financial models and risk management for total return and global macro strategies. From 1995 to 1998, he worked as finance research director for All Asia Capital and from 1992 to 1995 as an institutional portfolio manager at Pictet et Cie in London. Lucio Soso holds a master in finance from the London Business School, a master in nuclear physics from the Tokyo Institute of Technology and a degree in electrical engineering from the Swiss Federal Institute of Technology (ETH) in Zurich.

  • Portfolio Manager

    Alexandrine Jaecklin

    Alexandrine Jaecklin joined Bellevue Asset Management in June 2015 as portfolio manager in charge of the bond selection. Before, Alexandrine worked for 15 years at UBS. She joined UBS as a credit analyst for Emerging Markets on the sell side in New York and London, and then moved to the Wealth Management in Zürich to cover European Financial credits. She spent the last 6 years of her time at UBS advising directly institutional private clients with a focus on bond markets on managing their portfolio. Prior to UBS, she was an research analyst at Laidlaw Global Securities (New York), Smith Barney (New York), and the United Overseas Bank (BNP subsidiary - Geneva) in the fields of Emerging Markets and fixed income. She holds a Master in International Relations, Economics section, from the Graduate Institute of International Studies (HEI) in Geneva.

  • Head Investment & Products

    Markus Peter

    Markus Peter joined Bellevue Asset Management in early 2009 as head investments and products. He previously held several management positions during his 10 years with Julius Baer Group, including head product management and development, investment advisory as well as a product specialist for absolute return products. Prior to joining Julius Baer he was employed by IBM, treasury and project finance, as well as by Swiss Bank Corporation, equity and equity derivative trading. Markus Peter holds a master in business economics from the University of St. Gallen (HSG).
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