AMG Europe
Fund size EUR 23.6m
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 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.
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 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% |
| 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 |
| Duration | Fund | MSCI Europe ETF |
|---|---|---|
| 1 month | -1.8% | -0.5% |
| 3 months | 2.4% | 5.5% |
| 12 months | 4.2% | 11.6% |
| 3 years p.a. | -1.7% | 8.6% |
| 5 years p.a. | 3.0% | 8.1% |
| since inception p.a. | 3.0% | 4.6% |
| Year | ||
| 2024 | 3.0% | 7.0% |
| 2023 | 6.5% | 15.7% |
| 2022 | -16.8% | -9.1% |
| 2021 | 22.1% | 24.9% |
| 2020 | 0.4% | -3.2% |
| since inception | 65.3% | 116.2% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 14.8% |
|---|---|
| Sharpe ratio (1.34% Risk free rate) | n/a |
| Beta (vs. MSCI Europe ETF) | 0.91 |
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.