Bellevue Entrepreneur Swiss Small & Mid
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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1477743469
The Fund is actively managed and 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: 26.07.2024)
NAV: CHF 186.07 (26.07.2024)
Rolling performance (27.07.2024)
I-CHF | Benchmark | |
25.07.2023 - 25.07.2024 | 1.51% | 2.20% |
25.07.2022 - 25.07.2023 | 3.26% | 4.68% |
23.07.2021 - 25.07.2022 | -22.41% | -18.57% |
23.07.2020 - 23.07.2021 | 39.83% | 33.98% |
Annualized performance (27.07.2024)
I-CHF | Benchmark | |
1 year | 1.51% | 2.20% |
3 years | -6.66% | -4.49% |
5 years | 6.14% | 4.25% |
Since Inception p.a. | 5.33% | 5.82% |
Cumulative performance (27.07.2024)
I-CHF | Benchmark | |
1M | 1.34% | 1.22% |
YTD | 5.57% | 6.35% |
1 year | 1.51% | 2.20% |
3 years | -18.67% | -12.88% |
5 years | 34.72% | 23.15% |
Since Inception | 48.86% | 54.18% |
Annual performance
I-CHF | Benchmark | |
2023 | 5.87% | 6.53% |
2022 | -28.69% | -24.02% |
2021 | 25.23% | 22.19% |
2020 | 20.36% | 8.07% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and 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 | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1477743469 |
Valor number | 33635329 |
Bloomberg | BVBESIC LX |
WKN | A2ASDE |
Total expense ratio (TER) | 1.37% (30.06.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.06.2024, base currency CHF)
Beta | 1.00 |
Volatility | 16.32 |
Tracking error | 5.10 |
Active share | 46.96 |
Correlation | 0.95 |
Sharpe ratio | -0.40 |
Information ratio | -0.56 |
Jensen's alpha | -2.77 |
No. of positions | 40 |
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 declined by 2.1% (CHF / B shares) in the month, underperforming its benchmark by 36bps. This brings the YTD performance to +4.5%, a 92bps underperformance versus the benchmark.
Top 3 contributors in the month were Also Holding (+5.7%), Swissquote (+3.0%) and VZ Holding (+2.9%). Also maintained its upward trend as green shoots of recovery in the PC market suggest improving topline trend in H2, while vendors have been working through the final stages of inventory corrections and the refresh opportunity is becoming visible. The Swissquote narrative remains super solid and our meeting with the management confirmed the multiple growth levers of this investment case. Valuation wise there is still upside considering the dynamic growth profile, also compared to Scandinavian peers. VZ Holding’s very profitable and defensive growth model is still pretty much unknown to the broader European investors despite its market cap soon reaching CHF 5 bn. A new broker initiation helped shed some light on this Swiss Hidden Champion.
Main detractors in the month were Medmix (-19.3%), Aryzta (-11.3%) and Pierer Mobility (-24.9%). Medmix has reached interesting valuation levels but the challenges faced by the company are multiple. Very slow recovery in dental, underutilization of production capacities just to name a few and a new CEO. Time will tell. Despite obvious defensives qualities, Aryzta suffered from rising rates and uncertain market conditions having finally led to the cancellation of the IPO of its Spanish peer Europastry. Pierer second profit warning within six months underscores the depth of the supply chain overstocking across both motorcycles and bicycles, exacerbated by the increase in dealer financing costs. Delayed recovery amid rising costs and capital commitments will result in materially negative financial results in 2024, followed by a significant recovery in 2025.
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Senior Sales Germany
Alexander Jostes