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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.

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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.

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.

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Bellevue African Opportunities (Lux)

Africa – a still largely untouched continent with attractive growth potential

 Lower correlation to global markets, especially compared to other emerging markets

 Structural change, reforms, raw material reserves and infrastructure investments as primary growth drivers

Explained in 90 seconds

Bellevue African Opportunities explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0433847240

The Fund invests primarily in listed companies operating out of the emerging markets of Africa. At present, these are mainly countries in Northern Africa and the Sub-Sahara. Experienced emerging market experts, some of whom are from the region itself, focus on profitable large and mid-cap companies that stand to benefit from the region's strong growth momentum.

Indexed performance (as at: 29.09.2022)

NAV: EUR 161.69 (28.09.2022)


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

Rolling performance (28.09.2022)

B-EURBenchmark
28.09.2021 - 28.09.2022-3.54%-2.98%
28.09.2020 - 28.09.20217.66%11.95%
27.09.2019 - 28.09.2020-20.90%-13.16%
28.09.2018 - 27.09.20194.89%7.35%

Annualized performance (28.09.2022)

B-EURBenchmark
1 year-3.54%-2.98%
3 years-6.34%-1.93%
5 years-2.50%0.10%
10 years-1.20%-0.71%
Since Inception p.a.1.96%2.05%

Cumulative performance (28.09.2022)

B-EURBenchmark
1M-6.61%-10.12%
YTD-10.50%-10.40%
1 year-3.54%-2.98%
3 years-17.86%-5.68%
5 years-11.90%0.48%
10 years-11.39%-6.92%
Since Inception29.35%30.89%

Annual performance

B-EURBenchmark
202110.88%11.82%
2020-14.85%-6.52%
20198.48%15.82%
2018-11.34%-13.81%

Investment Focus

The Fund invests primarily in listed companies operating out of the emerging markets of Africa. These are mainly countries in Northern Africa and the Sub-Sahara that are benefiting from progressive structural change, economic reform, infrastructure investment and their bountiful natural resources. They also offer largely untapped investment potential. The Fund additionally invests in attractive opportunities in South Africa. Experienced emerging market experts, some of whom are from the region itself, focus on profitable large and mid-cap companies that stand to benefit from the region's strong growth momentum. Using a fundamental bottom-up and top-down approach the investment specialists screen out the most attractive companies and construct a portfolio containing 50 to 70 stocks, broadly diversified across the various countries and sectors.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 to 7 years who want to diversify their portfolio with investments in emerging market equities. The Fund is exposed to the risks typical of emerging market equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date30.06.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0433847240
Valor number10264484
BloombergBBAFOBE LX
WKNA0RP3D
Total expense ratio (TER)2.35% (31.08.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.08.2022, base currency EUR)

Beta0.67
Volatility15.10
Tracking error9.81
Active share45.02
Correlation0.82
Sharpe ratio-0.31
Information ratio-0.73
Jensen's alpha-6.86
No. of positions45

Top 10 positions

Label Vie
Attijariwafa Bank
Kosmos Energy
Firstrand
Sothema
Naspers
Ivanohe Mining
First Quantum Miner.
B2Gold
Egypt 7.625% 20-29.05.32
5.3%
4.4%
3.9%
3.9%
3.8%
3.8%
3.6%
3.4%
3.1%
3.1%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
> 20 bn
Others
15.7%
20.3%
13.7%
29.7%
8.0%
12.6%

Geographic breakdown

Morocco
South Africa
Egypt
Kenya
Ghana
DR Congo
Zambia
Mali
Nigeria
Burkina Faso
Cash
23.0%
20.2%
17.0%
6.9%
4.8%
3.6%
3.4%
3.1%
1.1%
0.5%
16.6%

Breakdown by sector

Financials
Materials
Consumer Staples
Healthcare
Communication Services
Consumer Discretion.
Energy
Real Estate
Fixed Income
Industrials
IT
Others
Cash
21.5%
17.3%
10.5%
7.5%
7.2%
4.1%
3.9%
3.4%
3.1%
3.0%
1.2%
0.7%
16.6%

Opportunities

  • Africa – a still largely untouched continent with attractive growth potential.
  • Structural change, reforms, raw material reserves and infrastructure investments as primary growth drivers.
  • Local experts - emerging market specialists, including from the region, with a competitive track record.
  • Active fund management that is not based on a benchmark index, but on an in-depth analysis of individual companies.
  • Low correlation, in particular to the equity markets of other emerging countries.

Risks

  • Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
  • The fund may invest in financial instruments that might have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
  • Investments in foreign currencies are subject to currency risks.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

The fading hopes of a Fed pivot and subsequent reversal in the global risk-on sentiment weighed negatively on our commodities exposure with mining companies and South African equities suffering the most. Morocco and Egypt ended August in the green and capped the fund’s USD losses below 1% vs. a mid-single digits decrease for developed markets.

