AMG Europe

Performance YTD 9.4% (as of 17 July 2024)
Fund size EUR 23.8 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).

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

Artico Equity Team

Dr. Gabriel Herrera

Senior Partner
Head Artico Equity Team
+41 (44) 201 40 20

Dr. Ulrich Niederer

Senior Investment Advisor, Partner

Michael Brenneis

Investment Manager, Partner

Tero Toivanen, CFA

Senior Investment Advisor, Partner

Andreas Konrad

COO / Risk & Compliance Manager, Partner

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

Learn more about the ESG fund classification

Sustainability / ESG
Facts & Figures
Portfolio allocations

Breakdown by sectors

Breakdown by currencies

Top 10
Monthly comment

Comment June 2024

European Central Bank decided to lower its three key interest rates by 25 basis points in June. This decision was based on an improved inflation outlook, with inflation having fallen by more than 2.5 percentage points since September 2023. Despite this progress, domestic price pressures remain strong due to elevated wage growth, and inflation is expected to stay above target into the next year. The decision did not cause a strong market reaction, with the main European equity indices having relatively flat performance in June. Our European equities strategy delivered in June a performance that matched the performance of its benchmark. There were no systematic performance drivers that would have had a significant impact on the relative performance. Individual portfolio companies did not have large positive or negative surprises either since there is no active reporting season ongoing at the moment. We expect the individual companies to have more impact on the portfolio, and also portfolio changes when the 2nd quarter reporting gets ongoing in July-August. Our long-term outlook remains cautiously optimistic. We see drivers in several directions for our strategy's bias on decarbonization and smaller companies. While the energy sector, particularly oil, may face headwinds due to seasonal fluctuations and economic slowdowns, natural gas markets have rebounded in May and June from the low prices. The recent European Parliament elections have raised some concerns about the future of the EU's Green Deal, but a complete rollback is unlikely. We believe strong corporate trends towards renewables will persist. Recent data suggests a potential bottoming out and initial signs of recovery in business sentiment, particularly for small and midcap companies. We remain confident in our strategy's long-term ability to navigate this complex environment by focusing on quality companies with strong ESG practices and reasonable valuations.

Sustainability
The fund has an explicit portfolio decarbonization target in line with the Paris Climate Agreements and is classified as Article 8 (SFDR).
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 0.5% 0.5%
3 months 5.4% 2.8%
12 months 13.3% 12.4%
3 years p.a. -0.7% 7.3%
5 years p.a. 4.8% 8.8%
since inception p.a. 3.3% 4.7%
Year
2024 9.4% 9.8%
2023 6.5% 15.7%
2022 -16.8% -9.1%
2021 22.1% 24.9%
2020 0.4% -3.2%
since inception 75.4% 121.7%

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.) 12.7%
Sharpe ratio (1.67% Risk free rate) n/a
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.

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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).

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).