Owner-managed companies

Thanks to their long-term-oriented business principles encompassing several generations and innovative drive, not to mention their solid balance sheets and penchant for safety, family-run businesses produce above-average mid-term returns – and that pleases their shareholders, too. Business owners who put their own money on the line and who approach their business decisions from a sound, cross-generational standpoint can also be expected to exhibit flexibility, astuteness and dependability when times get tough. Given their sincere passion for their company’s products and services and keen appreciation of innovation and technological leadership in niche markets, many family businesses are recognized as “early adopters”, most recently with respect to the increased digitalization of the economy.

Investment opportunities in the digital economy

Technological change is putting companies in all industries and sectors under increasing pressure. According to a study by Ernst & Young from 2019, owner-managed or family-owned companies are well-positioned to come to grips with the challenges digitalization brings because their corporate DNA gives them some obvious advantages. According to the accounting and consulting firm, essential factors for winning the digital race are innovation, entrepreneurial spirit, agility, customer focus, a long-term perspective and a solid balance sheet.

Hidden Champions

In part because of regulations such as MIFID II, sell-side research coverage of small and mid cap stocks has been scaled back considerably in recent years and this has led to some inefficiencies in certain situations or stocks. That translates into opportunities for us. We use our in-house research capacity to conduct a thorough analysis of every investment candidate. In Europe especially and even in Switzerland, there are scores of hidden champions that do not show up on the radar of the mainstream investment community, although from a fundamental perspective they clearly stand out by virtue of their above-average growth, high quality and solidity. These characteristics are typically found in owner-managed or family-owned companies.

Our expertise

Bellevue Asset Management is one of the pioneers of the entrepreneur investment theme. In their quest to find the most attractive investment ideas, its investment professionals travel throughout the continent to meet company founders and executives and tour their companies. Successful stock-picking requires a perceptive and discerning eye, and experience. In today’s very challenging environment, smart stock selection is more important than ever.

Team Entrepreneur Strategies

Birgitte Olsen
Birgitte Olsen, CFA, Lead Portfolio Manager
  • Since 2008 with Bellevue Asset Management, lead manager of the entrepreneur strategies and institutional mandates
  • 2007 – 2008 GVO Asset Management, head of portfolio management
  • 1998 – 2007 Generali Investments, Cologne, deputy head equities, portfolio manager European equities
  • 1997 – 1998 Vontobel Asset Management, Zurich, analyst and portfolio manager
  • Master's degree in Business Economics and Finance, University of St. Gallen (HSG)
Michel Keusch
Michel Keusch, Portfolio Manager
  • Since 2013 as senior portfolio manager European equities
  • 2007 – 2012 Bellevue Asset Management as co-portfolio manager of BB Toros Prime Fund
  • 2003 – 2007 Crédit Agricole Cheuvreux, senior equity research analyst for consumer goods and services
  • 1996 – 2003 Credit Suisse First Boston, senior equity research analyst for consumer goods and services
  • DESS/MBA in international management following studies at the University of Strasbourg, France, and University of Bath, UK
Laurent Picard
Laurent Picard, SFAF, Portfolio Manager
  • Since 2018 with the entrepreneur team of Bellevue Asset Management as financial analyst and portfolio manager European equities
  • 2016 – 2017 Financial consultant for start-ups in the internet/tech sector
  • 2003 – 2016 Société Générale as senior equity research analyst for Media
  • 2001 – 2003 UBS Warburg as strategist specialized on the French equity market
  • 2000 – 2001 UBS Warburg as equity analyst for IT Services and Software
  • Graduated from Paris X University and ESSEC business school holding a Master of Financial Techniques.
  • Birgitte Olsen
  • Michel Keusch
  • Laurent Picard

Our investment solutions

Independent research has shown that family and entrepreneur-managed businesses add value by virtue of their sustainable and long-term strategies. Bellevue's offering of Entrepreneur funds allows investors to benefit from the intrinsic strengths of this investment class.

Product Date ISIN NO. NAV YTD 1YR 3YR Factsheet

BB Entrepreneur Europe (Lux)

> I-EUR 22.10.2020 LU0415391944 356.24 -6.24% 2.46% -4.03%
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> AB-EUR 22.10.2020 LU0810317205 149.95 -6.74% 1.78% -5.90%
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> AI-EUR 22.10.2020 LU1916264358 123.57 -6.24% 2.47% n.a.
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    • DE
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> B-EUR 22.10.2020 LU0415391860 327.89 -6.74% 1.75% -6.00%
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> B-CHF 22.10.2020 LU0415392082 233.35 -7.52% 0.36% -11.71%
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> I-CHF 22.10.2020 LU0415392165 255.10 -7.02% 1.07% -9.85%
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> I-GBP 22.10.2020 LU0767970303 219.36 0.59% 4.30% -2.91%
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> I2-EUR 22.10.2020 LU1725387978 120.00 -6.14% 2.59% n.a.
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BB Entrepreneur Europe Small (Lux)

> I-EUR 22.10.2020 LU0631859062 319.04 4.35% 19.10% -1.89%
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> B-CHF 22.10.2020 LU0631859732 261.93 2.92% 16.66% -9.58%
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> HI-CHF 22.10.2020 LU1986980750 134.18 4.53% 18.28% n.a.
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> I-CHF 22.10.2020 LU0631859575 280.65 3.48% 17.49% -7.67%
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> I2-EUR 22.10.2020 LU1725388190 122.26 4.46% 19.26% n.a.
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BB Entrepreneur Swiss Small & Mid (Lux)

> I-CHF 22.10.2020 LU1477743469 166.62 9.70% 23.34% 11.61%
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> B-EUR 22.10.2020 LU1477743899 163.33 9.91% 24.16% 16.39%
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> B-CHF 22.10.2020 LU1477743543 162.16 9.11% 22.48% 9.33%
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> I-EUR 22.10.2020 LU1477743626 167.84 10.50% 25.05% 18.82%
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News

Markets & Opinions / 18.09.2020

Recording of the update call with Portfolio Manager Birgitte Olsen on September 18, 2020.

Markets & Opinions / 18.09.2020

Recording of the update call with Portfolio Manager Birgitte Olsen on Sepbember 17, 2020.

Markets & Opinions / 11.06.2020

Commentary by Birgitte Olsen, Lead Portfolio Manager BB Entrepreneur Europe Small. 

Markets & Opinions / 28.05.2020

Recording of the update call with Portfolio Manager Birgitte Olsen on June 3. 

Markets & Opinions / 18.05.2020

Recording of the update call with Portfolio Manager Birgitte Olsen on May 13.