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: 17.01.2025)
NAV: EUR 191.99 (16.01.2025)
Rolling performance (17.01.2025)
| I-EUR | Benchmark | |
| 16.01.2024 - 16.01.2025 | 6.86% | 3.72% |
| 16.01.2023 - 16.01.2024 | 5.55% | 3.40% |
| 14.01.2022 - 16.01.2023 | -4.23% | 0.11% |
| 14.01.2021 - 14.01.2022 | -6.02% | -0.57% |
Annualized performance (17.01.2025)
| I-EUR | Benchmark | |
| 1 year | 6.86% | 3.72% |
| 3 years | 2.61% | 2.40% |
| 5 years | 1.01% | 1.23% |
| 10 years | 2.09% | 0.46% |
| Since Inception p.a. | 2.94% | 0.50% |
Cumulative performance (17.01.2025)
| I-EUR | Benchmark | |
| 1M | -0.28% | 0.25% |
| YTD | 0.52% | 0.12% |
| 1 year | 6.86% | 3.72% |
| 3 years | 8.02% | 7.36% |
| 5 years | 5.14% | 6.28% |
| 10 years | 22.94% | 4.73% |
| Since Inception | 53.59% | 7.71% |
Annual performance
| I-EUR | Benchmark | |
| 2024 | 6.49% | 3.77% |
| 2023 | 8.55% | 3.32% |
| 2022 | -8.89% | -0.01% |
| 2021 | -2.87% | -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 | 0.80% |
| Subscription Fee (max.) | 5.00% |
| Performance Fee | 10.00% (with High Water Mark) |
| ISIN number | LU0494762056 |
| Valor number | 11117648 |
| Bloomberg | BLBBGMI LX |
| WKN | A1CW7R |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (31.12.2024, base currency EUR)
| Volatility | 5.85 |
| Sharpe ratio | -0.17 |
| No. of positions | 67 |
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 -0.3% in December with a volatility of 3.8%, bringing its total performance for 2024 to 6.5%. During the month, the MSCI World 100% Hedged to EUR Index declined by 2.0%, the Bloomberg Global Aggregate Government EUR-Hedged Index fell by 0.6% and the S&P GSCI EUR-Hedged (commodity) Index rose by 3.2%.
This month’s contributors to the fund performance were non-government bonds 0.20%, gold 0.12%, equities 0.26% and government bonds 0.38%. A more hawkish stance by the Fed weighted on risk assets and government bonds. Non-government bonds benefited from holdings in Cocos but were penalized by emerging market bonds. Equities outperformed the MSCI World 100% Hedged to EUR Index, driven by IT stocks and dividend futures. Government bonds were adversely affected by the 40 bps rise in the US 10-year Treasury yield to 4.6%.
During the month, we raised the equity allocation from 17% to 25%, reflecting our more constructive view on economic growth. Additionally, we increased the allocation to long-term government bonds from 25% to 30%, taking advantage of market weakness. The non-government bond allocation remained steady at 34%. As a result, portfolio duration increased from 2.9 to 3.2 years vs the long-term average of 3.7 years. The main hedges of the fund are the 30% long-term government bond, the 15% USD and the 5% gold exposures.
Scenario 1, weight increased to 30% from 25%: 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 maintained at 50%: The US economy drifts into a mild recession. Several mitigating factors are likely to dampen the market correction and result in a loss of 5-10%: 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 lowered to 20% from 25%: 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.
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