Bellevue Global Macro (Lux)
The world in one portfolio - all-weather strategy with absolute return approach
The fund seeks consistent positive annual returns over the business cycle
UCITS V regulated absolute return strategy with daily liquidity
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU0513479864
The Fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility of 5-7%. The Fund actively invests globally in several asset classes with the possibility to build up long- and short exposure, maintaining a constant level of risk over time.
Indexed performance (as at: 17.05.2024)
NAV: CHF 156.02 (16.05.2024)
Rolling performance (16.05.2024)
HB-CHF | Benchmark | |
16.05.2023 - 16.05.2024 | 6.29% | 1.67% |
16.05.2022 - 16.05.2023 | 0.17% | 0.46% |
14.05.2021 - 16.05.2022 | -12.15% | -0.76% |
15.05.2020 - 14.05.2021 | 10.01% | -0.74% |
Annualized performance (16.05.2024)
HB-CHF | Benchmark | |
1 year | 6.29% | 1.67% |
3 years | -2.20% | 0.45% |
5 years | -0.68% | -0.02% |
10 years | 1.21% | -0.34% |
Since Inception p.a. | 1.60% | -0.22% |
Cumulative performance (16.05.2024)
HB-CHF | Benchmark | |
1M | 1.67% | 0.12% |
YTD | 1.89% | 0.60% |
1 year | 6.29% | 1.67% |
3 years | -6.47% | 1.37% |
5 years | -3.38% | -0.12% |
10 years | 12.77% | -3.32% |
Since Inception | 24.82% | -3.02% |
Annual performance
HB-CHF | Benchmark | |
2023 | 5.60% | 1.50% |
2022 | -9.95% | -0.24% |
2021 | -3.72% | -0.77% |
2020 | 1.86% | -0.72% |
Facts & Key figures
Investment Focus
The fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility around 5-7%. The fund actively invests globally in several asset classes with the possibility to build up long and short exposure, maintaining a constant level of risk over time. 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 | PriceWaterhouseCoopers |
Launch date | 31.03.2010 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.40% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0513479864 |
Valor number | 11353519 |
Bloomberg | BBGMABS LX |
WKN | A1C094 |
Total expense ratio (TER) | 1.92% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency EUR)
Volatility | 5.97 |
Sharpe ratio | -0.45 |
No. of positions | 82 |
Benefits & Risks
Benefits
- Fund targets to achieve consistent absolute returns across the economic cycle
- Systematic investment approach – based on proprietary models developed over the past 23 years
- Use of leverage is possible, the net exposure is usually between 120% and 150%
- Possibility to make short investments if the market environment offers appropriate opportunities to do so
- UCITS V regulated absolute return strategy with daily liquidity
Risks
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses
- The fund may invest part of its assets in bonds. Their issuers may become insolvent
- The investment in fixed-interest securities gives rise to interest rate risks
- Investing in emerging markets entails the additional risk of political and social instability
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency
Review / Outlook
The fund returned -1.1% in April with a volatility of 3.3%. During the month, the MSCI World Equity Index lost 3.8%, the JP Morgan Global Government Bond Index fell 1.8% and commodities gained 1.2%, all figures in euro hedged terms.
The highlight to this month’s performance was the positive contribution of gold with +0.22%. The other strategies contributed negatively: government bonds -0.66%, equities -0.52% and non-government bonds -0.07%. Government bonds suffered from higher long term interest rates. The US 10-year treasury yield increased by 48 bps to 4.68%. Equities were supported by the outperformance of the dividend futures position. Non-government bonds outperformed the Bloomberg Global High Yield EUR-hedge index thanks to the resilience of the corporate hybrid positions.
During the month, we increased on weakness the allocation to long-term government bonds from 22% to 37%. We reduced the allocation to non-government bonds from 34% to 30% by selling positions with an unattractive spread to cash in relation to their risk. We maintained the allocation to equities at 21%. We raised the total portfolio duration from 2.6 to 3.4 years vs the long-term average of 3.8 years. The main hedges of the fund are the 37% long-term government bond, the 15% USD and the 5% gold exposures.
Scenario 1, weight of 30%: Investments in IT accelerate, central banks end rate increases, inflation falls. The market continues to rally. Economic indicators are mixed. The economy is recovering in the US while it is still weak in Europe. Any positive economic news, such as booming artificial intelligence (AI) related investments or a recovery in manufacturing PMIs, would be positive for equity and credit markets. This is neutral to negative for government bonds and negative for the USD.
Scenario 2, weight of 50%: The US economy drifts into a mild recession. Several mitigating factors are likely to dampen the equity market correction and result in a mild loss of 5% to 10%: liquidity is still abundant, PMIs have reached a bottom and the boom in AI-related investments continues. This scenario is negative for credit and slightly positive for government bonds.
Scenario 3, weight of 20%: Credit conditions in the US deteriorate, developed economies fall into a global recession. Under this scenario, inflation persists, and the Fed’s restrictive monetary policy starts to impact the economy. Equity and credit markets correct. This is positive for government bonds, the USD and potentially gold.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the subfund 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