AMG Substanzwerte Schweiz
Fund size CHF 36.5 Mio.
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. 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.
Portfolio Management
- Patrick Hofer
-
Investment Manager
Serafin Innovation Hub / Quality Swiss Equities - +41 (41) 726 71 76
- Marcel Weiss, CIIA
-
CEO
Quality Swiss Equities - +41 (41) 726 71 61
Advisor
- Erhard Lee
Portfolio Management
- Patrick Hofer
-
Investment Manager
Serafin Innovation Hub / Quality Swiss Equities
- Marcel Weiss, CIIA
-
CEO
Quality Swiss Equities
Advisor
- Erhard Lee
Brief profile:
AMG Substanzwerte Schweiz
Invest in solid small and medium-sized Swiss companies. Value matters!
Publications
TWO PAGER | AMG Substanzwerte Schweiz
Publications
TWO PAGER | AMG Substanzwerte Schweiz
Breakdown by sectors
Comment October 2024
The global equity markets, particularly equity holdings in Switzerland, moved within a narrow range overall and closed the reporting month with minimal change. The performance development of the AMG Substanzwerte Schweiz Fund was similarly steady, although the fund performed slightly better.
The macroeconomic environment continues to be characterized by somewhat contradictory trends. Nonetheless, a challenging economic environment has become evident in the ongoing earnings season for the third quarter of 2024. In this mixed market environment, the equity markets remain buoyed by optimism about expected further rate cuts by central banks, while the upcoming presidential election in the United States has prompted a cautious stance among investors.
The Swiss equity market has also entered the reporting season, with many of our portfolio companies providing quarterly updates on revenue developments only. Unsurprisingly, Bossard Holding reported a challenging market environment and revenue growth in the third quarter that fell significantly short of expectations. Aryzta also failed to meet some of the upwardly revised expectations and was only able to achieve modest gains in the critical European region. However, the company is growing, and thanks to new capacities in Switzerland, Malaysia, and Germany, we expect this to continue over the next two years. Galenica reported solid revenue growth for the third quarter. While generics and biosimilars continue to slow growth, the ongoing flu season is giving the company renewed momentum.
Our financial holdings, Valiant Holding and VZ Holding contributed to the fund’s relatively stable performance compared to the broader market segment. This is also true of the fundamentally strong industrial holding Meier Tobler, where confirmation of a dividend yield of around 5% led to a significantly positive price development during the reporting month.
Domicile of fund | Switzerland |
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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 1'714.9366 |
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 |
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Management fee p.a. | 1.00% |
Total expense ratio p.a. (per 31.12.2023; TER, before profit sharing) | 1.25% |
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 |
18.03.2024 | 10.00 | 30.00 | 40.00 |
Total: 1’756.40
Duration | Fund |
---|---|
1 month | -2.2% |
3 months | -2.5% |
12 months | 10.8% |
3 years p.a. | -3.5% |
5 years p.a. | -0.4% |
since inception p.a. | 7.2% |
Year | |
2024 | 4.5% |
2023 | 2.4% |
2022 | -14.6% |
2021 | 3.4% |
2020 | -0.9% |
since inception | 300.0% |
Risk ratios (rolling over the last 3 years)
Volatility (p.a.) | 9.7% |
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Sharpe ratio (0.77% Risk free rate) | n/a |
Beta (vs. SPI Small Cap TR Index) | 0.75 |
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.