Bellevue Entrepreneur Switzerland (CH)
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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. CH0259354873
The Fund invests in listed owner-managed companies in Switzerland where an entrepreneur or a founder family holds at least a 20% of a company’s voting rights, thereby exerting significant influence. The Management Team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by sector and style (Value, GARP, Growth).
Indexed performance (as at: 15.05.2024)
NAV: CHF 201.61 (14.05.2024)
Rolling performance (14.05.2024)
I-CHF | Benchmark | |
12.05.2023 - 14.05.2024 | -0.86% | 0.29% |
13.05.2022 - 12.05.2023 | 6.32% | 1.77% |
14.05.2021 - 13.05.2022 | -6.84% | 5.02% |
14.05.2020 - 14.05.2021 | 47.78% | 21.28% |
Annualized performance (14.05.2024)
I-CHF | Benchmark | |
1 year | -0.86% | 0.29% |
3 years | -0.60% | 2.34% |
5 years | 8.34% | 6.07% |
Since Inception p.a. | 9.40% | 8.13% |
Cumulative performance (14.05.2024)
I-CHF | Benchmark | |
1M | 3.75% | 3.75% |
YTD | 5.14% | 6.23% |
1 year | -0.86% | 0.29% |
3 years | -1.81% | 7.20% |
5 years | 49.32% | 34.30% |
Since Inception | 110.14% | 90.69% |
Annual performance
I-CHF | Benchmark | |
2023 | 8.61% | 6.53% |
2022 | -24.63% | -17.83% |
2021 | 26.69% | 23.38% |
2020 | 18.27% | 3.82% |
Facts & Key figures
Investment Focus
The fund actively invests in listed owner-managed companies in Switzerland 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, Zürich |
Fund Administrator | PMG Investment Solutions AG, Zug |
Auditor | PWC |
Launch date | 04.04.2006 |
Year end closing | 31. Dec |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | CH0259354873 |
Valor number | 25935487 |
Bloomberg | PMBESWI SW |
Total expense ratio (TER) | 1.58% (30.04.2024) |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Key data (30.04.2024, base currency CHF)
Beta | 1.01 |
Volatility | 16.20 |
Tracking error | 3.92 |
Active share | 46.49 |
Correlation | 0.97 |
Sharpe ratio | -0.04 |
Information ratio | 0.28 |
Jensen's alpha | 1.08 |
No. of positions | 41 |
Portfolio
Top 10 positions
Market capitalization
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 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.
- 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 fell 2.1% (CHF / A shares) in the month, underperforming its benchmark by 56 bps. This brings the total YTD performance to +1.8%, a 122 bps underperformance versus the benchmark.
Main detractors in the month were Straumann (-14.5%), Pierer Mobility (-19.2%) and Swatch Group (-7.5%). Straumann fell 11.4% on the publication of its Q1 results. At 15.1% organic growth at the group level was better-than-expected, but North America disappointed with a growth of 3.7% (vs consensus of 6.5%). The group nevertheless enjoys a stronger-than-expected momentum in the APAC region, mainly in China, and reiterated its FY2024 group guidance for organic growth in the HSD range and core EBIT margin of 26%. Pierer Mobility was very weak on no specific news. We had reduced our holding significantly at the beginning of the year and continue to monitor the group closely to determine the next entry point. 2024 is a year of transition, but we expect 2025 to show a renewed momentum with improving profitability. Although visibility on 2025 is still limited, valuation looks increasingly attractive with EV/EBITDA 25E multiples of ca. 4x. The performance of Swatch was poor along with the weak momentum in the luxury goods space (LVMH -7%, Richemont -7%, Moncler -7.3% and Kering -9.9%) and Q1 sector data pointing towards a slow start to the year. While visibility on Chinese luxury consumption remains limited, some positive comments have been made. Q1 is generally a trough quarter in the sector and one could expect a gradual improvement in the quarters to come.
Top 3 contributors in the month were Sandoz (+14.5%), Barry Callebaut (+13.4%) and Clariant (+13%). Sandoz benefited from sell-side notes pointing to the improving biosimilar outlook, leading to a more positive earnings momentum. Barry Callebaut Q2 23/24 results highlighted a resilient volume growth (+1%), despite the cocoa price surge. In addition, the company reiterated its FY guidance which was clearly seen as a positive. Also, following the speculative-led surge in cocoa prices year-to-date, a strong reversal occurred from April 19, providing a relief to the whole industry. Clariant reported a good set of Q1 figures with sales in line with consensus, but EBITDA 15% above. EBITDA margins at 17.1% increased +320bps yoy, vs cons at 14.7%, reflecting the positive impact of lower raw materials on margins and also the past cost cutting exercises. At this stage, management is reiterating its FY outlook with confidence.
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