Bellevue Global Macro (Lux)
The world in one portfolio - all-weather strategy with absolute return approach
The fund seeks consistent positive annual returns over the business cycle
UCITS V regulated absolute return strategy with daily liquidity
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU0494761835
The Fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility of 5-7%. The Fund actively invests globally in several asset classes with the possibility to build up long- and short exposure, maintaining a constant level of risk over time.
Indexed performance (as at: 03.07.2024)
NAV: EUR 171.61 (01.07.2024)
Rolling performance (27.06.2024)
B-EUR | Benchmark | |
27.06.2023 - 27.06.2024 | 10.20% | 3.95% |
27.06.2022 - 27.06.2023 | 1.48% | 1.61% |
25.06.2021 - 27.06.2022 | -13.09% | -0.59% |
26.06.2020 - 25.06.2021 | 5.89% | -0.53% |
Annualized performance (27.06.2024)
B-EUR | Benchmark | |
1 year | 10.20% | 3.95% |
3 years | -0.94% | 1.64% |
5 years | 0.31% | 0.79% |
10 years | 1.79% | 0.28% |
Since Inception p.a. | 2.27% | 0.39% |
Cumulative performance (27.06.2024)
B-EUR | Benchmark | |
1M | 1.03% | 0.33% |
YTD | 3.46% | 1.95% |
1 year | 10.20% | 3.95% |
3 years | -2.81% | 5.01% |
5 years | 1.54% | 4.03% |
10 years | 19.40% | 2.82% |
Since Inception | 37.64% | 5.69% |
Annual performance
B-EUR | Benchmark | |
2023 | 7.90% | 3.32% |
2022 | -9.42% | -0.01% |
2021 | -3.45% | -0.57% |
2020 | 2.17% | -0.44% |
Facts & Key figures
Investment Focus
The fund’s objective is to generate consistent absolute returns of 5-7% p.a. in any market environment with an annualized volatility around 5-7%. The fund actively invests globally in several asset classes with the possibility to build up long and short exposure, maintaining a constant level of risk over time. 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 | 31.03.2010 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.40% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU0494761835 |
Valor number | 11117626 |
Bloomberg | BLBBGMB LX |
WKN | A1CW3N |
Total expense ratio (TER) | 1.93% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Benefits & Risks
Benefits
- Fund targets to achieve consistent absolute returns across the economic cycle
- Systematic investment approach – based on proprietary models developed over the past 23 years
- Use of leverage is possible, the net exposure is usually between 120% and 150%
- Possibility to make short investments if the market environment offers appropriate opportunities to do so
- UCITS V regulated absolute 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 may invest part of its assets in bonds. Their issuers may become insolvent
- The investment in fixed-interest securities gives rise to interest rate risks
- Investing in emerging markets 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
The fund returned 1.3% in May with a volatility of 3.9%. During the month, the MSCI World Equity Index gained 4.2%, the JP Morgan Global Government Bond Index lost 0.5% and commodities fell 1.9%, all figures in euro hedged terms.
The fund performed very well at the beginning of the month. Then, at the end of the month, long-term government bonds were affected by data suggesting resilient inflation. Most of the strategies contributed positively with government bonds 0.46%, equities 0.42%, non-government bonds 0.31% and foreign exchange 0.08%. Despite the volatility, government bonds posted a positive performance thanks to our positioning on the US 10-year treasury whose yield declined by 18 bps to 4.50%. Equities were supported by the financials and Chinese information technology investments. Non-government bonds were underpinned by the Coco but penalized by the defensive corporate hybrid positions.
During the month, we increased slightly the allocation to long-term government bonds and equities from 37% to 38% and from 21% to 23%, respectively. We raised the allocation to non-government bonds from 30% to 34%. We added attractive new bond issues. The total portfolio duration rose from 3.4 to 3.6 years vs the long-term average of 3.8 years. The main hedges of the fund are the 38% long-term government bond, the 16% USD and the 5% gold exposures.
Scenario 1, weight of 30%: Investments in IT accelerate, central banks end rate increases, inflation falls. The market continues to rally. Economic indicators are mixed. The leading indicator is recovering in Germany, consolidating in the US while China’s economy remains very weak. Any positive economic news, such as booming artificial intelligence (AI) related investments or a recovery in manufacturing PMIs, would be positive for equity and credit markets. This is neutral to negative for government bonds and negative for the USD.
Scenario 2, weight of 50%: The US economy drifts into a mild recession. Several mitigating factors are likely to dampen the equity market correction and result in a mild loss of 5% to 15%: liquidity is still abundant, PMIs have reached a bottom and the boom in AI-related investments continues. This scenario is negative for credit and slightly positive for government bonds.
Scenario 3, weight of 20%: Credit conditions in the US deteriorate, developed economies fall into a global recession. Under this scenario, inflation persists, and the Fed’s restrictive monetary policy starts to impact the economy. Equity and credit markets correct. This is positive for government bonds, the USD and potentially gold.
Documents
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