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Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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More info

Bellevue Global Income

Share class
 
Documents

ISIN-No.: LU2382177330

YTD: 4.26%

Anzahl Positionen: 56

Efficient portfolio allocation consisting of 50% credit and 50% longterm government bonds

Top-down allocation via scenario analysis, fundamental bottom-up approach for credit

Consideration of relevant ESG aspects along all steps of the investment process

Indexed performance (as at: 20.12.2024)

NAV: EUR 125.22 (19.12.2024)


01 Jan 2010 - 01 Jan 2010
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B-EUR
Benchmark

Rolling performance (20.12.2024)

B-EURBenchmark
19.12.2023 - 19.12.20244.52%n.a.
19.12.2022 - 19.12.20234.36%n.a.
17.12.2021 - 19.12.2022-7.66%n.a.

Annualized performance (20.12.2024)

B-EURBenchmark
1 year4.52%n.a.
3 years0.24%n.a.
Since Inception p.a.0.05%n.a.

Cumulative performance (20.12.2024)

B-EURBenchmark
1M0.15%n.a.
YTD4.26%n.a.
1 year4.52%n.a.
3 years0.72%n.a.
Since Inception0.18%n.a.

Annual performance

B-EURBenchmark
20234.93%n.a.
2022-7.59%n.a.

Investment Focus

The fund is an unconstrained fixed income fund with the objective of achieving an excess return of 2-4% p.a. versus the respective 3-month money market rate over the cycle. The fund is actively managed and invests in bonds worldwide, with a neutral portfolio made of 50% credit and 50% longterm government bonds. Scenario analysis and proprietary valuation models support an experienced team of specialists to express their market views and to define the most successful top down allocation. For the selection of credit a fundamental bottom-up approach is applied. The management team has the option to invest in government bonds via futures markets. 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 an excess return versus the respective 3-month money market rate over the cycle. It is therefore particularly suited to investors with an investment horizon of at least 3 years. The base currency of the Fund is EUR.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date30.09.2021
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.10%
Subscription Fee (max.)5.00%
ISIN numberLU2382177330
Valor number113468085
BloombergBGINBEU
WKNA3C4GD

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.11.2024, base currency EUR)

Volatility2.30
Sharpe ratio-0.79
No. of positions56

Benefits

  • Fund targets a risk adjusted return of 2% to 4% over the respective 3-month money market rate return across the economic cycle.
  • Backed by credit analysis with a solid track record at Bellevue since June 2015.
  • Government bonds overlay acts as a hedge while contributing to performance.
  • Ability to assume leverage and to go short for hedging purpose.
  • UCITS V regulated unconstrained total 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 actively invests in bonds. Their issues may become insolvent.
  • The investment in fixed-interest securities gives rise to interest rate risks
  • Investing in emerging market bonds 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.

In November, the fund returned 0.81% with a volatility of 1.2%. The Bloomberg Global Aggregate EUR-hedged Index gained 1.09%. Year-to-date, the fund has achieved a 4.91% return compared to 2.63% for the index.

This month’s contributors were credit 0.52% and government bonds 0.28%. Optimism about economic growth following Trump’s re-election supported risk-on assets and strengthened further the USD. Credit benefited from holdings in Coco and emerging market bonds, alongside a 7% USD exposure. Government bonds saw volatility but ended positively thanks to the nomination of pro-market Treasury Secretary Scott Bessent. The US 10-year Treasury yield fell by 12 bps to 4.2%.

In the month, we slightly reduced the credit allocation from 64% to 62% to lock in profits. We sold the Commerzbank Coco EUR 7.875% Perpetual, call Oct-2031, after its strong performance. Additionally, we accepted Belfius’s offer to repurchase its Coco EUR 3.625% Perpetual, call Apr-2025 at a 4.3% yield-to-call and reinvested in its new Coco EUR 6.125% Perpetual, call May-31, at a 6.4% yield-to-call. Belfius, a major Belgium bank owned by the government, has an “A” credit rating at the senior level and “BB+” at the Coco level.

We kept the long-term government bond allocation unchanged at 20%.

The fund offers a EUR yield of 4.1% with a duration of 3.8 years and an average credit rating of A-.

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.

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ESG

  • 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.

  • 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.

  • 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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