Bellevue Sustainable Entrepreneur Europe (Lux)
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
Explained in 90 seconds
Please find a more detailed description of share classes here.
The fund’s aim is to achieve capital growth in the long term. The Fund invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, keen environmental awareness and low debt are among the key success factors of sustainable owner-managed companies.
Indexed performance (as at: 02.06.2023)
NAV: EUR 170.72 (31.05.2023)
Rolling performance (01.06.2023)
|01.06.2022 - 01.06.2023||5.18%||6.53%|
|01.06.2021 - 01.06.2022||-8.39%||0.00%|
|29.05.2020 - 01.06.2021||40.49%||31.38%|
|31.05.2019 - 29.05.2020||-8.04%||-2.99%|
Annualized performance (01.06.2023)
|Since Inception p.a.||5.77%||8.09%|
Cumulative performance (01.06.2023)
Facts & Key figures
The fund’s aim is to achieve capital growth in the long term. The fund invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, keen environmental awareness and low debt are among the key success factors of sustainable owner-managed companies. The experienced management team, which is well connected in entrepreneurial circles, uses a fundamental bottom-up approach to identify the most attractive owner-managed companies with medium and large market capitalizations and constructs a portfolio of 35 to 45 stocks diversified across countries, sectors and style (Value, GARP, Growth). Awarded the FNG label, the fund takes ESG factors into account while implementing its investment objectives. Show moreShow less
Investment suitability & Risk
|Investment Manager||Bellevue Asset Management AG|
|Custodian||RBC Investor Services, Luxembourg|
|Fund Administrator||RBC Investor Services, Luxembourg|
|Year end closing||30. Jun|
|NAV Calculation||Daily "Forward Pricing"|
|Cut of time||15:00 CET|
|Subscription Fee (max.)||5.00%|
|Total expense ratio (TER)||2.19% (31.05.2023)|
|Legal form||Luxembourg UCITS V SICAV|
|SFDR category||Article 8|
Key data (31.05.2023, base currency EUR)
|No. of positions||41|
Top 10 positions
Breakdown by sector
Opportunities & Risks
- 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.
- Social responsibility, ethical behavior and keen environmental awareness are characteristic entrepreneurial values.
- 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.
- The fund invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
- 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.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- 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 Increased 0.4%, (+8.9% ytd / EUR B shares), underperforming its benchmark by 203 bps (-213bps ytd).
Main detractors in the month were ASM International (-11.8%), Merck (-5.3%) and Vestas (-6.4%). ASMI reported Q1 results that beat consensus adj. earnings by 15%, but booking felt short of expectations due to “softer end-market” conditions. ASMI now projects a single-digit revenue increase for 2023, way better than the WFE spending – anticipated to decline by a high-teens percentage. Consensus should be reduced by ca. 5% at both revenue and profit levels. Merck saw the FDA partially pause enrolment for its Phase III trial to evaluate evobrutinib for multiple sclerosis, due to a potential liver injury signal. Q1 results are expected on May 11. As for the whole turbine sector, Vestas suffered from increasing competition from Chinese players and permitting processes remaining long, implying that any noticeable inflection in orders is unlikely to be seen in 2023.
Top 3 contributors in the month were Hannover Re (+7.4%), Ipsen (+8.4%) and Roche (+8.5%). Hannover Re rebounded with the rotation from banks into the insurance sector. Ipsen’s Q1 sales figures came in 1% ahead of street expectations. Healthy growth was witnessed in Neuroscience, while oncology also ended on positive note, despite Somatuline’s erosion and a weaker Onivyde. Despite the material erosion in Somatuline, the 2023 guidance remained unchanged. Following its more than 10% fall ytd, Roche was again sought after in a market chasing investment opportunities within the more defensive sectors.
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