AMG Substanzwerte Schweiz

Performance YTD 5% (as of 13 June 2024)
Fund size CHF 41 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.

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

Portfolio Management

Ronald Wildmann

Investment Manager
Quality Swiss Equities
+41 (41) 726 71 62

Patrick Hofer

Investment Manager
Serafin Innovation Hub / Quality Swiss Equities
+41 (41) 726 71 76

Portfolio Management

Ronald Wildmann

Investment Manager
Quality Swiss Equities

Patrick Hofer

Investment Manager
Serafin Innovation Hub / Quality Swiss Equities

Brief profile:
AMG Substanzwerte Schweiz

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

AMG Substanzwerte Schweiz Fund

Investing in equities of Swiss companies with a focus on Switzerland

Publications

TWO PAGER | AMG Substanzwerte Schweiz

TWO PAGER | AMG Substanzwerte Schweiz

Download now (PDF)

Publications

TWO PAGER | AMG Substanzwerte Schweiz

TWO PAGER | AMG Substanzwerte Schweiz

Download now (PDF)
Facts & Figures
Portfolio allocations

Breakdown by sectors

Top 10
Monthly comment

Comment May 2024

Now that the reporting season is largely over, economic data is coming to the fore again. The growth outlook in the eurozone and the USA improved in May, according to the preliminary results of the purchasing managers' surveys. The rise in yields on the bond markets harmed the equity markets in the second half of the month under review. The lifting of the 2% voting rights cap at Baloise has rekindled interest in this share. Cevian, a major new activist shareholder, has joined the company. The removal of the restriction on transferability is likely to increase the pressure on management and the Board of Directors; it will also fuel takeover speculation (Axa? - Allianz? - Generali?). The sharp fall in speculatively inflated cocoa prices on the futures markets and the confidence that Barry Callebaut's restructuring program will be successful led to a rise in the share price. There was also a glimmer of hope for Bucher: the general business climate index for the agricultural machinery industry in Europe rose slightly for the first time after a 14-month decline from boom to recession. At Flughafen Zürich, passenger numbers were up 6.9% year-on-year in April, which corresponds to 96.1% of the pre-pandemic level. The International Airlines Group (IAG) reports that the high travel demand is a continuing trend, which serves as an indicator for Flughafen Zürich. The company points to a strong recovery in leisure travel, while business travel is recovering more slowly. Galenica's sales figures for the first quarter were in line with expectations. The network of stationary pharmacies has been expanded by five new locations so far this year. However, organic growth was weaker than that of the market as a whole, despite more vaccinations and customer consultations. For the 2024 financial year, Galenica continues to expect sales growth of 3% to 5% and an increase in adj. EBIT of 8% to 11%. Not unexpectedly, Vetropack decided to close production in St-Prex by the end of August, which we believe will lead to an improvement in the operating result. Vetropack currently still generates around 40% of its sales with glass packaging from St-Prex from Swiss customers, who are now supplied from other plants.

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 1'714.9366
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
Management fee p.a. 1.00%
Total expense ratio p.a. (per 31.12.2023; TER, before profit sharing) 1.25%
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
18.03.2024 10.00 30.00 40.00

Total: 1’756.40

Performance overview and key figures
Duration Fund
1 month -1.3%
3 months 1.4%
12 months 2.8%
3 years p.a. -3.3%
5 years p.a. -0.4%
since inception p.a. 7.4%
Year
2024 5.0%
2023 2.4%
2022 -14.6%
2021 3.4%
2020 -0.9%
since inception 301.8%

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.

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.

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 10.0%
Sharpe ratio (0.53% Risk free rate) n/a
Beta (vs. SPI Small Cap TR Index) 0.75
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).