AMG Europe
Fund size EUR 50.0m
Past performance is not a reliable indicator of future performance.
The equity fund invests in European companies. The investment focus is on entrepreneurially managed companies with strong substance from the small & mid-cap segments, supplemented by individual quality stocks from the large-cap sector. Solid financial ratios and convincing management determine the stock selection. Attractive special situations complement the investment orientation. Consistent implementation is ensured through deep analytical expertise, prudent portfolio construction, and disciplined fund management. This fundamental bottom-up approach results in a portfolio of leading European quality companies with lower volatility.
Portfolio Management
- Christian Bader
- Portfolio Management
Research - christian.bader[at]serafin-am.com
- +41 (41) 726 71 70
- Patrick Hofer
- Portfolio Management
Client Relationship Management - patrick.hofer[at]serafin-am.com
- +41 (41) 726 71 76
Portfolio Management
- Christian Bader
- Portfolio Management
Research
- Patrick Hofer
- Portfolio Management
Client Relationship Management
Learn more about the ESG fund classification
Sustainability / ESG
Brief profile: AMG Europe Fund
Invest in European value stocks with focus on small and mid caps. Value investments in Europe are key!
Breakdown by sectors
Breakdown by currencies
Comment May 2023
The reporting month of May was characterized by numerous macroeconomic and political events. Core inflation in the eurozone was 5.6% in April and thus remained at a very high level. In its monetary tightening campaign to curb inflation, the ECB implemented the smallest interest rate hike to date of 0.25%. The monetary guardians indicated that further interest rate steps are likely to follow. The most recently published European Purchasing Managers Indices for May showed continued strong activity in the service sector with an index value of 55.9, while the industrial sector weakened even further with an index value of 44.6. Towards the end of the reporting month, the equity markets were negatively influenced by the ongoing political discussion about raising the debt ceiling in the US. The AMG Europe fund could not escape this development despite its focus on defensive stocks with low beta.
There has been mixed news on the AMG Europe fund's stock level. Nine companies surprised positively with the release of results and outlook and only Storebrand disappointed in terms of earnings. Completely unexpectedly, Swedish Orphan Biovitrum AB (SOBI) announced on May 10 that it would acquire U.S.-based CTI BioPharma Corp. for USD 1.7 billion. The group needs a capital increase to finance this relatively large acquisition. The stock came under strong pressure following the announcement. On May 25, the Norwegian government presented a long-awaited compromise with the introduction of a 25% production tax for salmon farming. This led to a jump in the share price of market leader MOWI because the original draft included a production tax of 40%, and the uncertainty about the extent and conditions was removed.
New additions to the fund included Italian regional utility Hera, Spanish airport operator Aena, and UK property insurer Beazley. The positions in SOBI and Storebrand have been sold in their entirety.
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 31.12.2022; TER) | Tranche A: 1.28% Tranche B: 1.78% Tranche C (CHF-hedged): 1.28% |
| 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 |
| 22.03.2010 | 1.97* | 1.97* | - | 1.28 | 1.28 | - |
| 12.03.2013 | 2.00* | 2.00* | - | 1.30 | 1.30 | - |
| 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 | 0.5% | 0.7% |
| 3 months | -2.5% | 1.0% |
| 12 months | 2.0% | 15.2% |
| 3 years p.a. | 2.8% | 11.8% |
| 5 years p.a. | 0.6% | 6.6% |
| since inception p.a. | 2.7% | 4.1% |
| Year | ||
| 2023 | 1.6% | 9.1% |
| 2022 | -16.8% | -9.1% |
| 2021 | 22.1% | 24.9% |
| 2020 | 0.4% | -3.2% |
| 2019 | 14.8% | 27.8% |
| since inception | 53.1% | 90.5% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 14.4% |
|---|---|
| Sharpe ratio (0.07% Risk free rate) | 0.21 |
| Beta (vs. MSCI Europe ETF) | 0.88 |
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.