Bellevue Entrepreneur Europe Small (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
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Investment Focus
ISIN-No. LU0631859229
The Fund invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur/founder family holds at least a 20% of a company’s voting rights, thereby exerting signif. influence. The team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by country, sub-sector and style (Value, GARP, Growth).
Indexed performance (as at: 17.05.2024)
NAV: EUR 415.16 (16.05.2024)
Rolling performance (16.05.2024)
B-EUR | Benchmark | |
16.05.2023 - 16.05.2024 | 18.95% | 12.98% |
16.05.2022 - 16.05.2023 | 5.97% | 0.43% |
14.05.2021 - 16.05.2022 | -13.99% | -5.60% |
15.05.2020 - 14.05.2021 | 54.47% | 56.28% |
Annualized performance (16.05.2024)
B-EUR | Benchmark | |
1 year | 18.95% | 12.98% |
3 years | 2.72% | 2.31% |
5 years | 9.08% | 8.47% |
10 years | 8.83% | 9.10% |
Since Inception p.a. | 9.76% | 10.16% |
Cumulative performance (16.05.2024)
B-EUR | Benchmark | |
1M | 5.79% | 7.59% |
YTD | 14.60% | 7.95% |
1 year | 18.95% | 12.98% |
3 years | 8.42% | 7.11% |
5 years | 54.47% | 50.26% |
10 years | 133.28% | 139.16% |
Since Inception | 232.13% | 248.19% |
Annual performance
B-EUR | Benchmark | |
2023 | 16.15% | 12.85% |
2022 | -23.46% | -20.70% |
2021 | 19.48% | 24.71% |
2020 | 15.48% | 11.74% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term and actively invests in small capitalized, listed owner-managed companies in Europe 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 | PWC, Luxembourg |
Launch date | 30.06.2011 |
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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0631859229 |
Valor number | 13084212 |
Bloomberg | BFLESBE LX |
WKN | A1JG2H |
Total expense ratio (TER) | 2.19% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency EUR)
Beta | 0.87 |
Volatility | 16.40 |
Tracking error | 6.52 |
Active share | 89.91 |
Correlation | 0.93 |
Sharpe ratio | 0.07 |
Information ratio | 0.01 |
Jensen's alpha | 0.24 |
No. of positions | 43 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
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 invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- 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.
- 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 by 0.4% (EUR / B shares), outperforming its benchmark by 138bps. This bring the performance to 10.1% over the first four months of 2024, a 768 bps beat vs. the benchmark.
Top detractors in the month were Alten (-18.1%), Arjo (-8.4%), and Sopra Steria (-8.2%). Alten published Q1 organic growth of 0.8%, slowing down sequentially and below consensus expectations of 2% to 3%. The company specified its FY target at 3%, generating only minor EPS downgrades. At less than 8x 2024 EBIT, Alten’s valuation is nearing trough levels, implying highly positive risk/reward. Arjo delivered good l/l growth of 4.3% but softer operating margins, due to the negative impact from rising wages while the GM encouragingly continued its upward trend (+35 bps). Sopra Steria Q1 organic growth of 0.3% was in line with expectations. The company maintained its FY forecasts of 2% to 4% but suggested that Q2 is likely to remain slow, implying a back end loaded acceleration underpinned notably by the ramp up of a large contract in the UK and better trends in the aero sector. By then, the disposal of its SBS division should be acted, an operation that will be EPS enhancing and positive for the company risk profile.
Top performers in the month were Wartsila (+23.2%), Cargotec (+14.6%) and Neoen (+9.6%). Wartsila Q1 order intake beat consensus by 6% due to extraordinary strong marine orders up 23%. Despite seasonally weak deliveries, margins surprised positively for both energy and marine. Cargotec benefited from better than expected EBIT margins at Hiab and Kalmar as cost-savings strong execution more than offset slower sales, leading to consensus upgrades of more than 10%. Neoen benefited from media articles mentioning the entry of a potential minority shareholder in its Australian division for USD 1 bn. While only rumoured at this stage, the transaction would confirm that the private market is currently ready to pay much higher multiples for renewables assets. This would also reduce the risk of capital increase.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund 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