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Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

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The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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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

Bellevue Entrepreneur Strategies explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0631859062

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: 23.05.2024)

NAV: EUR 456.59 (22.05.2024)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I-EUR
Benchmark

Rolling performance (22.05.2024)

I-EURBenchmark
22.05.2023 - 22.05.202419.23%11.91%
20.05.2022 - 22.05.20236.53%0.57%
21.05.2021 - 20.05.2022-13.42%-6.13%
22.05.2020 - 21.05.202148.64%51.09%

Annualized performance (22.05.2024)

I-EURBenchmark
1 year19.23%11.91%
3 years3.21%1.85%
5 years9.98%8.56%
10 years9.51%8.86%
Since Inception p.a.10.56%10.13%

Cumulative performance (22.05.2024)

I-EURBenchmark
1M6.48%6.75%
YTD15.37%7.71%
1 year19.23%11.91%
3 years9.97%5.65%
5 years60.98%50.87%
10 years148.32%133.81%
Since Inception265.27%247.41%

Annual performance

I-EURBenchmark
202316.96%12.85%
2022-22.93%-20.70%
202120.30%24.71%
202016.25%11.74%

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, fast decision-making processes and a strong corporate culture – go hand in hand with efficient innovation, high product quality and strong customer loyalty. The corresponding impact on the share price is demonstrably positive. The fund’s Management Team offers a wealth of experience in this investment segment and has built up an extensive network with entrepreneurs throughout the sector. It pursues a fundamental, bottom-up approach in identifying the most attractive foundercontrolled companies with a small market capitalization while maintaining an investment portfolio of 35 to 45 stocks diversified by country, sub-sector and style (Value, GARP, Growth). The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to enhance their portfolio diversification with investments in European small capitalized founder-controlled companies. The Fund displays the typical risks associated with equity investments in European small caps.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS Investor Services Bank, Luxembourg
Fund AdministratorCACEIS Investor Services Bank, Luxembourg
AuditorPWC, Luxembourg
Launch date30.06.2011
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU0631859062
Valor number13084174
BloombergBFLESIE LX
WKNA1JG2G
Total expense ratio (TER)1.49% (30.04.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.04.2024, base currency EUR)

Beta0.87
Volatility16.40
Tracking error6.52
Active share89.91
Correlation0.93
Sharpe ratio0.07
Information ratio0.01
Jensen's alpha0.24
No. of positions43

Top 10 positions

Wartsila
Cargotec
Laboratorios Rovi
Alten
Neoen
Fuchs
Swissquote
Subsea 7
Sopra Steria
Do+Co Restaurant + Catering
3.4%
3.4%
3.3%
3.3%
3.3%
3.0%
3.0%
3.0%
2.9%
2.9%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
Others
16.7%
16.8%
47.7%
13.8%
5.0%

Geographic breakdown

France
Switzerland
Spain
Finland
Sweden
Germany
Italy
Austria
Norway
Ireland
Portugal
Others
Cash
17.7%
14.3%
12.6%
12.6%
9.4%
6.8%
5.4%
5.1%
5.0%
2.7%
1.7%
0.4%
6.1%

Breakdown by sector

Industrials
IT
Financials
Materials
Consumer Discretion.
Consumer Staples
Healthcare
Energy
Communication Services
Utilities
Real Estate
Cash
27.4%
13.7%
12.6%
8.9%
5.8%
5.6%
5.2%
4.6%
4.0%
3.3%
2.7%
6.1%

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.

European small and mid caps, as measured by the MSCI Europe Small Cap ex-UK, fell 1.4% in the month (SXXR -0.2%, S&P 500 -3.3%, MXWO -2.9%). After a strong first quarter, markets consolidated in April on the back of sticky US inflation and geopolitical tensions in the Middle East. Inflation in Europe is heading in the right direction, with the core component down to 2.7% (2.9% in March). The consensual expected ECB rate cuts by year end 2024 fell from 89 bps at the start of the month to 66 bps, still above the 28 bps in the US. Q1 results were overall reassuring, with 56% of companies beating EPS estimates in Europe, above the longterm median. Encouragingly, PMIs in Europe confirmed their upward momentum. The Eurozone flash PMI was up for the 6th consecutive month, rising to 51.4 in April from 50.3 in March. In term of sectors, banks (+5.3%), food, beverage and tobacco (+2.3%) and utilities (+2.1%) performed best while technology (-5.2%), personal care, drug and grocery stores (-5.2%) and telecommunications (-4.5%) lagged the most.

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.          

Bond markets were volatile (again) in April and yields kept increasing. Equity markets consolidated somewhat. On a positive note, European equities were down less and small and mid caps were quite resilient. Despite the US Fed narrative losing momentum, the broader global recovery is intact and World PMIs are expected to remain above 50. Also the destocking and inventory correction seems to have found an end. GDP growth picked up a little both in the EU and China and activity levels improve. From a PMI momentum point of view, Europe vs US will turn to the positive and European companies should benefit from more positive relative top line and EPS delivery. Half our ytd outperformance has stemmed from our stock picking in industrial names inspired by the structural growth theme of Global Infrastructure Capex. We now expect the positive cyclical momentum to further benefit this space.

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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. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base currency in %, calculated by the total return / BVI method.Show moreShow less

Awards

  • Co-Lead Portfolio Manager

    Birgitte Olsen

    Birgitte Olsen, CFA, Senior Portfolio Manager Equities Europe, joined Bellevue Asset Management in 2008. Prior to that, she was Deputy Head of Portfolio Management Equities Europe at Generali Investments in Cologne for more than nine years. She worked as a Fund Manager (DE and Scandinavia) at Vontobel Asset Management in Zurich in 1997 and 1998. Birgitte Olsen started her career in the financial industry in 1994 as a sell-side analyst at Bank am Bellevue covering the insurance and pharmaceutical sectors. She holds a degree in Finance and Accounting from the University of St. Gallen.
  • Co-Lead Portfolio Manager

    Laurent Picard

    Laurent Picard joined Bellevue Asset Management in 2018. Prior to that, he was an Financial consultant for start-ups in the internet/tech sector. From 2009 to 2016 he was a senior equity research analyst for media at Société Générale, having joined from UBS Warburg, where he was an equity analyst for IT Services and Software and a strategist specialized on the French markets. Laurent Picard graduated from Paris X University and ESSEC business school and holds a Master of Financial Techniques.
  • Senior Product Specialist

    Loreno Ferrari

    Loreno Ferrari joined Bellevue Asset Management in 2018 and is a Senior Product Specialist. Previously, he spent 3 years as an Investment Specialist at UBS Asset Management and 8 years at Zürcher Kantonalbank, most recently as an Investment Advisor. Loreno holds a Bachelor of Science (BSc) in Business Administration (UAS) Zurich with a Specialization in Banking and Finance. He is a Certified International Investment Analyst (CIIA) and holds the Certificate in ESG Investing from CFA Institute.
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