Bellevue Entrepreneur Europe Small
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
Explained in 90 seconds
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Investment Focus
ISIN-No. LU0631859732
The Fund is actively managed and invests in small capitalized, listed owner-managed companies in Europe where an entrepreneur/founder family holds at least a 20% of a company’s voting rights, thereby exerting signif. influence. The team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by country, sub-sector and style (Value, GARP, Growth).
Indexed performance (as at: 16.08.2024)
NAV: CHF 304.43 (15.08.2024)
Rolling performance (16.08.2024)
B-CHF | Benchmark | |
15.08.2023 - 15.08.2024 | 10.81% | 11.06% |
15.08.2022 - 15.08.2023 | 5.91% | -2.23% |
15.08.2021 - 15.08.2022 | -29.85% | -22.59% |
15.08.2020 - 15.08.2021 | 37.78% | 42.04% |
Annualized performance (16.08.2024)
B-CHF | Benchmark | |
1 year | 10.81% | 11.06% |
3 years | -6.28% | -5.62% |
5 years | 6.34% | 6.14% |
10 years | 6.23% | 6.34% |
Since Inception p.a. | 7.01% | 7.66% |
Cumulative performance (16.08.2024)
B-CHF | Benchmark | |
1M | -7.91% | -4.14% |
YTD | 10.07% | 7.58% |
1 year | 10.81% | 11.06% |
3 years | -17.68% | -15.94% |
5 years | 35.98% | 34.69% |
10 years | 83.02% | 84.83% |
Since Inception | 143.54% | 163.72% |
Annual performance
B-CHF | Benchmark | |
2023 | 9.36% | 6.12% |
2022 | -27.01% | -24.45% |
2021 | 14.39% | 19.23% |
2020 | 15.33% | 11.43% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in small capitalized, listed owner-managed companies in Europe 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 BANK, LUXEMBOURG BRANCH |
Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
Auditor | PriceWaterhouseCoopers |
Launch date | 30.06.2011 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.60% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0631859732 |
Valor number | 13084217 |
Bloomberg | BFLESBC LX |
WKN | A1JG2K |
Total expense ratio (TER) | 2.18% (31.07.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (31.07.2024, base currency EUR)
Beta | 0.86 |
Volatility | 16.30 |
Tracking error | 6.49 |
Active share | 89.74 |
Correlation | 0.93 |
Sharpe ratio | -0.07 |
Information ratio | -0.21 |
Jensen's alpha | -1.33 |
No. of positions | 44 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
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 invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- 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.
- 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 declined by 0.3% (EUR / B shares), underperforming its benchmark by 300 bps. This brings the performance to 11.1% for the first seven month of 2024, a 387 bps beat vs the benchmark.
Top detractors in the month were Husqvarna (-16.6%), BESI (-23.7%) and CTT Systems (-16.9%). Husqvarna posted a weak quarter with negative sales growth and EBIT 20% below expectations. The disappointment was driven by tough macro combined with unfavourable weather. A key factor was the shrinking market shares in residential robotic where competition at the entry price level is biting. The company is taking measures, but effects are not to be expected until next season. The position is under review. After being a top performer in June, BESI turned around in the sector rotation. The Q3 guidance miss overshadowed strong Q2 results. More crucial for the BESI story is the meaningful progress being made in hybrid bonding. CTT peaked early June with a 68% ytd performance. Since shares have experience a sharp correction as supply constraints at Boeing and Airbus constrain OEM sales more than expected. Along with tough comps, the company delivered 3% top line in Q2 and a 7% EBIT decline. Nevertheless margins remained very solid at 38% due to CTT’s fantastic monopolistic business model with strong after sales contribution.
Top performers in the month were Nordex (+22.7%), Nexans (+16.2%) and Burckhardt Compression (+7.8%). Thanks to a 21% top line growth Nordex' EBITDA surprised positively further cementing the company MT 8% EBITDA target. Nexans delivered an H1 EBITDA 14% above expectations thanks to the very strong growth in generation and transmission and a value over volume strategy that is paying off with momentum in both medium and low voltage, spurring a FY guidance upgrade. Burckhardt released good FY 23/24 results in the beginning of June. Order intake was 10% above expectations and the company slightly raised MT top-line guidance for FY 2027/28. Orders are slowly normalizing after two very strong years but activity remains strong, especially in the field of energy transition applications.
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