AMG Substanzwerte Schweiz

Performance YTD 4.5% (as of 31 October 2024)
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.

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

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

Erhard Lee

Portfolio Management

Patrick Hofer

Investment Manager
Serafin Innovation Hub / Quality Swiss Equities

Marcel Weiss, CIIA

CEO
Quality Swiss Equities

Advisor

Erhard Lee

Erhard Lee

Brief profile:
AMG Substanzwerte Schweiz

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

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 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.

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 -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%

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.) 9.7%
Sharpe ratio (0.77% 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).