AMG Schweizer Perlen

Performance YTD -0.8% (as of 22.02.2024)
Fund size CHF 20.1m

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

AMG Schweizer Perlen: Full-Year Update 2023

Ronald Wildmann looks back on the past investment year and gives a brief outlook for 2024.

Publications

TWO PAGER | AMG SCHWEIZER PERLEN

TWO PAGER | AMG SCHWEIZER PERLEN

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Facts & Figures
Portfolio allocations

Breakdown by sectors

Top 10
Monthly comment

Comment January 2024

In the month under review, the focus was on the start of the reporting season. There was a balance of positive and negative surprises, but this was not enough to cause share prices to rise in general. Organic growth in the second half of last year was mostly price-driven, not volume-driven. Inflation-related price increases were often accompanied by a decline in sales volumes. We are observing a gradual easing of the situation concerning overstocked inventories on the customer side. In addition, the book-to-bill ratios are gradually approaching the 100% mark. Ascom Holding AG met expectations with its annual results. The company benefited from cost reductions, portfolio optimization, geographical focus, and accelerated growth. By contrast, Belimo Holding AG's sales figures were disappointing. The second half of the year saw a significant slowdown, albeit compared to a strong prior-year basis. The destocking process, which had a negative impact on the OEM business in Europe, should now be completed. Bossard Holding AG met expectations with its sales figures. The economic slowdown and normalization of procurement markets led to a reduction in customer inventories, which once again had a significant impact. Chocoladenfabriken Lindt & Sprüngli AG recorded strong organic growth in the fourth quarter of 2023 and raised its margin forecast for 2023, exceeding market expectations. In contrast, Huber + Suhner AG disappointed with its sales and order intake figures, impacted by the decline in 5G expansion in the US and destocking by customers. Inficon Holding AG exceeded consensus forecasts with its key figures for 2023. Although Interroll Holding AG recorded a robust margin trend, sales and order intake were disappointing. Large intralogistics projects, which previously served as sales drivers, are lacking and competitive pressure has increased. This pressure is likely to continue. Komax Holding AG disappointed with a profit warning amid strong pressure on margins. Pierer Mobility AG reported sales at the upper end of its forecast. SFS Group AG achieved organic growth slightly below consensus expectations. Tecan Group AG met its sales expectations for 2023, while VAT Group AG significantly exceeded market expectations.

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 30.06.2023; TER) 1.33%
Performance overview and key figures
Duration Fund
1 month 2.5%
3 months 3.8%
12 months -4.6%
3 years p.a. -1.8%
5 years p.a. 6.7%
since inception p.a. 5.1%
Year
2024 -0.8%
2023 8.5%
2022 -26.1%
2021 21.7%
2020 21.4%
since inception 57.7%

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.

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.

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 19.6%
Sharpe ratio (0.30% Risk free rate) n/a
Beta (vs. SPI Small & Mid Cap TR Index) 1.30
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).