Bellevue Sustainable Entrepreneur Europe (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. LU0415391860
The fund’s aim is to achieve capital growth in the long term. The Fund invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, keen environmental awareness and low debt are among the key success factors of sustainable owner-managed companies.
Indexed performance (as at: 17.05.2024)
NAV: EUR 452.09 (16.05.2024)
Rolling performance (16.05.2024)
B-EUR | Benchmark | |
16.05.2023 - 16.05.2024 | 11.89% | 15.78% |
16.05.2022 - 16.05.2023 | 8.10% | 10.02% |
14.05.2021 - 16.05.2022 | -7.65% | 0.43% |
15.05.2020 - 14.05.2021 | 47.54% | 37.75% |
Annualized performance (16.05.2024)
B-EUR | Benchmark | |
1 year | 11.89% | 15.78% |
3 years | 3.74% | 8.53% |
5 years | 6.08% | 9.11% |
10 years | 5.10% | 7.20% |
Since Inception p.a. | 8.91% | 9.57% |
Cumulative performance (16.05.2024)
B-EUR | Benchmark | |
1M | 5.96% | 5.94% |
YTD | 10.64% | 11.01% |
1 year | 11.89% | 15.78% |
3 years | 11.69% | 27.92% |
5 years | 34.37% | 54.71% |
10 years | 64.49% | 100.50% |
Since Inception | 261.67% | 296.05% |
Annual performance
B-EUR | Benchmark | |
2023 | 9.77% | 15.81% |
2022 | -13.69% | -10.81% |
2021 | 19.48% | 25.14% |
2020 | 1.15% | -1.99% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The fund actively invests in listed owner-controlled companies in Europe where an entrepreneur or a founding family holds at least a stake of 20% of the company’s voting rights. Long-term perspectives, a strong sense of responsibility, ethical behavior, 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 | 30.04.2009 |
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 | LU0415391860 |
Valor number | 03882718 |
Bloomberg | BELBBBE LX |
WKN | A0RPSJ |
Total expense ratio (TER) | 2.17% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency EUR)
Beta | 0.92 |
Volatility | 14.80 |
Tracking error | 5.75 |
Active share | 89.88 |
Correlation | 0.93 |
Sharpe ratio | 0.12 |
Information ratio | -0.92 |
Jensen's alpha | -5.17 |
No. of positions | 36 |
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.
- Social responsibility, ethical behavior and keen environmental awareness are characteristic entrepreneurial values.
- 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.
- 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 invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- 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 declined by 1.8% (EUR / B shares), underperforming its benchmark by 80 bps.
Main detractors in the month were Alten (-18.1%), Carl Zeiss (-14.4%) 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. Carl Zeiss was weak on anticipation of its quarterly publication, as its FY guidance implies a material uplift in H2. We feel the concern is overdone as most of the destocking is now complete, comps will become easier in Q4 and price increases in MCS should be supportive. 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 3 contributors in the month were Caixabank (+10.2%), Bankinter (+9.4%) and Prysmian (+9.4%). Caixabank posted solid results, including a 3% NII beat, in-line costs and better loan loss provisions. Based on better volumes, a slowing pace of migration into interest-bearing deposits and a better rate outlook, management increased the NII guidance. In the same vein, Bankinter posted net profit above expectations on better-than-expected provisions, fees, trading gains and costs. Prysmian announced the acquisition of the US cable manufacturer Encore Wire for an EV of EUR 3.9 bn, an operation that will strengthen its distribution in the US and its presence in low voltage, a segment that has been somewhat overlooked by the financial markets so far. The deal should be 20% accretive and 30% post synergies.
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