AMG Europe
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).
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 / ESGBreakdown by sectors
Breakdown by currencies
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.
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.
Sustainability-related disclosures
| 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% |
| 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 |
| 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% |
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 |
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.