AMG Europe

Performance YTD 1.1% (as of 19.04.2024)
Fund size EUR 23.2m

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).

Facts & Figures Current monthly report (PDF) Current monthly report (PDF)

Portfolio Management

Silvio Halsig

Portfolio Management, CIO
silvio.halsig[at]serafin-am.com
+41 (41) 726 71 71

Patrick Hofer

Portfolio Management
Client Relationship Management
patrick.hofer[at]serafin-am.com
+41 (41) 726 71 76

Portfolio Management

Silvio Halsig

Portfolio Management, CIO

Patrick Hofer

Portfolio Management
Client Relationship Management

Learn more about the ESG fund classification

Sustainability / ESG
Facts & Figures
Portfolio allocations

Breakdown by sectors

Breakdown by currencies

Top 10
Monthly comment

Comment March 2024

The broad European equity market continued its upward trend in March. Small caps in both the US and Europe posted positive results but underperformed the broad market. Many European companies published their results for the fourth quarter of 2023. The sectors with the highest returns were banks, retail, basic materials, and oil & gas. The performance of materials and oil & gas harmed the relative performance of the fund in March as the fund is underweight in both sectors due to climate restrictions. Furthermore, European small caps once again failed to outperform the broader market, which also had a relatively negative impact as the fund is invested around one-third in small caps. The top contributors were Inditex S.A., Bawag P.S.K., and Amadeus Group. The fund is not invested in LVMH Moët Hennessy - Louis Vuitton SE, which is now having a positive impact on fund performance as LVMH declined after a strong performance. Negative drivers were Kuehne + Nagel AG, STMicroelectronics N.V., and FDM Group Ltd. We have established the following positions: Hill & Smith PLC, an infrastructure company, Sthree PLC, a UK recruitment company, Henkel AG & Co. KGaA, a German consumer goods and chemicals company, and Marimekko Oyj, a Finnish textile, clothing, and home accessories company. The fundamentals of these companies were convincing. We have realized gains in Domino's Pizza Inc. which has performed strongly and whose current fundamentals no longer justify the current valuation. The broad European equity market is showing appreciation and is currently at a forward P/E of over 13, but still below the long-term average of over 14. Uncertainty over the easing cycle reflects concerns over inflation and wages. The SNB has taken the first step, which is a positive signal for ECB rate cuts. Interest rate cuts by the ECB should support European equities but the outlook for growth in the eurozone remains uncertain. Investors are therefore currently continuing to focus on broad-based US exposures which is still limiting inflows into the broader European market and small caps in particular. With the acceleration of the US economy and the positive response of Chinese industrial production to the impact of stimulus, there is scope for a long-term increase in turnover in European small caps which are heavily focused on Asia and the US. A materialization of this should bring performance and subsequently flow back into the European market.

Sustainability

ESG implementation:

We take ESG aspects into account in the financial analysis and investment decision-making process, applying a combination of exclusion criteria and ESG integration approach in the investment process. The abbreviation ESG stands for "Environmental - Social - Governance".

For the analysis within the sustainability approach, we rely on data from selected third-party providers and, if necessary, on our own analyses. The analysts and portfolio management teams are responsible for both the financial analysis and the ESG analysis. In this way, we ensure that the assessment and implementation are carried out on a recurring basis by the decision-makers in the respective fund as part of a comprehensive and integrated investment process.

In our investment process, we do not per se exclude investments in companies with weaker ESG ratings: Companies that address the issue of sustainability convincingly and consistently can be interesting portfolio companies.

Latest ESG reporting:

  • Classification with regard to U.N. Global Compact Ten Principles:
    All portfolio companies in the fund comply with the U.N. Global Compact Ten Principles.
  • Current portfolio structure using the ESG Risk Rating (by Sustainalytics):

The above fund is a financial product within the meaning of Article 8 of Regulation (EU) 2019/2088 (Disclosure Regulation).

For more information on the fulfillment of environmental and/or social characteristics, please refer to the fund prospectus.
 

Pre-contractual information on Article 8 Funds
Sustainability-related disclosures
Brief profile
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%
Distributions to fund investors
  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
* With affidavit: no VAT deduction. Investors domiciled outside Switzerland receive the gross dividend.
Performance overview and key figures
Duration Fund MSCI Europe ETF
1 month -3.6% -2.5%
3 months 0.5% 3.4%
12 months 2.3% 9.4%
3 years p.a. -2.3% 7.9%
5 years p.a. 2.6% 7.7%
since inception p.a. 2.9% 4.5%
Year
2024 1.1% 4.9%
2023 6.5% 15.7%
2022 -16.8% -9.1%
2021 22.1% 24.9%
2020 0.4% -3.2%
since inception 62.2% 111.9%

Past performance is not a reliable indicator of future performance.

