AMG Europe
Fund size EUR 21.9 Mio.
Past performance is not a reliable indicator of future performance.
The equity fund invests in high-quality European companies with aboveaverage profitability, solid growth and healthy balance sheets, which are also attractively valued on the equity market. The fund weights the Small & Mid Cap segment more significant compared to the benchmark - MSCI Europe ETF. The consistent systematic implementation of fundamental assessment criteria and, based on this, optimal portfolio construction are the basis for disciplined fund management. This fundamental bottom-up approach results in a portfolio of European quality companies that pays significant attention to ESG aspects and has below-average CO2 emissions overall, in line with the Paris Aligned Investment Initiative (PAII).
Artico Equity Team
- Dr. Gabriel Herrera
-
Senior Partner
Head Artico Equity Team - +41 (44) 201 40 20
Artico Equity Team
- Dr. Gabriel Herrera
-
Senior Partner
Head Artico Equity Team
- Dr. Ulrich Niederer
-
Senior Investment Advisor, Partner
Artico Equity Team
- Michael Brenneis
-
Investment Manager, Partner
Artico Equity Team
- Tero Toivanen, CFA
-
Senior Investment Advisor, Partner
Artico Equity Team
- Andreas Konrad
-
Risk & Compliance Manager
Partner/ COO Artico Equity Team
- Eduardas Lazebnyj
-
Investment Manager
Artico Equity Team
Learn more about the ESG fund classification
Sustainability / ESGBreakdown by sectors
Breakdown by currencies
Comment September 2024
September saw a significant macroeconomic development as the U.S. Federal Reserve lowered interest rates by 50 basis points, following a favorable inflation report. This move provided a tailwind for equity markets and the Fed has signaled potential further rate cuts, projecting one or two more reductions by year-end. This shift in monetary policy is expected to continue supporting market sentiment in the short term.
Looking ahead, the focus is on the U.S. elections, which are anticipated to drive market activity. While no further debates are scheduled, ongoing policy speculation could introduce volatility as investors adjust their positions based on potential election outcomes. Additionally, we expect increased market fluctuations in October, driven by the next round of quarterly earnings reports.
In terms of portfolio performance, September saw limited activity, with only a few small-cap companies reporting results. Our portfolio delivered solid relative performance, outperforming the benchmark by approximately 1.3%. While the benchmark index experienced a notable decline, our portfolio remained stable, trading largely sideways throughout the month. This outperformance was primarily driven by industry allocation, which contributed 1% to relative returns, rather than specific risk premia or isolated factors.
Sector-wise, our allocation to Consumer Discretionary was the most significant contributor, adding 0.83% to active performance. The industrial sector also had a positive impact, contributing 0.32%. In contrast, the Health Care sector faced challenges, detracting approximately 1.14% from absolute returns. Despite these headwinds, our overall sector positioning remains sound as we approach the next phase of market developments.
We maintain a cautiously optimistic outlook for our long-term strategy. Our portfolio remains positioned in high-quality companies with strong ESG practices and attractive valuations. This approach underpins our confidence in navigating the evolving market environment and delivering sustainable returns for our investors.
| Domicile of fund | Switzerland |
|---|---|
| Legal form | Contractual investment fund |
| Investment universe | Europe |
| Investment manager | Serafin Asset Management Ltd, Zug |
| Management company | LLB Swiss Investment Ltd, Zurich |
| Custodian bank | Bank J. Safra Sarasin Ltd, Basel |
| Launch date | 01.04.2007 |
| Recommended investment horizon | 5 years |
| Reference currency | EUR |
| ISIN / Bloomberg-Ticker (respective share class) | A (EUR): CH0027940730 / AMGEUIN SW B (EUR): CH0048476664 / AMGEUIB SW C (CHF-hedged): CH0297417534 / AMGEUCH SW |
| Distributions | distributing (Dividend & Capital Gain ) |
| Subscription and redemption | daily (cut-off 09.00 CET) |
| Tax transparency | CH, AT |
| Tax status Germany | Equity fund pursuant to InvStG with partial exemption |
| Registered for public distribution | CH, DE |
Gebührenstruktur
| Subscription and redemption fee | none |
|---|---|
| Management fee p.a. | Tranche A: 1.00% Tranche B: 1.50% Tranche C (CHF-hedged): 1.00% |
| Total expense ratio p.a. (per 31.12.2023; TER) | Tranche A: 1.34% Tranche B: 1.84% Tranche C (CHF-hedged): 1.33% |
| Gross dividend (before VAT deduction) |
Net dividend (after VAT deduction) |
|||||
|---|---|---|---|---|---|---|
| Date | Tran. A in EUR | Tran. B in EUR | Tran. C in CHF | Tran. A in EUR | Tran. B in EUR | Tran. C in CHF |
| 18.03.2020 | 1.00* | - | 1.00* | 0.65 | - | 0.65 |
| 27.04.2021 | - | 1.00* | - | - | 0.65 | - |
| 26.04.2022 | - | - | 1.00* | - | - | 0.65 |
| 25.04.2023 | 3.50* | 2.20* | 2.40* | 2.27 | 1.43 | 1.56 |
| 18.03.2024 | 1.30* | 1.20* | 1.40* | 0.84 | 0.78 | 0.91 |
| Duration | Fund | MSCI Europe ETF |
|---|---|---|
| 1 month | -1.2% | -0.7% |
| 3 months | -0.0% | 0.5% |
| 12 months | 23.7% | 22.4% |
| 3 years p.a. | -0.9% | 6.5% |
| 5 years p.a. | 5.3% | 8.4% |
| since inception p.a. | 3.3% | 4.7% |
| Year | ||
| 2024 | 10.4% | 10.9% |
| 2023 | 6.5% | 15.7% |
| 2022 | -16.8% | -9.1% |
| 2021 | 22.1% | 24.9% |
| 2020 | 0.4% | -3.2% |
| since inception | 77.0% | 123.9% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 13.4% |
|---|---|
| Sharpe ratio (1.99% Risk free rate) | n/a |
| Beta (vs. MSCI Europe ETF) | 0.86 |
The gross performance takes into account the costs incurred at fund level (e.g. management fee) without including the costs incurred at investor level (e.g. front-end load and custody fees). The net performance also takes into account an initial sales charge of 0.00% in the first period under review.