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
Indexed performance (as at: 02.04.2025)
NAV: EUR 113.09 (01.04.2025)
Rolling performance (02.04.2025)
| AB-EUR | Benchmark | |
| 01.04.2024 - 01.04.2025 | 5.74% | 3.44% |
| 01.04.2023 - 01.04.2024 | 8.11% | 3.74% |
| 01.04.2022 - 01.04.2023 | -3.84% | 0.73% |
| 01.04.2021 - 01.04.2022 | -6.75% | -0.58% |
Annualized performance (02.04.2025)
| AB-EUR | Benchmark | |
| 1 year | 5.74% | 3.44% |
| 3 years | 3.21% | 2.63% |
| 5 years | 3.73% | 1.36% |
| Since Inception p.a. | 1.38% | 0.58% |
Cumulative performance (02.04.2025)
| AB-EUR | Benchmark | |
| 1M | -0.88% | 0.22% |
| YTD | 1.95% | 0.68% |
| 1 year | 5.74% | 3.44% |
| 3 years | 9.93% | 8.09% |
| 5 years | 20.10% | 6.96% |
| Since Inception | 13.16% | 5.39% |
Annual performance
| AB-EUR | Benchmark | |
| 2024 | 5.85% | 3.77% |
| 2023 | 7.90% | 3.32% |
| 2022 | -9.42% | -0.01% |
| 2021 | -3.46% | -0.57% |
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 is actively managed and invests globally in several asset classes with the possibility to build up long and short exposure, maintaining a constant level of risk over time. A proprietary global macro screening engine supports an experienced team of specialists to express their market views and to define the most successful top down strategies. Risk is an integrated part within the entire investment process. By targeting an explicit risk level on a daily basis the risk profile is maintained over time. The portfolio is mainly invested in liquid assets, the fund offers daily liquidity. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.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 | LU1325892591 |
| Valor number | 30538202 |
| Bloomberg | BBGMABE LX Equity |
| WKN | A2AGX8 |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (31.03.2025, base currency EUR)
| Beta | 1.00 |
| Volatility | 5.61 |
| Correlation | 1.00 |
| Sharpe ratio | 0.15 |
| No. of positions | 61 |
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 1.14% in February with a volatility of 4.1%. During the month, the MSCI World Index in EUR declined by 0.8% and the Bloomberg Global Aggregate Government EUR-Hedged Index rose by 0.7%.
The main contributors to the fund’s performance were government bonds 0.88%, non-government bonds 0.29%, gold 0.07%, equities 0.06% and foreign exchange 0.16%. Financial markets remained volatile due to ongoing trade tariff uncertainty, with recession concerns in the US now outweighing inflation risks. This environment benefited the US 10-year Treasury yield, which declined by 33 bps to 4.21%. Non-government bonds performed in line with broader credit markets. Equities outperformed the MSCI World Index in EUR, benefiting from investments in China. Amid increased volatility, we adopted a cautious approach. We lowered the equity allocation from 28% to 24%, by reducing US equities, and increased the allocation to long-term government bonds from 31% to 34%. Given the uncertain environment, we will adjust the portfolio dynamically. The credit allocation was stable at 33%. Following the recent rally, we reduced gold holdings from 6% to 4% and fully hedged the USD exposure. The portfolio duration increased slightly to 3.3 years vs the long-term average of 3.7 years. The fund’s main hedges are the 34% long-term government bond and the 4% gold exposures.
Base scenario: Volatile environment with a positive tilt. Market volatility rises due to tariff uncertainty, but developed economies remain resilient. Inflation is persistent but continues to trend downward albeit at a slower pace. Still good corporate earnings and the potential for lower interest rates support market sentiment. This is positive for equities, neutral for credit and slightly negative for government bonds.
Positive scenario: A world of deals. Major economies successfully negotiate with the Trump administration, preventing a global trade war and bringing an end to the war in Ukraine. Growth-supportive policies in the US and Europe create a favorable investment environment. Inflation remains under control, eliminating the need for central banks to raise interest rates. We witness another leg in the equity rally. This is neutral for credit and negative for government bonds.
Negative scenario: Trade war. Major economies fail to reach a tariff agreement with the US administration, leading to a prolonged period of high tariffs and rising recession fears. AI-driven investments, previously supporting economic resilience, come under scrutiny due to the DeepSeek challenge. Equity markets correct by around 20%. This scenario is positive for government bonds and negative for credit.