The Egyptian president reshuffled his cabinet, replacing most ministers except the key Premier Minister and Finance Minister. Moreover, the Central Bank governor handed over his resignation and was replaced by Hassan Abdallah. This change at the institution helm occurs after years of a tight grip on the EGP which exacerbated Egypt’s external imbalances following the double shock from the COVID-19 crisis and the Russia/Ukraine war. It also opens a window for a reset in monetary policies away from the country’s reliance on the costly and volatile foreign fixed income flows towards the more sustainable direct investments. In the first weeks under Mr Abdallah’s watch, discussions to solve the issues behind the buildup of imports backlog got a new impetus while high level meetings between policymakers suggest Egypt made good progress in its talks with the IMF. Although it is too early to have a clear view on the next wave of reforms, local investors felt confident enough to reallocate some cash to equities. The EGX30 added 5.6% mom and the EGP lost 1.5% against the USD.

In Morocco, consumers names reported a double-digits top line growth on steady volumes in a higher prices environment and the leading banks managed to expand their loan book by 4/5% yoy. This performance looks encouraging when compared to local authorities’ GDP growth forecasts of 1% this year. In the waiting of more color on corporates’ net results, the market extended its July rebound to add 2.6% last month. The Dirham weakened 2.5% mom vs. the USD.

William Ruto won the presidential elections in Kenya, a result challenged by Raila Odinga who petitioned before the Supreme Court. Notwithstanding the legal hurdles, the August vote brought two main takeaways. First, Mr Ruto benefited from a rejection of the elites by the voters with his modest background playing in his favor against Raila Odinga who, like the incumbent president, comes from “the political families” that ruled Kenya since the independence. Second, Mr Ruto won the majority of the votes in ethnic groups which usually vote for the alliance supporting his main opponent, a sign that his victory transcended tribal divisions which is positive for the Kenyan democracy. Foreign investors accelerated their net selling after the elections results raised the odds of protracted legal battles, driving a 2.5% mom drop in equities. The Kenyan shilling was 1% weaker against the USD, lifting its cumulated losses for the year to 6.2%.

The Nigerian economy expanded by 3.5% yoy in Q2 2022, a slight acceleration qoq thanks to small gains in oil outputs and the non-oil sector holding up. However, corporates still struggle to access sufficient FX for their operations or to repatriate their profits with the case of foreign airlines making the headlines last month. Indeed, the Nigerian authorities cleared a combined USD 265 mn repatriation backlog out of a total of USD 460 mn only after Emirates, the UAE airline, threatened to suspend all its flights to and from Nigeria. Price pressures continued in the food space and spilled over to other categories, pushing July inflation to 19.6% yoy. H1 2022 publications failed to reinvigorate investors’ interest for equities and the main Index fell 1% mom.

The South African stock market was up 2% mom until the risk-off mood triggered by the Fed Chair’s hawkish tone at the Jackson Hole meeting led to a 4.3% drop in equities which ended the month down 2.4%. The rand lost 3% against the USD, bearing the brunt of the fall in the price of coal, iron ore and gold, all three being part of South Africa’s exports basket.

The continued weakness in China’s economic activity and the risks of tighter global financial conditions led us to cut our exposure to copper and gold mining names. On the other hand, external pressures stemming from the Ukraine/Russia increased the need for net commodity importing nations with limited buffers to adjust their macroeconomic imbalances. We are closely monitoring these countries that are entering this adjustment phase and we will use our cash position to seize the opportunities once reform catalysts become clearer.

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

    Malek Bou-Diab

    Malek Bou-Diab joined Bellevue Asset Management in June 2009 as portfolio manager new markets. He is lead portfolio manager for the BB African Opportunities Fund. Prior to that, he worked as investment specialist at Julius Baer, where he was responsible for managing an African equity fund. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. Between 1999 and 2003 he prepared his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH). He spent a large part of his youth in the Middle East, where he received an international education and studied Arabic.
  • Portfolio Manager

    Andy Gboka

    Andy Gboka joined Bellevue Asset Management as Analyst / Portfolio Manager of the BB African Opportunities Fund in January 2015. From 2011 to 2014 he was Senior Analyst at Exotix LLP covering the brewers and cement companies listed in Africa. He previously worked for Societe Generale Corporate and Investment Banking as Equity Analyst in the European utilities team covering the regulated sector. He holds a Msc specialised in Finance, Bordeaux Business School, now Kedge Business School since the merger with Euromed Marseille in July 2013.
  • Product Specialst

    Jean-Pierre Gerber

    Jean-Pierre Gerber joined Bellevue Asset Management early 2009 as a product specialist. Prior to this he had spent 10 years with Julius Baer, where he assumed various responsibilities including head of fund research and senior product specialist equities / emerging markets. He is Board Member of the Swiss African Business Circle which supports companies with their business engagements in Africa. Before, he worked as an assistant auditor and consultant at Ernst & Young. Jean-Pierre Gerber has a master's degree in business administration and economics after studies at the universities of Berne and Warwick, UK.
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