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
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU0631859062
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: 17.07.2024)
NAV: EUR 452.56 (16.07.2024)
Rolling performance (11.07.2024)
I-EUR | Benchmark | |
11.07.2023 - 11.07.2024 | 18.56% | 14.93% |
11.07.2022 - 11.07.2023 | 12.22% | 5.48% |
09.07.2021 - 11.07.2022 | -21.39% | -16.08% |
10.07.2020 - 09.07.2021 | 38.92% | 42.52% |
Annualized performance (11.07.2024)
I-EUR | Benchmark | |
1 year | 18.56% | 14.93% |
3 years | 1.50% | 0.57% |
5 years | 9.44% | 7.92% |
10 years | 9.38% | 8.87% |
Since Inception p.a. | 10.34% | 9.98% |
Cumulative performance (11.07.2024)
I-EUR | Benchmark | |
1M | -1.15% | 0.52% |
YTD | 14.00% | 7.14% |
1 year | 18.56% | 14.93% |
3 years | 4.59% | 1.74% |
5 years | 57.06% | 46.48% |
10 years | 145.35% | 134.10% |
Since Inception | 260.95% | 245.58% |
Annual performance
I-EUR | Benchmark | |
2023 | 16.96% | 12.85% |
2022 | -22.93% | -20.70% |
2021 | 20.30% | 24.71% |
2020 | 16.25% | 11.74% |
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 | LU0631859062 |
Valor number | 13084174 |
Bloomberg | BFLESIE LX |
WKN | A1JG2G |
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 declined by 4.0% (EUR / B shares), underperforming its benchmark by 31 bps. This bring the performance to 11.4% for H1 2024, a 702 bps beat vs. the benchmark.
Top detractors in the month were Nordex (-20.7%), Sopra Steria (-16.7%) and TF1 (-19.3%). After a strong run and encouraging Q1 results consolidating further the group’s 8% EBITDA mid-term margin scenario, Nordex suffered from profit taking in a risk off market. French names were generally under pressure. In absence of visibility regarding the outcome of the vote, we reduced our exposure to France, taking profits of Neoen and French TVs. If elected, the far right party RN announced its intention to privatize the French state TV. This operation looks highly unlikely given both the ca. EUR 2.6bn operating losses the State TV would generate in absence of subventions and the size of the national TV market (EUR 3bn). Still, this news impacted severely TF1 now trading on 3.8x 24 EBIT with a dividend yield of 8%. Sopra Steria also suffered indirectly from the profit warning of its No1 client Airbus impacted by recurring supply chain issues.
Top performers in the month were Do & Co (+18.7%), Besi (+15.7%) and Subsea 7 (+3.5%). Do&Co, the Austrian catering business, delivered strong results underpinned by both its Airline and Event businesses. The company now expects 2024/25 revenues to exceed EUR 2bn, implying a minimum growth rate of 10%. BESI held a capital market day where the company slightly increased its longterm Hybrid Bonding targets, underpinned notably by the growing demand for AI accelerators, a major driver for advanced packaging and HBM technologies. Subsea 7 benefited from further big awards, pointing to a record Q2 order intake probably above USD 3.5 bn (btb 1.5x) and a backlog > USD 12 bn leading to hopes of a potential increase in top line guidance. The Q2 results are also anticipated to show good earnings dynamic, both YOY and sequentially as well as robust FCF. This long and profitable cycle for both conventional and renewables provide backlog visibility for many years ahead. Valuation is still below longterm average at 4x EV/EBITDA 2025.
As we write the veil on the “deuxieme tour” has been lifted and France is in for a coalition government of some shape or form. Extreme scenarios – right or left with a majority – have been avoided and markets should experience a mild relief.
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