AMG Europe

Performance YTD 1.8% (as of 30.11.2023)
Fund size EUR 29.0m

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 November 2023

In October, the European stock markets grappled with persistent expectations of high-interest rates. However, November 2023 brought a shift in market sentiment as investors began to anticipate interest rate cuts for 2024. This change in outlook was spurred by the projection of slower global economic growth, which is expected to ease inflationary pressures. This revised view on interest rates had an immediate impact on market valuations, with lower rate expectations driving equity markets higher. This effect was particularly pronounced in equities sensitive to interest rate changes, such as small-cap stocks. Apart from the direct impact on valuations, global interest rate trends significantly influence the earnings expectations of European stocks, many of which are closely tied to emerging markets. Notably, lower US interest rates act as a tailwind for these markets, indirectly boosting the earnings outlook for European equities.
 
Reflecting these developments, the European equity market, and our AMG Europe Fund in particular, experienced positive performance. November marked a notable turnaround, with small-capitalization stocks outperforming the broader market for the first time. Throughout the year, our fund’s strategic overweight in small caps faced challenges, but November's shift allowed us to capitalize on this positioning.
 
We continuously monitor our fund’s holdings against the latest company results, making immediate adjustments as needed. In line with this approach, November saw the inclusion of Talanx AG in our portfolio. As a global provider of a diverse range of insurance and reinsurance services, Talanx stands out for its robust value factors and consistent growth stability. Conversely, we divested from 3i Group PLC, an international venture capital firm, along with Alcon Inc. and Telecom Plus PLC. Additionally, for risk management purposes, we scaled back our positions in Demant A/S, a Danish hearing system specialist, and Industrie de Nora S.p.A., a Northern Italian electrode manufacturer.

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 Tranche) 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 30.06.2023; TER) Tranche A: 1.31%
Tranche B: 1.81%
Tranche C (CHF-hedged): 1.31%
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
18.03.2015 1.40* 1.40* - 0.91 0.91 -
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
* 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 7.1% 6.4%
3 months -0.6% 1.0%
12 months 0.2% 8.1%
3 years p.a. 2.0% 9.3%
5 years p.a. 1.7% 8.0%
since inception p.a. 2.6% 4.1%
Year
2023 1.8% 11.5%
2022 -16.8% -9.1%
2021 22.1% 24.9%
2020 0.4% -3.2%
2019 14.8% 27.8%
since inception 53.4% 94.6%

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.) 13.8%
Sharpe ratio (0.77% Risk free rate) 0.09
Beta (vs. MSCI Europe ETF) 0.95
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.

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).

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).