Bellevue Entrepreneur Swiss Small & Mid (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.
Investment Focus
ISIN-No. LU1477743543
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 sub-sector and style (Value, GARP, Growth).
Indexed performance (as at: 03.05.2024)
NAV: CHF 169.75 (02.05.2024)
Rolling performance (02.05.2024)
B-CHF | Benchmark | |
02.05.2023 - 02.05.2024 | -5.11% | -1.39% |
02.05.2022 - 02.05.2023 | -3.41% | -1.25% |
30.04.2021 - 02.05.2022 | -7.92% | -5.01% |
30.04.2020 - 30.04.2021 | 45.16% | 37.15% |
Annualized performance (02.05.2024)
B-CHF | Benchmark | |
1 year | -5.11% | -1.39% |
3 years | -5.48% | -2.56% |
5 years | 4.25% | 3.60% |
Since Inception p.a. | 4.21% | 5.50% |
Cumulative performance (02.05.2024)
B-CHF | Benchmark | |
1M | -1.43% | -0.60% |
YTD | 1.19% | 2.67% |
1 year | -5.11% | -1.39% |
3 years | -15.60% | -7.50% |
5 years | 23.19% | 19.38% |
Since Inception | 35.80% | 48.84% |
Annual performance
B-CHF | Benchmark | |
2023 | 5.14% | 6.53% |
2022 | -29.19% | -24.02% |
2021 | 24.35% | 22.19% |
2020 | 19.52% | 8.07% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term and 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 Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PriceWaterhouseCoopers |
Launch date | 30.11.2016 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.60% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1477743543 |
Valor number | 33635331 |
Bloomberg | BVBESBC LX |
WKN | A2ASDF |
Total expense ratio (TER) | 2.10% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.04.2024, base currency CHF)
Beta | 1.00 |
Volatility | 16.40 |
Tracking error | 5.16 |
Active share | 47.11 |
Correlation | 0.95 |
Sharpe ratio | -0.27 |
Information ratio | -0.54 |
Jensen's alpha | -2.76 |
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 rose 4.2% (CHF / B shares) in the month, outperforming its benchmark by 44 bps.
Main detractors in the month were Inficon (-3.8%), Galenica (-1%) and Temenos (-2.75%). After having pre-released record 2023 results, Inficon revealed its 2024 guidance including revenues of USD 650-700 mn, which may be conservative as the company upgraded twice in 2023 and finally beat its guidance. Also, the semi capex cycle is likely to restart in H2 2024. Galenica reported FY23 results and a 2024 outlook, both fully in line with expectations. The stock was a small detractor during the month, mainly due to its defensive profile in a risk-on market. Temenos retreated in absence of any news regarding the progression of its internal audit launched following the publication of a short seller report questioning accounting practices.
Top 3 contributors in the month were Bachem (+23.5%), SIG Group (+14.3%) and Huber+Suhner (+18.7%). Bachem had already rebounded strongly in February as investors started to take a more constructive view on the CHF 1 bn sales guidance for 2026. The company reconfirmed these ambitions at the occasion of its annual results beginning of March. SIG reported a solid set of figures, pretty much in line with consensus. The tone suggested that H2 should witness a return to volume-driven growth after a period of volume softness, mainly due to food price inflation. After having already released sales and orders, Huber+Suhner published solid 2023 results including an EBIT margin of 9.2% within its longterm range of 9% to 12% despite weak topline. The outlook remains cautiously optimistic, with positive indications in particular in industry and communications.
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