Past performance is not a reliable indicator of future performance.

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 12.9%
Sharpe ratio (1.34% Risk free rate) n/a
Beta (vs. MSCI Europe ETF) 0.86
Rolling performance last 5 years

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.

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This website and the information provided on this website shall not constitute an offer to sell or a solicitation to purchase or subscribe any shares or units in the funds mentioned on this website. The key investor information, the prospectus, the annual and semi-annual reports of the funds are published on this website to comply with statutory requirements.

Subscriptions will only be received and shares or units in the funds issued on the basis of the most recent key investor information and the contractual conditions set out in the prospectus in conjunction with the most recent annual and/or semi-annual report of the fund.

A financial investment is associated with risks. The value of a fund unit/share or investment, as well as the income derived from it, may be subject to fluctuations and are not guaranteed. The investor may not get back the full amount invested. Past performance is not indicative of future performance that may be expected.

The following information is general in nature and is not and may not be construed as constituting investment advice or any form of recommendation by Serafin Asset Management. Prior to any potential investment users should carefully consider the suitability of the investment for their individual circumstances and personal perspectives and should consult their tax, legal, financial, investment or other advisor.

For website visitors located in Germany: Please note the additional legal notices and the privacy policy.

For website visitors located in Switzerland: Please note legal information and the privacy policy as well as the information obligations (FINSA).

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The content of this website is directed at persons who are resident in Germany or Switzerland or who access this website from Germany or Switzerland.

This website and the information provided on this website shall not constitute an offer to sell or a solicitation to purchase or subscribe any shares or units in the funds mentioned on this website. The key investor information, the prospectus, the annual and semi-annual reports of the funds are published on this website to comply with statutory requirements.

Subscriptions will only be received and shares or units in the funds issued on the basis of the most recent key investor information and the contractual conditions set out in the prospectus in conjunction with the most recent annual and/or semi-annual report of the fund.

A financial investment is associated with risks. The value of a fund unit/share or investment, as well as the income derived from it, may be subject to fluctuations and are not guaranteed. The investor may not get back the full amount invested. Past performance is not indicative of future performance that may be expected.

The following information is general in nature and is not and may not be construed as constituting investment advice or any form of recommendation by Serafin Asset Management. Prior to any potential investment users should carefully consider the suitability of the investment for their individual circumstances and personal perspectives and should consult their tax, legal, financial, investment or other advisor.

For website visitors located in Germany: Please note the additional legal notices and the privacy policy.

For website visitors located in Switzerland: Please note legal information and the privacy policy as well as the information obligations (FINSA).

Any person who is a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act of 1933) is not eligible to invest in the investment funds indicated on this website. I hereby certify that I am neither a citizen nor a resident of the United States of America and that I do not have a place of business in the United States of America and, in particular, that I am not a U.S. person (as such term is defined in Regulation S under the Securities Act of 1933).

The content of this website is directed at persons who are resident in Germany or Switzerland or who access this website from Germany or Switzerland.

This website and the information provided on this website shall not constitute an offer to sell or a solicitation to purchase or subscribe any shares or units in the funds mentioned on this website. The key investor information, the prospectus, the annual and semi-annual reports of the funds are published on this website to comply with statutory requirements.

Subscriptions will only be received and shares or units in the funds issued on the basis of the most recent key investor information and the contractual conditions set out in the prospectus in conjunction with the most recent annual and/or semi-annual report of the fund.

A financial investment is associated with risks. The value of a fund unit/share or investment, as well as the income derived from it, may be subject to fluctuations and are not guaranteed. The investor may not get back the full amount invested. Past performance is not indicative of future performance that may be expected.

The following information is general in nature and is not and may not be construed as constituting investment advice or any form of recommendation by Serafin Asset Management. Prior to any potential investment users should carefully consider the suitability of the investment for their individual circumstances and personal perspectives and should consult their tax, legal, financial, investment or other advisor.

For website visitors located in Germany: Please note the additional legal notices and the privacy policy.

For website visitors located in Switzerland: Please note legal information and the privacy policy as well as the information obligations (FINSA).

Any person who is a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act of 1933) is not eligible to invest in the investment funds indicated on this website. I hereby certify that I am neither a citizen nor a resident of the United States of America and that I do not have a place of business in the United States of America and, in particular, that I am not a U.S. person (as such term is defined in Regulation S under the Securities Act of 1933).