Bellevue Entrepreneur Europe Small (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. LU0631859575
The Fund 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: 28.06.2024)
NAV: CHF 352.20 (27.06.2024)
Rolling performance (27.06.2024)
I-CHF | Benchmark | |
27.06.2023 - 27.06.2024 | 17.91% | 11.85% |
27.06.2022 - 27.06.2023 | 4.68% | -0.28% |
25.06.2021 - 27.06.2022 | -26.13% | -20.83% |
26.06.2020 - 25.06.2021 | 48.54% | 49.69% |
Annualized performance (27.06.2024)
I-CHF | Benchmark | |
1 year | 17.91% | 11.85% |
3 years | -3.02% | -4.05% |
5 years | 6.37% | 4.78% |
10 years | 6.62% | 5.93% |
Since Inception p.a. | 8.29% | 7.81% |
Cumulative performance (27.06.2024)
I-CHF | Benchmark | |
1M | -6.44% | -6.55% |
YTD | 16.25% | 8.43% |
1 year | 17.91% | 11.85% |
3 years | -8.82% | -11.69% |
5 years | 36.20% | 26.30% |
10 years | 90.00% | 77.95% |
Since Inception | 181.76% | 165.81% |
Annual performance
I-CHF | Benchmark | |
2023 | 10.13% | 6.12% |
2022 | -26.50% | -24.32% |
2021 | 15.16% | 19.23% |
2020 | 16.14% | 11.43% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term and actively 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 | PWC, Luxembourg |
Launch date | 30.06.2011 |
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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0631859575 |
Valor number | 13084214 |
Bloomberg | BFLESIC LX |
WKN | A1JG2J |
Total expense ratio (TER) | 1.49% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
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 rose by 5.4% (EUR / B shares), underperforming its benchmark by 42 bps. This brings the performance to 16.1% over the first five months of 2024, a 767 bps beat vs the benchmark (+8.4%).
Top detractors in the month were BFF (-24.0%), Bakkafrost (-9.9%), and Schoeller-Bleckman (-10.4%). Banca Farma Factoring plunged on May 10 after the BOI intervened on issues of accounting classification of credits attached to the public administration (i.e. performing vs temporarily overdue). While not a game changer, this affects RWA and subsequently the CET1 ratio of the company and potentially its dividend payout policy. The management is in talks with the regulator but it will probably take until Q4 for investors to have clarity. The board has not changed its dividend guidance even in the event of an increase in RWAs. Bakkafrost delivered a solid set of Q1 figures, with EBIT beating consensus by 2%.Volume guidance for the FY was reiterated, but with delivery tilted towards H2. Later in the month, the ISA outbreak in the Faroe, although contained, shed another 4-5% off EPS24 consensus numbers. Midterm we expect a structurally improving situation in Scotland, leading to higher margins for the group.
Top performers in the month were Neoen (+32.3%), Wartsila (+10.6%) and Nexans (+13.0%). Neoen, the French IPP and 3rd largest position in the fund, was subject of a takeover offer from Brookfield, at a premium of 27% over the previous closing price. After Majorel, Neoen is the 2nd company of the portfolio being taken over in a year, another sign that there is plenty of value in the European small caps universe. Wartsila continues its ascent and is top performer for the second month in a row, rising 48% ytd on the back of 2024 consensus EPS up 21%. Lastly on Nexans: While order books are fully loaded until 2030 in high voltage, rising grid investments are increasingly visible, attracting attention to a secular trend that will impact positively medium voltage players like Nexans.
Dokumente
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund 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
Awards
These insights might interest you
I am happy to answer any questions you may have:
Senior Sales Germany
Alexander Jostes