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

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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: 20.01.2022)

NAV: EUR 187.65 (19.01.2022)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (19.01.2022)

19.01.2021 - 19.01.202212.70%13.72%
19.01.2020 - 19.01.2021-13.90%-5.63%
19.01.2019 - 19.01.20206.36%12.09%
19.01.2018 - 19.01.2019-10.98%-13.06%

Annualized performance (19.01.2022)

1 year12.70%13.72%
3 years1.13%6.29%
5 years0.53%2.70%
10 years2.59%2.40%
Since Inception p.a.3.29%3.42%

Cumulative performance (19.01.2022)

1 year12.70%13.72%
3 years3.42%20.14%
5 years2.69%14.26%
Since Inception50.12%52.53%

Annual performance


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


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
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
Total expense ratio (TER)2.38% (31.12.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.12.2021, base currency EUR)

Tracking error10.10
Active share49.63
Share ratio0.16
Information ratio-0.60
Jensen's alpha-3.59
No. of positions51

Top 10 positions

First Quantum Miner.
Label Vie
Commercial Intl. Bank
Attijariwafa Bank
Marsa Maroc
Ivanohe Mining
Equity Group

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

South Africa
Saudi Arabia
DR Congo
Burkina Faso

Breakdown by sector

Consumer Staples
Consumer Discretion.
Communication Services
Real Estate


  • 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.


  • 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.

African equity markets showed some resilience in 2021 despite numerous challenges such as a strengthening USD, poor foreign investors’ inflows and a limited scope for fiscal and monetary stimulus during the COVID-19 crisis. The rebound in commodities prices along with the support from development finance institutions helped cushion the protracted effects of the pandemic while net buying from local investors in a few countries like Morocco was supportive. As a result, total returns in our core markets stood on average at 15% yoy in USD terms in 2021, with South Africa leading the pack at 19.0% yoy and Nigeria the clear laggard at 5.5% yoy. Comparatively, the MSCI EM Index was down 2.5% whereas the MSCI Frontier Index added 20% last year.

The World Bank’s IFC spent USD 123 mn to buy a 6.7% stake in Equity Bank Holding, the leading lender to Kenyan SMEs. The transaction was executed at a 13.4% premium on the bank’s pre-disclosure share price, valuing the business at a 5 times 2022 PE or 1.1 times 2022 book value (on BBG consensus) for an expected sustainable ROE of 25%. This deal confirms the growing appetite long-term investors such as the IFC have for undervalued assets in Africa that are shun by international fund managers. On the economic front, Kenya’s post-COVID-19 recovery remained strong in Q3 2021 with its GDP up 9.9% yoy after the 11.9% yoy recorded in Q2 2021. Following a stalled growth in 2020 due to the outbreak, the IMF expects the economy to grow by 5.9% and 5.8% respectively in 2021 and 2022. Equities were up 1.5% mom last month.

The decrease in the number of new cases in South Africa suggests that the Omicron wave peaked in the 3rd week of December, which encouraged local authorities to relax the restrictions introduced in late November. Domestic equities benefited from the global risk-on sentiment that followed the reassuring news flow from the various studies on the virulence of the Omicron variant. The stock Index added 7% over the last 10 days of the month to gain 4.5% mom.

In Nigeria, the troubles of the power industry culminated with Abuja Electricity Distribution Company defaulting on its debt, the first default of its kind since the privatization of the electricity distribution sector in 2013. Years of mismatch between the electricity selling prices (regulated) and the costs to generate and distribute power to end users weakened the balance sheet of power distribution companies and reflects the failure of the Federal Government to deliver on its power reform. The financial stress affecting domestic utilities adds to the dull macroeconomic prospects threatening local banks’ cost of risk. Equities fell 1.2% mom last month and the Naira weakened 2.7% against the USD.

After the successful IPO of the state-owned fintech company E-Finance last October, Egypt sold a 10% participation in Abu Qir Fertilizers on the market for USD 142 mn, a few weeks after policymakers increased the subsidized price of fertilizers sold domestically (+47% to EGP 4500/ton). The transaction was covered multiple times and attracted a strong interest from foreign investors, especially those in the GCCs. Despite the hikes in the price of several regulated items since last August, headline inflation decelerated in November to 5.6% yoy vs. 6.3% in October, thanks to lower food prices (-0.5% mom). On the external front, Egypt is benefiting from the recent rally in global gas prices as its exported volumes of liquefied natural gas reached a record in the first 9 months of 2021, translating into LNG exports close to USD 1.0 bn. The EGX30 gained 4.9% last month.

In Morocco, two leading retailers, LabelVie and Marjane, committed to raise the local content of their private label products in the textile and staple food segments to 75-80% by 2024. The two groups, among the top 10 private employers in the Kingdom, joined the government’s initiative to promote the “Made in Morocco” in order to boost domestic employment, accelerate imports substitution, and, ultimately, improve domestic consumption. Equities were up 2.1% last month.

The IFC/Equity Bank deal is another example highlighting the value Africa could offer to long-term investors. Our markets delivered a strong performance compared to EMs in 2021 whilst the still low valuations offer some downside protection. The fact that a lot of stocks currently trade well below their pre-COVID-19 levels despite stronger earnings leaves plenty of upside once we come out of the pandemic.

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.