Investment Professionals
Global, liquid multi-asset portfolio aimed at achieving sustainable outperformance
Combining fundamental analysis with modern quantitative research for dynamic allocation and risk management
Consistent risk management focused on limiting drawdowns
Facts & Key figures
Investment Focus
The fund aims to achieve a higher return than a classic mixed-asset portfolio (40% MSCI World equities / 60% Bloomberg Global Aggregate Bond, EUR hedged) regardless of market direction. In the pursuit of this objective, fund management focuses on preserving capital and limiting loss potential. 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 | LU1725388604 |
| Valor number | 39331682 |
| Bloomberg | BBGMI2U LX |
| WKN | A2H8LP |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Benefits & Risks
Benefits
- The fund aims to achieve higher returns than a classic multi-asset portfolio (40% MSCI World equities/60% Bloomberg Global Aggregate Bond, EUR hedged).
- The fund aims to keep drawdowns within a suitable range.
- Discretionary investment management, supported by AI-supported data analytics tools for strategy selection.
- Short positions can be taken, primarily for hedging purposes, provided the market environment is constructive for pursuing such opportunities.
Risks
- The fund can invest some of its assets in bonds. A bond issuer might default.
- Investments in fixed-income securities are exposed to interest rate risks.
- Investments in emerging market assets are exposed to additional risks in the form of political and social unrest.
- The fund's investments may be denominated in a currency other than the fund's base currency, resulting in foreign-exchange risks.
Review / Outlook
The fund returned -0.02% in October. Over the same period, the MSCI World Index (EUR) gained 0.91%, while the Bloomberg Global Aggregate Index (EUR Hedged) rose 1.62%. Government bonds were the main positive contributor (+0.55%), while equities detracted (-0.51%). Credit (-0.03%) and commodities (-0.05%) had a slightly negative impact.
Market sentiment in October was shaped by increasing concerns over AI-related investments, renewed European sovereign stress and geopolitical tensions. Equity markets saw a rotation away from technology stocks towards broader market segments, as investors increasingly questioned the returns on substantial AI investments. The Fund's equity exposure was negatively affected by the sell-off in technology and AI-related stocks, while government bonds benefited from declining yields as expectations for further monetary tightening eased. The fund's credit exposure held up relatively well compared with broader credit markets, supported by the hedges in place.
Against this backdrop, we maintained the fund's equity allocation at approximately 42%, while reducing our exposure to US technology amid weakening momentum in AI-related stocks. On the credit side, we kept our allocation broadly unchanged at approximately 37%. Within government bonds, we increased portfolio duration to approximately 3.8 years, as we considered entry levels attractive. We also opportunistically traded French government bonds during the month. We maintained our 1% gold position and increased the Fund's USD exposure from approximately 30% to 34%.
We modified our scenarios on October 30th, 2026 as follows:
Positive: AI investments remain strong and the energy bottleneck is resolved. AI spending supports productivity and earnings, while easing Iran tensions improve energy supply. This creates a more supportive environment for global growth and financial markets and could support equities, government bonds and credit.
Base: Resilient growth, rising concerns about AI financing. Economic growth remains resilient, supported by AI investment and solid corporate fundamentals. Inflation stabilizes, with further central bank tightening priced in, keeping long-term yields steady. Concerns about AI financing increase volatility, although earnings continue to support equities. Credit and government bonds benefit from attractive carry income.
Negative scenario 1: Growth concerns return amid sticky inflation. Slowing AI investment weakens growth and earnings. Iran tensions and high oil prices sustain inflation, limiting central banks' ability to ease monetary policy. Equities fall and credit spreads widen. Government bonds initially benefit from safe-haven demand, but persistent inflation threatens their protection.
Negative scenario 2: Inflation and yields break the market. Escalating Iran tensions lift oil prices and inflation. Resilient growth prompts the Fed to tighten more than expected. Higher rates put pressure on stretched equity valuations, potentially triggering an equity correction and wider credit spreads. Rising inflation concerns and yields also weigh on government bonds. This scenario could therefore adversely affect equities, credit and government bonds.
Dokumente
Show moreShow less