Documents
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Co-Lead Portfolio Manager
Alexandrine Jaecklin
Alexandrine Jaecklin joined Bellevue Asset Management in June 2015 as portfolio manager in charge of the bond selection. Before, Alexandrine worked for 15 years at UBS. She joined UBS as a credit analyst for Emerging Markets on the sell side in New York and London, and then moved to the Wealth Management in Zürich to cover European Financial credits. She spent the last 6 years of her time at UBS advising directly institutional private clients with a focus on bond markets on managing their portfolio. Prior to UBS, she was an research analyst at Laidlaw Global Securities (New York), Smith Barney (New York), and the United Overseas Bank (BNP subsidiary - Geneva) in the fields of Emerging Markets and fixed income. She holds a Master in International Relations, Economics section, from the Graduate Institute of International Studies (HEI) in Geneva.
Head Investment & Products
Markus Peter
Markus Peter joined Bellevue Asset Management in early 2009 as head investments and products. He previously held several management positions during his 10 years with Julius Baer Group, including head product management and development, investment advisory as well as a product specialist for absolute return products. Prior to joining Julius Baer he was employed by IBM, treasury and project finance, as well as by Swiss Bank Corporation, equity and equity derivative trading. Markus Peter holds a master in business economics from the University of St. Gallen (HSG).
Co-Lead Portfolio Manager
Malek Bou-Diab
Malek Bou-Diab joined the Bellevue Global Macro team as Portfolio Manager in August 2024. He joined Bellevue Asset Management in 2009 as Senior Portfolio Manager Frontier Markets and Quant Analyst. Prior to that, he worked as Portfolio Manager at Julius Baer in the Emerging Markets team. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. He completed his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH) between 1999 and 2003.
Co-Lead Portfolio Manager
Alexandrine Jaecklin
Alexandrine Jaecklin joined Bellevue Asset Management in June 2015 as portfolio manager in charge of the bond selection. Before, Alexandrine worked for 15 years at UBS. She joined UBS as a credit analyst for Emerging Markets on the sell side in New York and London, and then moved to the Wealth Management in Zürich to cover European Financial credits. She spent the last 6 years of her time at UBS advising directly institutional private clients with a focus on bond markets on managing their portfolio. Prior to UBS, she was an research analyst at Laidlaw Global Securities (New York), Smith Barney (New York), and the United Overseas Bank (BNP subsidiary - Geneva) in the fields of Emerging Markets and fixed income. She holds a Master in International Relations, Economics section, from the Graduate Institute of International Studies (HEI) in Geneva.Head Investment & Products
Markus Peter
Markus Peter joined Bellevue Asset Management in early 2009 as head investments and products. He previously held several management positions during his 10 years with Julius Baer Group, including head product management and development, investment advisory as well as a product specialist for absolute return products. Prior to joining Julius Baer he was employed by IBM, treasury and project finance, as well as by Swiss Bank Corporation, equity and equity derivative trading. Markus Peter holds a master in business economics from the University of St. Gallen (HSG).Co-Lead Portfolio Manager
Malek Bou-Diab
Malek Bou-Diab joined the Bellevue Global Macro team as Portfolio Manager in August 2024. He joined Bellevue Asset Management in 2009 as Senior Portfolio Manager Frontier Markets and Quant Analyst. Prior to that, he worked as Portfolio Manager at Julius Baer in the Emerging Markets team. From 2003 to 2007 he worked as a quantitative risk analyst at Deutsche Bank AG in London. He completed his PhD thesis in theoretical physics at the Swiss Federal Institute of Technology Zurich (ETH) between 1999 and 2003.Co-Lead Portfolio Manager
Alexandrine Jaecklin
Alexandrine Jaecklin joined Bellevue Asset Management in June 2015 as portfolio manager in charge of the bond selection. Before, Alexandrine worked for 15 years at UBS. She joined UBS as a credit analyst for Emerging Markets on the sell side in New York and London, and then moved to the Wealth Management in Zürich to cover European Financial credits. She spent the last 6 years of her time at UBS advising directly institutional private clients with a focus on bond markets on managing their portfolio. Prior to UBS, she was an research analyst at Laidlaw Global Securities (New York), Smith Barney (New York), and the United Overseas Bank (BNP subsidiary - Geneva) in the fields of Emerging Markets and fixed income. She holds a Master in International Relations, Economics section, from the Graduate Institute of International Studies (HEI) in Geneva.
