AMG Europe
Fund size EUR 24.4 Mio.
Past performance is not a reliable indicator of future performance.
The equity fund invests in high-quality European companies with aboveaverage profitability, solid growth and healthy balance sheets, which are also attractively valued on the equity market. The fund weights the Small & Mid Cap segment more significant compared to the benchmark - MSCI Europe ETF. The consistent systematic implementation of fundamental assessment criteria and, based on this, optimal portfolio construction are the basis for disciplined fund management. This fundamental bottom-up approach results in a portfolio of European quality companies that pays significant attention to ESG aspects and has below-average CO2 emissions overall, in line with the Paris Aligned Investment Initiative (PAII).
Portfolio Management
- Silvio Halsig
- Investment Management, CIO
- silvio.halsig[at]serafin-am.com
- +41 (41) 726 71 71
- Patrick Hofer
- Investment Manager
Serafin Innovation Hub / Quality Swiss Equities - patrick.hofer[at]serafin-am.com
- +41 (41) 726 71 76
Portfolio Management
- Silvio Halsig
- Investment Management, CIO
- Patrick Hofer
- Investment Manager
Serafin Innovation Hub / Quality Swiss Equities
Learn more about the ESG fund classification
Sustainability / ESGBreakdown by sectors
Breakdown by currencies
Comment April 2024
The broader European equity market experienced a slight downturn in April, with European small caps performing even lower than the broader market. This detractive trend can be attributed to a mild retreat following a robust year-to-date performance, fueled by a less euphoric interest rate outlook. As expected, in a slight risk-off market sentiment, smaller caps – and by extension, our fund – experienced some detractive pressures. Notably, the energy sector emerged as a standout performer, significantly outpacing the broader market. However, our fund, adhering to its decarbonization approach, maintained a structural underweight position in energy, which served as a detractor during this period.
In terms of portfolio adjustments, April was relatively quiet in the market. We made no switches in the fund holdings, opting for a patient approach amidst the prevailing market conditions. The only adjustment made was a slight trimming of Novartis, which exhibited strong performance.
Looking ahead, we anticipate a shift in momentum as the reporting season commences. Early reports show promising signs, with earnings surprises surpassing the long-term average. Additionally, recent economic indicators, such as the German IFO business climate index, have shown consecutive improvements, suggesting a supportive environment for equities. With fundamental data supporting further earnings surprises, we expect to see stabilization and potential growth in the European equity market, particularly among smaller caps.
In conclusion, while April presented its share of challenges, we remain confident in the resilience of our investment strategy. Our niche focus on European equities, coupled with a disciplined approach to portfolio management, positions us well to navigate through market fluctuations and capitalize on emerging opportunities.
| Domicile of fund | Switzerland |
|---|---|
| Legal form | Contractual investment fund |
| Investment universe | Europe |
| Investment manager | Serafin Asset Management Ltd, Zug |
| Management company | LLB Swiss Investment Ltd, Zurich |
| Custodian bank | Bank J. Safra Sarasin Ltd, Basel |
| Launch date | 01.04.2007 |
| Recommended investment horizon | 5 years |
| Reference currency | EUR |
| ISIN / Bloomberg-Ticker (respective share class) | A (EUR): CH0027940730 / AMGEUIN SW B (EUR): CH0048476664 / AMGEUIB SW C (CHF-hedged): CH0297417534 / AMGEUCH SW |
| Distributions | distributing (Dividend & Capital Gain ) |
| Subscription and redemption | daily (cut-off 09.00 CET) |
| 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. | Tranche A: 1.00% Tranche B: 1.50% Tranche C (CHF-hedged): 1.00% |
| Total expense ratio p.a. (per 31.12.2023; TER) | Tranche A: 1.34% Tranche B: 1.84% Tranche C (CHF-hedged): 1.33% |
| Gross dividend (before VAT deduction) |
Net dividend (after VAT deduction) |
|||||
|---|---|---|---|---|---|---|
| Date | Tran. A in EUR | Tran. B in EUR | Tran. C in CHF | Tran. A in EUR | Tran. B in EUR | Tran. C in CHF |
| 18.03.2020 | 1.00* | - | 1.00* | 0.65 | - | 0.65 |
| 27.04.2021 | - | 1.00* | - | - | 0.65 | - |
| 26.04.2022 | - | - | 1.00* | - | - | 0.65 |
| 25.04.2023 | 3.50* | 2.20* | 2.40* | 2.27 | 1.43 | 1.56 |
| 18.03.2024 | 1.30* | 1.20* | 1.40* | 0.84 | 0.78 | 0.91 |
| Duration | Fund | MSCI Europe ETF |
|---|---|---|
| 1 month | 3.6% | 3.5% |
| 3 months | 4.5% | 6.8% |
| 12 months | 13.1% | 17.9% |
| 3 years p.a. | -1.3% | 8.9% |
| 5 years p.a. | 4.7% | 10.0% |
| since inception p.a. | 3.2% | 4.8% |
| Year | ||
| 2024 | 7.4% | 10.5% |
| 2023 | 6.5% | 15.7% |
| 2022 | -16.8% | -9.1% |
| 2021 | 22.1% | 24.9% |
| 2020 | 0.4% | -3.2% |
| since inception | 72.3% | 123.1% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 14.7% |
|---|---|
| Sharpe ratio (1.42% Risk free rate) | n/a |
| Beta (vs. MSCI Europe ETF) | 0.94 |
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.