Bellevue Entrepreneur Europe Small
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. LU1986980750
The Fund is actively managed and 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: 25.09.2024)
NAV: CHF 171.91 (24.09.2024)
Rolling performance (25.09.2024)
HI-CHF | Benchmark | |
24.09.2023 - 24.09.2024 | 16.11% | 13.60% |
24.09.2022 - 24.09.2023 | 16.40% | 10.76% |
24.09.2021 - 24.09.2022 | -30.37% | -35.95% |
24.09.2020 - 24.09.2021 | 37.70% | 44.29% |
Annualized performance (25.09.2024)
HI-CHF | Benchmark | |
1 year | 16.11% | 13.60% |
3 years | -2.00% | -5.45% |
5 years | 7.77% | 4.79% |
Since Inception p.a. | 6.05% | 3.15% |
Cumulative performance (25.09.2024)
HI-CHF | Benchmark | |
1M | -0.05% | -0.90% |
YTD | 9.92% | 7.53% |
1 year | 16.11% | 13.60% |
3 years | -5.89% | -15.48% |
5 years | 45.38% | 26.34% |
Since Inception | 37.53% | 18.34% |
Annual performance
HI-CHF | Benchmark | |
2023 | 11.96% | 6.12% |
2022 | -22.95% | -24.45% |
2021 | 18.75% | 19.23% |
2020 | 15.75% | 11.43% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and 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 | PriceWaterhouseCoopers |
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 | LU1986980750 |
Valor number | 47555224 |
Bloomberg | BFESHIC LX |
WKN | A2PHXB |
Total expense ratio (TER) | 1.48% (31.08.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (31.08.2024, base currency EUR)
Beta | 0.86 |
Volatility | 16.44 |
Tracking error | 6.51 |
Active share | 89.64 |
Correlation | 0.93 |
Sharpe ratio | -0.14 |
Information ratio | -0.20 |
Jensen's alpha | -1.44 |
No. of positions | 42 |
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 0.9% (EUR / B shares), underperforming its benchmark by 83 bps. This bring the performance to 10.1% for the first eight month of 2024, a 294 bps beat vs. the benchmark.
Top detractors in the month were Rovi (-10.6%), Subsea 7 (-9.2%) and Fuchs (-5.4%). Rovi released unspectacular Q2 results (but with an EBITDA beat) in what has been flagged as a transition year for the healthcare specialist. The profit warning of Moderna a day later and the general vaccination fatigue throughout Europe cooled expectations down for Rovi. We consider the downside protected by the potential sale of the CDMO business and stick to our position. Subsea 7 experienced some profit taking on a broker downgrade after a 44% Ytd run. Fundamentals for the subsea contractor remain buoyant. Fuchs reported an in-line 2Q result with volumes picking up sequentially at 3% yoy and EBIT of EUR 111 Mio. The lubricant specialist reiterated its FY profit guidance; a relief considering the general weakness of the auto and industrial sectors. The market gives little credibility to the midterm guidance of the company and the shares trade at a 20% discount to its historical valuation.
Top performers in the month were Swissquote (+9.7%), Wartsila (+16.2%) and Merlin Properties (+5.1%). Swissquote released excellent Q2 results with record new client openings and 10% growth in NNM at CHF 3.8 bn. NII tended weaker as expected but crypto income exceeded expectations. The stock is trading at ca. PE 2025 of 14x, which we deem unexpensive given the diversification of income sources, the operating leverage in the model and the excess cash allowing for attractive M&A. Wartsila realized good Q2 results in July with orders in line at 12% and EBIT 14% above consensus. The marine business is stronger than expected, allowing for EBIT margins of 11.3%, not far from the company’s 12% target. We continue to like the investment case and see further leaver to profitable growth. August was a positive month for the European real estate sector, supported by reduced inflation, central banks rate cuts at the horizon and generally positive H1 results. Merlin Properties outperformed the sector following its recent successful EUR 1 bn ABB dedicated to the expansion of its data center business.
Dokumente
Show moreShow less