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To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

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.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

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 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

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

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Bellevue Global Income (Lux)

Efficient portfolio allocation consisting of 50% government bonds and 50% high-yield bonds

Top-down allocation via proprietary screening tool, fundamental bottom-up approach for high yield bonds

Consideration of relevant ESG aspects along all steps of the investment process

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU2382177330

The Funds’ objective is to achieve a consistent excess return of 2-4% p.a. versus the respective 3-month money market rate. The Fund invests in bonds worldwide, with the neutral portfolio weighting government bonds and high yield bonds with 50% each.

Indexed performance (as at: 16.05.2022)

NAV: EUR 116.96 (13.05.2022)

As stipulated by Article 27 of the EU Directive 2006/73/EC implementing Directive 2004/39 / EC ("MiFID" -Markets in the Financial Instruments Directive) and by national laws incorporating the directive, information regarding past performance may be presented only if that performance information covers a complete 12-month period (or longer). The information regarding past performance will be presented here as soon as it covers a complete 12 month period (or longer).

In April, the fund lost 1.88% with a volatility of 2.01%. The Bloomberg Global Aggregate EUR-Hedged Index lost 2.93% and the Bloomberg global high yield EUR-hedged index 3.82%. Given the market uncertainty since inception of the fund on September 30th, 2021, we have been investing the portfolio gradually.

April was a difficult month for most asset classes. As a result, both high yield and government bonds contributed negatively, with -0.97% and -0.91%, respectively. The fund outperformed all major indices thanks to our tactical 38% cash allocation. On a 100% basis, the high yield bond strategy outperformed the Bloomberg Global High Yield EUR-Hedged Index, helped by our focus on European corporate and low duration bonds. Government bonds suffered from a significant 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 increased the high yield bond allocation from 34% to 38% by adding solid issuers with low duration and attractive carry. These offer a stable carry until we can invest in a higher interest rate environment. We end the month with the high yield bond strategy split between corporates 11%, financials 11% and emerging markets 16%. Given the solid credit profile of the recent additions and still highly uncertain interest rate outlook, we maintain the allocation to government bonds stable at 24%, allowing for relatively more credit risk in the fund.

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 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

    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.
  • 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.
  • 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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