Bellevue Entrepreneur Swiss Small & Mid (Lux)
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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1477743543
The Fund invests in listed owner-managed companies in Switzerland where an entrepreneur or a founder family holds at least a 20% of a company’s voting rights, thereby exerting significant influence. The Management Team pursues a fundamental, bottom-up approach in identifying the most attractive founder-controlled companies while maintaining an investment portfolio diversified by sub-sector and style (Value, GARP, Growth).
Indexed performance (as at: 28.06.2024)
NAV: CHF 174.27 (27.06.2024)
Rolling performance (27.06.2024)
B-CHF | Benchmark | |
27.06.2023 - 27.06.2024 | 1.55% | 4.05% |
27.06.2022 - 27.06.2023 | 2.64% | 4.37% |
25.06.2021 - 27.06.2022 | -23.64% | -19.47% |
26.06.2020 - 25.06.2021 | 45.49% | 38.77% |
Annualized performance (27.06.2024)
B-CHF | Benchmark | |
1 year | 1.55% | 4.05% |
3 years | -7.31% | -4.36% |
5 years | 4.99% | 4.26% |
Since Inception p.a. | 4.48% | 5.69% |
Cumulative performance (27.06.2024)
B-CHF | Benchmark | |
1M | -3.32% | -2.54% |
YTD | 3.88% | 4.89% |
1 year | 1.55% | 4.05% |
3 years | -20.41% | -12.55% |
5 years | 27.58% | 23.22% |
Since Inception | 39.42% | 52.05% |
Annual performance
B-CHF | Benchmark | |
2023 | 5.14% | 6.53% |
2022 | -29.19% | -24.02% |
2021 | 24.35% | 22.19% |
2020 | 19.52% | 8.07% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term and actively invests in listed owner-managed companies in Switzerland 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 | 30.11.2016 |
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% |
ISIN number | LU1477743543 |
Valor number | 33635331 |
Bloomberg | BVBESBC LX |
WKN | A2ASDF |
Total expense ratio (TER) | 2.10% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Portfolio
Top 10 positions
Market capitalization
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 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.
- Succession planning poses an additional risk for owner-run companies.
- 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 rose 4.1% (CHF / B shares) in the month, outperforming its benchmark by 74 bps. This brings the ytd performance to 5.9%, a 55 bps underperformance versus the benchmark.
Top 3 contributors in the month were Swissquote (+11.9%), Also Holding (+15.4%) and SFS Group (+13%). Swissquote maintained its upward trend with strong operational and financials performances underpinning the continuous rerating of the shares. Despite its strong ytd share rally (+34.6%), Swissquote is still trading on a 2024 PE of 13x, which underestimates its midterm growth potential. Also hosted a CMD with the recently nominated new CEO. While Also and most of its peers are stressing the weak short term environment, we are starting to see green shoots of recovery in the PC and consumer markets that should become more a meaningful tailwind in H2. The fastening specialist SFS and one of our favorite early cyclicals benefited from stronger industrial PMIs readings. SFS is geared to the end markets of industrial, construction, automotive and consumer electronics. A demand recovery, together with the gradual ending of destocking should benefit the top line. In the meantime, self-help and cost savings should back the margins.
Main detractors in the month were Straumann (-4.9%), Lindt (-0.9%) and V-Zug (-8.7%). With 3.7% organic growth in the US for Q1, Straumann missed consensus expectations. The APAC region’s stellar growth from depressed levels was enough to overcompensate at group level but the reiteration by the management of HSD organic growth guidance for FY 2024 was not enough for the market and implies a slowdown in the coming quarters. Lindt underperformed in the cyclical rotation. The H1 revenue growth is anticipated below the FY guidance of 6-8%, impacted by destocking and some trading down by US consumer.
Dokumente
Past performance is not a reliable indicator of future results and can be misleading. As the subfund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less
ESG
Ratings
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I am happy to answer any questions you may have:
Senior Sales Germany
Alexander Jostes