AMG Substanzwerte Schweiz

Performance YTD 5.9% (as of 01.06.2023)
Fund size CHF 88.5m

Past performance is not a reliable indicator of future performance. Please note that the aforementioned performance is shown in the fund currency USD (US Dollar) 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. The investment focus is on lesser-known small caps with an overweighting of defensive value stocks. In this niche segment, the profound own equity analysis provides access to an exclusive stock selection and risk-conscious fund management. Within the framework of the bottom-up approach, particular attention is paid to the key financial figures and balance sheet ratios. The management of the companies is the decisive factor for a fundamentally long-term commitment. This approach results in a niche portfolio in a special segment of the Swiss equity market that offers solid development potential with lower volatility.

Facts & Figures 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

Learn more about the ESG fund classification

Sustainability / ESG

Brief profile: AMG Substanzwerte Schweiz Fund

Invest in solid small and medium-sized Swiss companies. Value matters!

Facts & Figures
Portfolio allocations

Breakdown by sectors

Top 10
Monthly comment

Comment May 2023

In the month under review, the markets focused on the end of the reporting season and the negotiations on raising the U.S. debt ceiling. Apart from that, the impetus was rather limited. It is slowly becoming apparent that the interest rate cycle in the USA has reached its end. Tensions in the U.S. banking sector are leading to a tightening of credit conditions, which is similar to a key interest rate hike. It remains an open question whether the substantial interest rate hike in the U.S. and the euro area will trigger a recession. In addition, the recovery of the Chinese economy following the lifting of the Covid measures has been sluggish. The previous CEO of Barry Callebaut, Peter Boone, unexpectedly resigned and was replaced by Peter Feld, previously CEO of Jacobs Holding. This move has for the time being removed the issue of a possible reduction of Jacobs Holding's stake in Barry Callebaut.Besides, we are optimistic as the destocking of U.S. customers is expected to be completed soon. First-quarter results confirm strong growth in high-margin products such as vegan, dairy-free chocolate, and reduced-sugar chocolate. Elections in Thailand have strengthened democratic forces, which has helped to calm DKSH's share price. DKSH generates 30% of its revenues in Thailand. Furthermore, Chris Ritchie was appointed as the new CEO of the Consumer Goods Division. Terry Seremetis, the previous CEO, successfully turned around this division, strengthening teams and expanding its presence in FMCG. His resignation raised some questions that should now be resolved with the new appointment. Flughafen Zurich has acquired a new airport concession in Natal, Brazil. Apart from the concession fee, no other significant investments are required. We estimate that the additional revenue will amount to around CHF 20 million for the time being and we hope for a high single-digit EBITDA contribution. At Groupe Minoteries there is a change in the position of Chairman of the Board of Directors. Céline Amaudruz will take over from Pierre-Marcel Revaz, who had disappointing results when elected to the Board of Directors at the Annual General Meeting. The first quarter results of the SIG Group were above market expectations and the integration of Scholle is proceeding as planned. The medium-term forecast 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.
 

Pre-contractual information on Article 8 Funds
Sustainability-related disclosures
Brief profile
Domicile of fund Switzerland
Legal form Contractual investment fund
Investment universe Small & Mid Caps Switzerland
Investment manager Serafin Asset Management Ltd, Zug
Management company LLB Swiss Investment Ltd, Zurich
Custodian bank Bank J. Safra Sarasin Ltd, Basel
Launch date 15.11.2004
Recommended investment horizon 5 years
Reference currency CHF
ISIN / Bloomberg-Ticker CH0019597530 / AMGSSCH SW
Distributions distributing (Dividend & Capital Gain )
Subscription and redemption daily (cut-off 09.00 CET)
Performance Fee 8% over 2% Hurdle, with High Water Mark
High Water Mark and Hurdle CHF 1'756.97
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. 1.00%
Total expense ratio p.a. (per 31.12.2022; TER, before profit sharing) 1.22%
Distributions to fund investors
Date Gross dividend (subject to VAT) Capital (without VAT deduction) Total dividend (gross)
20.03.2006 7.00 93.00 100.00
21.03.2007 7.00 163.00 170.00
26.03.2008 8.40 170.00 178.40
22.03.2010 170.00 30.00 200.00
15.03.2011 30.00 30.00 60.00
20.03.2012 9.00 18.00 27.00
12.03.2013 30.00 - 30.00
13.03.2014 4.00 51.00 55.00
18.03.2015 5.00 195.00 200.00
21.03.2016 - 200.00 200.00
24.03.2017 6.00 90.00 96.00
05.07.2017 - 100.00 100.00
21.03.2018 - 100.00 100.00
20.03.2019 - 40.00 40.00
18.03.2020 6.00 34.00 40.00
27.04.2021 - 40.00 40.00
26.04.2022 8.00 32.00 40.00
25.04.2023 6.00 34.00 40.00

Total: 1’716.40

Performance overview and key figures
Duration Fund
1 month -0.0%
3 months 0.9%
12 months 2.8%
3 years p.a. 0.6%
5 years p.a. -2.9%
since inception p.a. 7.7%
Year
2023 5.9%
2022 -14.6%
2021 3.4%
2020 -0.9%
2019 9.8%
since inception 296.0%

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 10.5%
Sharpe ratio (-0.28% Risk free rate) 0.17
Beta (vs. SPI Small Cap TR Index) 0.54
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.

Fund documents
Current documents
Archived monthly reports

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).