Many investors set a goal every year of achieving a positive return from their investment assets. That sounds unexceptional, but it has become quite a challenge in a negative interest rate world. Government bonds used to offer a reliable stream of interest income, but today a huge amount of government debt in advanced economies is trading on a negative yield. Now it seems that a positive return can only be achieved by investing in stocks.
An alternative solution that meets the needs of conservative investors are absolute return strategies within a UCITS fund.
The BB Global Macro Fund is one such fund. It is not constrained by any benchmark, which gives its managers utmost flexibility in the current market environment. Currently the fund’s portfolio consists of 25% equities and 75% bonds. The fund managers can invest in the most promising stock and bond markets and can also open short positions in a particular market if and when appropriate. BB Global Macro thus offers a neutral multi-asset portfolio with a predominantly conservative bias but with much more stability. In today’s environment of ultra low interest rates, leverage can be used to a limited extent, typically within a range of 20-50% of portfolio assets, at low cost to generate an additional return of 1% to 2% a year.
Team Absolute Return
Lucio Soso, Lead Portfolio Manager
- Since 2010 with Bellevue Asset Management as senior portfolio manager
- 2004 – 2010 Risk and global macro portfolio manager, RBR Capital
- 1998 – 2004 Consultant in risk management, research database and portfolio management systems, Orwellsys SA
- 1995 – 1998 Director of financial research, All Asia Capital
- Master’s degree in Finance (London Business School), Nuclear Physics (Tokyo Institute of Technology) and Electrical Engineering (ETH Zurich)
Alexandrine Jaecklin, Portfolio Manager
- Since 2015 with Bellevue Asset Management as Senior Portfolio Manager in charge of the bond selection
- 2011 – 2015 investment specialist for Ultra High Net Worth clients with focus on bond markets at UBS Wealth Management, Zürich
- 2008 – 2011 Active Portfolio Advisory with focus on bond markets at UBS Wealth Management, Zürich
- 2003 – 2007 Research analyst covering European Financial Credits at UBS Wealth Management, Zürich
- 1997 – 2003 Financial and Credit analyst in New York and London
- Master in International Relations, Economic Section, from Graduate Institute of International Studies (HEI), Geneva
Markus Peter, Head Investment & Products
- Since 2009 with Bellevue Asset Management as head investments and products
- 2000 – 2009 Julius Baer Asset Management in various functions including head product management & development, investment advisory as well as a product specialist
- 1995 – 2000 IBM, treasury and specialty financing
- 1990 – 1995 Swiss Bank Union, equity and equity derivative trading
- Master’s degree in Business Economics, University of St. Gallen (HSG)
BB Global Macro (Lux)
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Markets & Opinions / 25.08.2020
Recording of the update call with Portfolio Manager Lucio Soso on August 25.
Markets & Opinions / 07.05.2020
Recording of the update call with Portfolio Manager Lucio Soso on May 7.
Markets & Opinions / 19.03.2020
Update Call with Lucio Soso and Markus Peter on the latest development of the BB Global Macro fund.
Corporate News / 09.01.2020
Media release of January 9, 2020.
Markets & Opinions / 11.11.2019
Market commentary on attractive investment opportunities from the team of BB Global Macro fund.