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
Indexed performance (as at: 11.03.2025)
NAV: EUR 113.26 (10.03.2025)
Rolling performance (11.03.2025)
| AB-EUR | Benchmark | |
| 10.03.2024 - 10.03.2025 | 6.38% | 3.53% |
| 10.03.2023 - 10.03.2024 | 9.23% | 3.66% |
| 10.03.2022 - 10.03.2023 | -3.96% | 0.54% |
| 10.03.2021 - 10.03.2022 | -8.68% | -0.57% |
Annualized performance (11.03.2025)
| AB-EUR | Benchmark | |
| 1 year | 6.38% | 3.53% |
| 3 years | 3.72% | 2.56% |
| 5 years | 2.33% | 1.32% |
| Since Inception p.a. | 1.41% | 0.57% |
Cumulative performance (11.03.2025)
| AB-EUR | Benchmark | |
| 1M | -0.45% | 0.20% |
| YTD | 2.10% | 0.53% |
| 1 year | 6.38% | 3.53% |
| 3 years | 11.59% | 7.89% |
| 5 years | 12.19% | 6.78% |
| Since Inception | 13.33% | 5.24% |
Annual performance
| AB-EUR | Benchmark | |
| 2024 | 5.85% | 3.77% |
| 2023 | 7.90% | 3.32% |
| 2022 | -9.42% | -0.01% |
| 2021 | -3.46% | -0.57% |
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 is actively managed and invests globally in several asset classes with the possibility to build up long and short exposure, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| 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 | LU1325892591 |
| Valor number | 30538202 |
| Bloomberg | BBGMABE LX Equity |
| WKN | A2AGX8 |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (28.02.2025, base currency EUR)
| Volatility | 5.75 |
| Sharpe ratio | 0.21 |
| No. of positions | 61 |
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 1.14% in February with a volatility of 4.1%. During the month, the MSCI World Index in EUR declined by 0.8% and the Bloomberg Global Aggregate Government EUR-Hedged Index rose by 0.7%.
The main contributors to the fund’s performance were government bonds 0.88%, non-government bonds 0.29%, gold 0.07%, equities 0.06% and foreign exchange 0.16%. Financial markets remained volatile due to ongoing trade tariff uncertainty, with recession concerns in the US now outweighing inflation risks. This environment benefited the US 10-year Treasury yield, which declined by 33 bps to 4.21%. Non-government bonds performed in line with broader credit markets. Equities outperformed the MSCI World Index in EUR, benefiting from investments in China. Amid increased volatility, we adopted a cautious approach. We lowered the equity allocation from 28% to 24%, by reducing US equities, and increased the allocation to long-term government bonds from 31% to 34%. Given the uncertain environment, we will adjust the portfolio dynamically. The credit allocation was stable at 33%. Following the recent rally, we reduced gold holdings from 6% to 4% and fully hedged the USD exposure. The portfolio duration increased slightly to 3.3 years vs the long-term average of 3.7 years. The fund’s main hedges are the 34% long-term government bond and the 4% gold exposures.
Base scenario: Volatile environment with a positive tilt. Market volatility rises due to tariff uncertainty, but developed economies remain resilient. Inflation is persistent but continues to trend downward albeit at a slower pace. Still good corporate earnings and the potential for lower interest rates support market sentiment. This is positive for equities, neutral for credit and slightly negative for government bonds.
Positive scenario: A world of deals. Major economies successfully negotiate with the Trump administration, preventing a global trade war and bringing an end to the war in Ukraine. Growth-supportive policies in the US and Europe create a favorable investment environment. Inflation remains under control, eliminating the need for central banks to raise interest rates. We witness another leg in the equity rally. This is neutral for credit and negative for government bonds.
Negative scenario: Trade war. Major economies fail to reach a tariff agreement with the US administration, leading to a prolonged period of high tariffs and rising recession fears. AI-driven investments, previously supporting economic resilience, come under scrutiny due to the DeepSeek challenge. Equity markets correct by around 20%. This scenario is positive for government bonds and negative for credit.
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