AMG Substanzwerte Schweiz
Fund size CHF 43.0m
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
- 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
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
Breakdown by sectors
Comment March 2024
The month under review was dominated by the results season. BKW Energie AG was able to report impressive results for 2023 despite impairments in the Services segment. The main driver for an expected increase in earnings in 2024/25 is seen as the operating leverage effect in the energy business, due to higher hedged electricity prices and increased own production. Bucher Industries AG managed to deliver respectable figures despite the challenging market environment. The current financial year is proving challenging due to a lower order backlog. Cembra Money Bank AG presented robust annual results. The integration process for former Migros cardholders was successfully completed, with around two-thirds of customers migrating to the new Certo card. Cham Group AG is continuing its intensive construction and development work as planned and remains well-financed for future developments despite increased construction costs and changes in interest rates. Flughafen Zürich AG was characterized by strong momentum in sales and profit, although cost inflation was somewhat higher than expected. The company is increasingly profiling itself as a dividend stock, especially given the expected strong free cash flow generation with the completion of its new airport in India. Galenica AG met market expectations and kept personnel costs under control, with the accelerated pace of pharmacy acquisitions supporting the growth target. Groupe Minoteries SA delivered a modest result and a dividend proposal of CHF 11 per share, which fell short of expectations. HIAG Immobilien Holding AG surprised positively with an annual result that exceeded expectations, with the development projects in the area of site development contributing significantly to the revaluation gains. At Metall Zug AG, destocking led to a disappointing performance at Haag Streit. The conglomerate is trading at a significant discount to its intrinsic value. Plazza AG impressed with a solid annual report and achieved a slightly positive revaluation gain despite rising interest rates. TX Group AG impressed as well with an excellent annual report. Vetropack Holding AG, on the other hand, disappointed. Overall, we are satisfied with the results of our portfolio companies. The outlook for the second half of the year, in particular, is intact and we expect a positive performance.
| 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% |
| 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 | 30.00 | 10.00 | 40.00 |
Total: 1’756.40
| Duration | Fund |
|---|---|
| 1 month | -0.9% |
| 3 months | 4.1% |
| 12 months | -2.0% |
| 3 years p.a. | -3.4% |
| 5 years p.a. | -0.6% |
| since inception p.a. | 7.3% |
| Year | |
| 2024 | 2.6% |
| 2023 | 2.4% |
| 2022 | -14.6% |
| 2021 | 3.4% |
| 2020 | -0.9% |
| since inception | 292.7% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 9.9% |
|---|---|
| Sharpe ratio (0.41% Risk free rate) | n/a |
| Beta (vs. SPI Small Cap TR Index) | 0.57 |
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.