I Shares

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: 20.11.2024)

NAV: EUR 191.12 (19.11.2024)

01 Jan 2010 - 01 Jan 2010

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I-EUR

Benchmark

Rolling performance (20.11.2024)

	I-EUR	Benchmark
19.11.2023 - 19.11.2024	11.88%	n.a.
19.11.2022 - 19.11.2023	3.48%	3.04%
19.11.2021 - 19.11.2022	-9.51%	-0.25%
19.11.2020 - 19.11.2021	-0.30%	-0.56%

Annualized performance (20.11.2024)

	I-EUR	Benchmark
1 year	11.88%	n.a.
3 years	1.57%	n.a.
5 years	1.12%	n.a.
10 years	2.47%	n.a.
Since Inception p.a.	2.94%	0.47%

Cumulative performance (20.11.2024)

	I-EUR	Benchmark
1M	-0.54%	n.a.
YTD	6.56%	n.a.
1 year	11.88%	n.a.
3 years	4.77%	n.a.
5 years	5.71%	n.a.
10 years	27.67%	n.a.
Since Inception	52.90%	7.07%

Annual performance

	I-EUR	Benchmark
2023	8.55%	3.32%
2022	-8.89%	-0.01%
2021	-2.87%	-0.57%
2020	2.73%	-0.44%

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, maintaining a constant level of risk over time. A proprietary global macro screening engine supports an experienced team of specialists to express their market views and to define the most successful top down strategies. Risk is an integrated part within the entire investment process. By targeting an explicit risk level on a daily basis the risk profile is maintained over time. The portfolio is mainly invested in liquid assets, the fund offers daily liquidity. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s objective is to achieve consistent positive returns across the economic cycle. The targeted returns are intended to be largely de-correlated from those of major asset classes. It is therefore particularly suited to investors with an investment horizon of at least 3 years who are focused on achieving consistent absolute returns. The base currency of the Fund is EUR.

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 (31.10.2024, base currency EUR)

Volatility	5.95
Sharpe ratio	-0.18
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 -0.1% in October with a volatility of 2.9%. During the month, the MSCI World Equity Index lost 1.0%, the Bloomberg Global Aggregate Government index lost 1.2% and commodities gained 0.3%, all in euro hedged terms.

This month’s contributors to the fund performance were gold 0.34%, non-government bonds 0.22%, foreign exchange 0.12%, equities 0.01% and government bonds 0.80%. Gold continued its strong momentum, rising significantly by 6.6% in EUR and reaching new record highs. Meanwhile, the resilience of developed economies led financial markets to reassess rate cut expectations, impacting most asset classes and strengthening the USD. Non-government bonds contributed positively, driven by holdings in Coco and corporate hybrid bonds. Foreign exchange benefited from the strong USD. Equities outperformed the broader market, supported by the dividend future and US IT stock positions. Government bonds were penalized by the 50 bps increase in the US 10-year treasury yield to 4.3%.

During the month, we maintained the allocations relatively steady with equities at 15%, long-term government bonds at 25% and non-government bonds at 36%. Portfolio duration remained stable at 2.8 years vs the long-term average of 3.7 years. The main hedges of the fund are the 25% long-term government bond, the 19% USD and the 5% gold exposures.

During our March 6 review, we noted the resilience of the US economy and lowered the overall weight of the recession scenarios:

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.

Dokumente

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ESG

Co-Lead Portfolio Manager
Malek Bou-Diab
Malek Bou-Diab joined the Bellevue Global Macro team as Portfolio Manager in August 2024. He joined Bellevue Asset Management in 2009 as Senior Portfolio Manager Frontier Markets and Quant Analyst. Prior to that, he worked as Portfolio Manager at Julius Baer in the Emerging Markets team. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. He completed his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH) between 1999 and 2003.
Co-Lead Portfolio Manager
Alexandrine Jaecklin
Alexandrine Jaecklin joined Bellevue Asset Management in June 2015 as portfolio manager in charge of the bond selection. Before, Alexandrine worked for 15 years at UBS. She joined UBS as a credit analyst for Emerging Markets on the sell side in New York and London, and then moved to the Wealth Management in Zürich to cover European Financial credits. She spent the last 6 years of her time at UBS advising directly institutional private clients with a focus on bond markets on managing their portfolio. Prior to UBS, she was an research analyst at Laidlaw Global Securities (New York), Smith Barney (New York), and the United Overseas Bank (BNP subsidiary - Geneva) in the fields of Emerging Markets and fixed income. She holds a Master in International Relations, Economics section, from the Graduate Institute of International Studies (HEI) in Geneva.
Head Investment & Products
Markus Peter
Markus Peter joined Bellevue Asset Management in early 2009 as head investments and products. He previously held several management positions during his 10 years with Julius Baer Group, including head product management and development, investment advisory as well as a product specialist for absolute return products. Prior to joining Julius Baer he was employed by IBM, treasury and project finance, as well as by Swiss Bank Corporation, equity and equity derivative trading. Markus Peter holds a master in business economics from the University of St. Gallen (HSG).

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