Bellevue Entrepreneur Switzerland (CH)
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
ESG
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. CH0023244368
The Fund 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, thereby exerting significant influence. The Management Team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by sector and style (Value, GARP, Growth).
Indexed performance (as at: 06.06.2023)
NAV: CHF 296.59 (05.06.2023)
Rolling performance (05.06.2023)
A-CHF | Benchmark | |
03.06.2022 - 05.06.2023 | 2.85% | 1.45% |
04.06.2021 - 03.06.2022 | -12.46% | -0.78% |
05.06.2020 - 04.06.2021 | 41.04% | 18.74% |
05.06.2019 - 05.06.2020 | 13.36% | 7.52% |
Annualized performance (05.06.2023)
A-CHF | Benchmark | |
1 year | 2.85% | 1.45% |
3 years | 8.29% | 6.13% |
5 years | 4.90% | 7.88% |
10 years | 9.03% | 7.46% |
Since Inception p.a. | 6.88% | 5.29% |
Cumulative performance (05.06.2023)
A-CHF | Benchmark | |
1M | -2.55% | -1.51% |
YTD | 12.18% | 9.34% |
1 year | 2.85% | 1.45% |
3 years | 26.98% | 19.53% |
5 years | 27.07% | 46.17% |
10 years | 137.50% | 105.35% |
Since Inception | 213.81% | 142.60% |
Annual performance
A-CHF | Benchmark | |
2022 | -24.92% | -16.48% |
2021 | 26.24% | 23.38% |
2020 | 17.85% | 3.82% |
2019 | 29.74% | 30.59% |
Facts & Key figures
Investment Focus
The fund 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 | RBC Investor Services Bank, Zürich |
Fund Administrator | PMG Investment Solutions AG, Zug |
Auditor | PWC |
Launch date | 04.04.2006 |
Year end closing | 31. Dec |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 |
Management Fee | 1.25% |
Subscription Fee (max.) | 5.00% |
ISIN number | CH0023244368 |
Valor number | 2324436 |
Bloomberg | SWENTEQ SW |
Total expense ratio (TER) | 1.58% (31.05.2023) |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Key data (31.05.2023, base currency CHF)
Beta | 1.03 |
Volatility | 16.60 |
Tracking error | 8.65 |
Active share | 77.30 |
Correlation | 0.85 |
Sharpe ratio | 0.66 |
Information ratio | 0.33 |
Jensen's alpha | 2.87 |
No. of positions | 40 |
Portfolio
Top 10 positions
Market capitalization
Breakdown by sector
Opportunities & Risks
Opportunities
- 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 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 rose 0.2% in the month (+14.0% ytd / CHF A shares), underperforming its benchmark by 333 bps (+386 bps ytd).
Main detractors in the month were U-Blox (-15.8%), Huber+Suhner (-6.5%) and Swatch Group (-2.8%). After a strong month of March (+26%), U-Blox was subject to profit taking in a generally mixed semiconductor reporting season. U-Blox released Q1 revenues with an organic growth of 20% yoy and reiterated its 2023 objective of 6% to 16% revenue growth, led by strong demand and increased penetration for IoT products in both the industrial and automotive sectors. U-Blox is trading on an attractive multiple of 7.5x 23E EBIT. Huber+Suhner continued to suffer from the absence of a 2023 guidance with the release of the 2022 results. Our recent management contact reinforced our view that 2023 should be a year of timid growth. Longterm trends are thus intact and underpinned notably by the electrification mega trend in the industrial and transportation sectors. Swatch Group, following a 20% rally ytd, experienced some profit taking during the month on a volatile Chinese newsflow, with some market participants suggesting a slowing momentum. In our view, the cautious restocking behavior of retailers is more a lagging indicators. All datapoints related to sell-out data to the final consumers, from directly operated stores or duty free operators are positive and point towards a healthy recovery. We therefore remain positive about the investment case, especially in view of the group’s low valuation with EV/EBITDA 24E of 6.5x and FCF yield above 7.5%.
Top 3 contributors in the month were Swissquote (+6.7%), Roche (+7.4%) and Medmix (+10.9%). Swissquote advanced helped by the general higher level of interest rates but also as clear beneficiary of the UBS/CS merger. In our view, net new money in Switzerland is likely to be substantially higher versus last year, providing upside to valuation for the title. Also, the potential resumption of trading activity and regain of interest in crypto currencies provide further upside potential. Trading at a P/E of 12x on 2024E, while boasting a 3-year EPS CAGR of more than 20%, we continue to see solid upside for the name. Roche, following weak Q1 share performance, was again sought after in a market favoring defensive investments.
Documents
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. Show moreShow less