Investment ProfessionalsThe world in one portfolio - all-weather strategy with absolute return approach
The fund seeks consistent positive annual returns over the business cycle
UCITS V regulated absolute return strategy with daily liquidity
Indexed performance (as at: 14.10.2025)
NAV: EUR 146.02 (12.10.2025)
Rolling performance (14.10.2025)
| I2-EUR | Benchmark | |
| 12.10.2024 - 12.10.2025 | 5.41% | 2.51% |
| 12.10.2023 - 12.10.2024 | 14.16% | 3.92% |
| 12.10.2022 - 12.10.2023 | 5.96% | 2.72% |
| 12.10.2021 - 12.10.2022 | -13.72% | -0.42% |
Annualized performance (14.10.2025)
| I2-EUR | Benchmark | |
| 1 year | 5.41% | 2.51% |
| 3 years | 8.44% | 3.05% |
| 5 years | 2.54% | 1.62% |
| Since Inception p.a. | 1.99% | 0.88% |
Cumulative performance (14.10.2025)
| I2-EUR | Benchmark | |
| 1M | 0.62% | 0.13% |
| YTD | 5.51% | 1.78% |
| 1 year | 5.41% | 2.51% |
| 3 years | 27.51% | 9.43% |
| 5 years | 13.36% | 8.36% |
| Since Inception | 16.82% | 7.16% |
Annual performance
| I2-EUR | Benchmark | |
| 2024 | 6.65% | 3.77% |
| 2023 | 8.68% | 3.32% |
| 2022 | -8.76% | -0.01% |
| 2021 | -2.76% | -0.57% |
Facts & Key figures
Investment Focus
The fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility around 5-7%. The fund is actively managed and invests globally in several asset classes with the possibility to build up long and short exposure, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| Auditor | PriceWaterhouseCoopers |
| Launch date | 31.03.2010 |
| Year end closing | 30. Jun |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 0.70% |
| Subscription Fee (max.) | 5.00% |
| Performance Fee | 10.00% (with High Water Mark) |
| ISIN number | LU1725388430 |
| Valor number | 39331677 |
| Bloomberg | BBGMI2E LX |
| WKN | A2H8LM |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (30.09.2025, base currency EUR)
| Beta | 1.00 |
| Volatility | 4.86 |
| Correlation | 1.00 |
| Sharpe ratio | 1.00 |
| No. of positions | 65 |
Benefits & Risks
Benefits
- Fund targets to achieve consistent absolute returns across the economic cycle
- Systematic investment approach – based on proprietary models developed over the past 23 years
- Use of leverage is possible, the net exposure is usually between 120% and 150%
- Possibility to make short investments if the market environment offers appropriate opportunities to do so
- UCITS V regulated absolute return strategy with daily liquidity
Risks
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses
- The fund may invest part of its assets in bonds. Their issuers may become insolvent
- The investment in fixed-interest securities gives rise to interest rate risks
- Investing in emerging markets entails the additional risk of political and social instability
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency
Review / Outlook
The fund returned +2.07% in September with a volatility of 3.5%. The MSCI World Index in EUR gained 2.82%, and the Bloomberg Global Aggregate EUR-Hedged Index rose 0.54%.
The fund’s performance contributors were equities (+1.79%), gold (+0.60%), government bonds (+0.02%), and non-government bonds (-0.33%). Markets were supported by the Fed’s 25 bps rate cut and expectations of further monetary easing. Our equity investments outperformed the MSCI World Index in EUR, driven by the Chinese IT holdings. Non-government bonds unperformed credit markets due to our exposure to Brazil-based Braskem.
The equity allocation slightly increased from 39% to 41%, supported by performance. Elsewhere, asset allocation remained broadly stable, with 30% in long-term government bonds, 29% in credit, and 10% in USD exposure. Within government bonds, we opened a 10% long/short position in 10-year German vs French bonds. France is in a political gridlock, with a parliament split between a left-wing coalition unwilling to cut spending and a populist far right. In this context, it will be very difficult for the minority centrist government to reduce the budget deficit below 5% of GDP. Portfolio duration was maintained at 3.2 years vs the long-term average of 3.7 years. The fund’s main hedges remain the 30% European long-term government bond and 6% gold exposures.
This month we maintained our July 11, 2025, scenarios:
Base scenario: Settling down in a world of tariffs. The global economy navigates the initial wave of tariffs well and shows resilience. While tariff discussions continue, markets now expect less extreme final levels than those announced on Liberation Day. Inflation keeps trending down gradually. We expect equity markets to continue to grind higher. This scenario is neutral for credit and slightly negative for government bonds.
Positive scenario: A world of stimuli. Tariff discussions fade into the background. Stimuli such as fiscal expansion in both the US and Europe, along with a more dovish Fed, become the main drivers of the equity markets. President Trump’s One Big Beautiful Bill Act is passed. European economies benefit from Germany’s new government-led fiscal easing. Inflation remains under control. This scenario is positive for equities and credit and negative for government bonds.
Negative scenario: Trade war. Major economies end up with extravagant tariffs, increasing recession risk. In addition, disruptive US policies at home and abroad further dampen market sentiment. We expect financial markets to focus more on recession fears than inflation concerns. Equity markets correct by around 20%. This scenario is negative for credit and positive for government bonds, though we apply less hedging value to US Treasuries.
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