
Bellevue Entrepreneur Switzerland (CH)
ISIN-No.: CH0023244368
YTD: 5.42%
Active share: 48.28
Anzahl Positionen: 41
Explained in 90 seconds
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
Indexed performance (as at: 08.05.2025)
NAV: CHF 301.61 (06.05.2025)
Rolling performance (08.05.2025)
A-CHF | Benchmark | |
06.05.2024 - 06.05.2025 | 3.69% | 5.58% |
06.05.2023 - 06.05.2024 | -3.49% | -1.94% |
06.05.2022 - 06.05.2023 | 5.56% | -0.12% |
06.05.2021 - 06.05.2022 | -6.13% | 5.72% |
Annualized performance (08.05.2025)
A-CHF | Benchmark | |
1 year | 3.69% | 5.58% |
3 years | 1.84% | 1.55% |
5 years | 7.34% | 5.78% |
10 years | 6.74% | 5.73% |
Since Inception p.a. | 6.34% | 5.02% |
Cumulative performance (08.05.2025)
A-CHF | Benchmark | |
1M | 11.68% | 10.28% |
YTD | 5.42% | 5.60% |
1 year | 3.69% | 5.58% |
3 years | 5.63% | 4.71% |
5 years | 42.49% | 32.45% |
10 years | 91.99% | 74.49% |
Since Inception | 223.47% | 155.00% |
Annual performance
A-CHF | Benchmark | |
2024 | 1.38% | 3.83% |
2023 | 8.21% | 6.53% |
2022 | -24.92% | -17.83% |
2021 | 26.24% | 23.38% |
Facts & Key figures
Investment Focus
The fund actively invests in listed owner-managed companies in Switzerland where an entrepreneur or a founder family holds at least a 20% of a company’s voting rights. The qualities of these companies – a focused business model, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Bank, Montrouge, Zurich Branch |
Fund Administrator | CACEIS Bank, Montrouge, Zurich Branch |
Auditor | PriceWaterhouseCoopers |
Launch date | 04.04.2006 |
Year end closing | 31. Dec |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.25% |
Subscription Fee (max.) | 5.00% |
ISIN number | CH0023244368 |
Valor number | 2324436 |
Bloomberg | SWENTEQ SW |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Key data (30.04.2025, base currency CHF)
Beta | 1.01 |
Volatility | 15.00 |
Tracking error | 3.62 |
Active share | 48.28 |
Correlation | 0.97 |
Sharpe ratio | -0.02 |
Information ratio | -0.16 |
Jensen's alpha | -0.59 |
No. of positions | 41 |
Portfolio
Top 10 positions
Market capitalization
Breakdown by sector
Benefits & Risks
Benefits
- Above-average top line growth driven by high innovation and strong pricing power.
- Higher operating margins on the back of high market share ("Champion in the niche") combined with good cost discipline.
- 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.
Risks
- The fund actively 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 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.
- Succession planning poses an additional risk for owner-run companies.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
Against this backdrop, the fund declined by 3.4%, underperforming the SPIEX by 75 bps.
Main detractors in the month were Straumann (-13.2%), Galderma (-14.9%) and Also Holding (-11.7%). Medtech stocks continued their derating on the back of tariffs concerns and a weakening US macro picture with fears of around US consumer sentiment. Straumann was no exception. Galderma presented disappointing FY results with weaker injectable filler demand and comments suggesting a weaker US market. With the actual macro backdrop we remain underweight both Straumann and Galderma. After last month strong share price performance linked to the publication of its encouraging 2025 guidance, Also suffered from profit taking as a few competitors indicated that the beginning of 2025 will be slow, which came as no surprise to us. At a 12 month forward EBIT of ca. 10x, valuation looks attractive at this point of the cycle, while the Westcoast acquisition and the new US push are interesting optionality’s.
Top 3 contributors in the month were VZ Holding (+10.9%), Helvetia (+8.2%) and Lindt (+4.8%). VZ Holding delivered strong FY figures with better than expected top line growth and profitability. Revenues increased 13.2% with net new money up 17.7%. The management guided for somewhat lower growth in 2025 but consensus EPS was slightly upgraded with a higher 2024 base. Helvetia reported FY numbers beating expectations by ca. 2%. The non-life business showed strong improvement in the underlying underwriting profitability and investment margins were good. Management kept guidance unchanged. Consensus 2025 EPS were upgraded by ca. 5%. After having released a strong FY24 organic growth of 7.8% earlier in the year, Lindt reported a 2024 EBIT up 8.7% to CHF 884 mn , implying a margin of 16.2%, 10 bps above consensus. FCF came in at CHF635m up 33% yoy, boosted by a strong contribution of the working capital, another sign that Lindt is navigating through the cocoa price roller coaster well.
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