HB Shares

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: 31.03.2025)

NAV: USD 133.85 (30.03.2025)

HB-USD

Benchmark

Rolling performance (31.03.2025)

	HB-USD	Benchmark
30.03.2024 - 30.03.2025	5.73%	n.a.
30.03.2023 - 30.03.2024	8.37%	n.a.
30.03.2022 - 30.03.2023	-2.69%	n.a.

Annualized performance (31.03.2025)

	HB-USD	Benchmark
1 year	5.73%	n.a.
3 years	3.69%	n.a.
Since Inception p.a.	1.97%	n.a.

Cumulative performance (31.03.2025)

	HB-USD	Benchmark
1M	-0.53%	n.a.
YTD	1.29%	n.a.
1 year	5.73%	n.a.
3 years	11.50%	n.a.
Since Inception	7.08%	n.a.

Annual performance

	HB-USD	Benchmark
2024	5.87%	n.a.
2023	6.89%	n.a.
2022	-5.88%	n.a.

Facts & Key figures

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 Manager	Bellevue Asset Management AG
Custodian	CACEIS BANK, LUXEMBOURG BRANCH
Fund Administrator	CACEIS BANK, LUXEMBOURG BRANCH
Auditor	PriceWaterhouseCoopers
Launch date	30.09.2021
Year end closing	30. Jun
NAV Calculation	Daily "Forward Pricing"
Cut of time	15:00 CET
Management Fee	1.10%
Subscription Fee (max.)	5.00%
ISIN number	LU2382178148
Valor number	113469149
Bloomberg	BGINHBU
WKN	A3C4GH

Legal Information

Legal form	Luxembourg UCITS V SICAV
SFDR category	Article 8

Key data (28.02.2025, base currency EUR)

Volatility	2.31
Sharpe ratio	-0.36
No. of positions	54

Benefits & Risks

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.

Review / Outlook

In February, the fund returned 1.09% with a volatility of 1.8%, compared to the Bloomberg Global Aggregate EUR-Hedged Index, which rose by 1.08%.

This month’s contributors were credit 0.56% and government bonds 0.53%. Financial markets remained volatile due to ongoing trade tariff uncertainty, with recession concerns in the US now outweighing inflation risks. This environment supported long-term government bonds, especially the US 10-year treasury yield, which fell by 33 bps to 4.21%. Credit performed in line with broader credit markets and primarily benefited from emerging market bond holdings.

During the month, we increased credit exposure from 61% to 63%, taking advantage of new issuances. We added highly rated financial bonds: ABN CoCo EUR 5.75% Perpetual, call 2027, and Caixa Tier 2 EUR 4% due 2037, call 2031, both rated BBB-. We see increased macroeconomic risk in Romania, with a potential downgrade from investment grade. As a result, we switched out of Romania EUR 5.375% due 2031 bond into Brazil’s Simpar’s USD 5.2% due 2031, yield to maturity of 11%, rated BB-, which we view as an attractive risk reward opportunity. We maintained the allocation to long-term government bonds at 26%.

The fund offers a EUR yield of 3.9% with a duration of 4.0 years and an average credit rating of A.

On February 28, we reviewed our scenarios as follows:

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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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.
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).
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).
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.