AMG Substanzwerte Schweiz
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.
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!
Breakdown by sectors
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.
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.
Sustainability-related disclosures
| 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% |
| 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
| 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 |
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.