AMG Schweizer Perlen

Performance YTD 0.7% (as of 27.09.2023)
Fund size CHF 21.3m

Past performance is not a reliable indicator of future performance. Please note that the aforementioned performance is shown in the fund currency CHF (Swiss franc) and not Euro and therefore currency influences in investment currencies other than the fund currency are not taken into account in the performance shown.

The equity fund invests in Swiss companies from the small & mid-cap segments. Mid-cap companies are the core weighting of investments, whereby the fund invests both in value and, to a greater extent, in growth stocks. The investment portfolio consists mainly of shares in quality companies, supplemented by opportunity values such as turnaround or takeover candidates. The profound in-house analysis expertise enables us to actively realize investment opportunities that arise along the market cycles. This fundamental bottom-up approach results in a dynamic portfolio of leading Swiss small & mid-caps.

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

Portfolio Management

Ronald Wildmann

Portfolio Management
Research
ronald.wildmann[at]serafin-am.com
+41 (41) 726 71 62

Patrick Hofer

Portfolio Management
Client Relationship Management
patrick.hofer[at]serafin-am.com
+41 (41) 726 71 76

Portfolio Management

Ronald Wildmann

Portfolio Management
Research

Patrick Hofer

Portfolio Management
Client Relationship Management

Learn more about the ESG fund classification

Sustainability / ESG

Brief profile:
AMG Schweizer Perlen Fund

Invest in growth-oriented Swiss companies. We are your pearl divers!

Facts & Figures
Portfolio allocations

Breakdown by sectors

Top 10
Monthly comment

Comment August 2023

In the reporting month of August, both the real estate crisis in China and weak economic data led to considerable uncertainty. Interest rate-sensitive stocks in particular came under heavy pressure. However, weak economic data also dampened concerns about further interest rate hikes, which calmed the markets again towards the end of the month. Huber+Suhner's first-half 2023 results failed to meet market expectations. The main reason was a disappointing order intake. The company now expects a weaker performance in the second half of the year due to the weakening order situation. Interroll's half-year report presented a mixed picture. While operating results were well below consensus expectations despite a profit warning issued in June, order intake slightly exceeded expectations. The positive development in the Conveyors & Sorters division points to a recovery in US e-commerce. However, larger projects may show lower profitability. Komax also reported mixed results: first-half sales exceeded forecasts, while order intake and profitability were below. However, the outlook was confirmed. The integration of Schleuniger is proceeding according to plan and the feared overlaps in customer portfolios are smaller than expected. Mobilezone reported weak first-half results, but confirmed a dividend of at least CHF 0.90 per share, giving a yield of about 7%. The German market remains challenging overall. However, business with mobile virtual operators such as TalkTalk, High and Digital Republic continues to perform well. Following a profit warning in July, Sensirion's half-year results did not come as a major surprise. The medium-term outlook (sales growth of 10-15% and EBITDA margin of 17%) was confirmed. New orders were won and delivery of the new gas leak sensors is scheduled for the end of 2024. Straumann impressed in its half-year report with a significant acceleration of organic growth and an operating result slightly above expectations. Stable patient demand remains at a good level. Tecan's first-half results were in line with market expectations. The company continues to observe fundamentally positive demand. The outlook for fiscal 2023 was confirmed.

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.
 


Brief profile
Domicile of fund Liechtenstein
Legal form Collective Trust (UCITS)
Investment universe Small & Mid Caps Switzerland
Investment manager Serafin Asset Management Ltd, Zug
Management company LLB Fund Services AG, Vaduz
Custodian bank Liechtensteinische Landesbank AG, Vaduz
Launch date 30.11.2007
Recommended investment horizon 5 years
Reference currency CHF
ISIN / Bloomberg-Ticker LI0033242210 / MCSEESP LE
Distributions accumulating
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, LI

Gebührenstruktur

Subscription and redemption fee max. 5.00% / none
Management fee p.a. 1.00%
Total expense ratio p.a. (per 31.12.2022; TER) 1.41%
Performance overview and key figures
Duration Fund
1 month -7.4%
3 months -10.0%
12 months 14.6%
3 years p.a. -0.2%
5 years p.a. 2.2%
since inception p.a. 4.5%
Year
2023 0.7%
2022 -26.1%
2021 21.7%
2020 21.4%
2019 27.7%
since inception 47.5%

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 17.9%
Sharpe ratio (-0.03% Risk free rate) 0.01
Beta (vs. SPI Small & Mid Cap TR Index) 1.23
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).