AMG Substanzwerte Schweiz
Fund size CHF 59.9m
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 November 2023
During the month of November, weaker economic and inflation data from the USA led to a significant fall in yields and price gains on the global bond markets, accompanied by a rise in share prices. Small- and mid-caps in particular recorded significant price gains, while the growth in large-cap equities was more moderate. There is a growing conviction that key interest rates have peaked and that a cut is imminent in 2024. The lower-than-expected inflation data confirms that the Federal Reserve (Fed) is on the right track to combat inflation. At the same time, economic indicators such as declining industrial production point to a gradual cooling of the economy, increasing the chances of a 'soft landing' for the US economy. The faster inflation weakens and growth slows, the sooner key interest rates can be expected to be reduced. Barry Callebaut AG's half-year results met expectations. The company now forecasts two transition years, after which volume growth is expected to be in the low to mid-single-digit percentage range and EBIT growth in the mid to high single-digit range. It should be emphasized that 75% of the planned savings should have a positive impact on the net result, which should lead to an increase in the EBIT margin to 10%. Bell Food Group AG successfully placed two bonds with a total volume of CHF 750 million, securing the ongoing investment program in Switzerland and the refinancing of a bond in February 2024. Metall Zug AG is contributing Belimed AG to a joint venture with Miele's Steelco Group and will hold a 33% stake in it. Belimed has a strong presence in the USA and China, Steelco is strong in Europe. We view this step as very positive, as Belimed has so far been a burden for Metall Zug AG. As expected, SIG Group AG confirmed its medium-term targets at its Capital Markets Day. By gaining market share, increasing its presence in emerging markets, and introducing new distribution channels, such as coffee vending machines with bag-in-box systems, SIG aims to outperform market growth. Overall, the adjusted EBITDA margin is expected to increase to over 27% by the end of 2026.
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 |
Gebührenstruktur
| Subscription and redemption fee | none |
|---|---|
| Management fee p.a. | 1.00% |
| Total expense ratio p.a. (per 30.06.2023; TER, before profit sharing) | 1.23% |
| 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 | 4.0% |
| 3 months | -2.8% |
| 12 months | 0.2% |
| 3 years p.a. | -2.9% |
| 5 years p.a. | -1.9% |
| since inception p.a. | 7.2% |
| Year | |
| 2023 | 0.5% |
| 2022 | -14.6% |
| 2021 | 3.4% |
| 2020 | -0.9% |
| 2019 | 9.8% |
| since inception | 275.7% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 10.0% |
|---|---|
| Sharpe ratio (0.12% 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.