AMG Schweizer Perlen
Fund size CHF 18.9 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. Mid-cap companies are the core weighting of investments, whereby the fund invests both in value and, to a greater extent, in growth stocks. The investment portfolio consists mainly of shares in quality companies, supplemented by opportunity values such as turnaround or takeover candidates. The profound in-house analysis expertise enables us to actively realize investment opportunities that arise along the market cycles. This fundamental bottom-up approach results in a dynamic portfolio of leading Swiss small & mid-caps.
Portfolio Management
- Ronald Wildmann
- Investment Manager
Quality Swiss Equities - ronald.wildmann[at]serafin-am.com
- +41 (41) 726 71 62
- Patrick Hofer
- Investment Manager
Serafin Innovation Hub / Quality Swiss Equities - patrick.hofer[at]serafin-am.com
- +41 (41) 726 71 76
Portfolio Management
- Ronald Wildmann
- Investment Manager
Quality Swiss Equities
- Patrick Hofer
- Investment Manager
Serafin Innovation Hub / Quality Swiss Equities
Learn more about the ESG fund classification
Sustainability / ESG
Brief profile:
AMG Schweizer Perlen
Invest in growth-oriented Swiss companies. We are your pearl divers!
Publications
TWO PAGER | AMG SCHWEIZER PERLEN
Publications
TWO PAGER | AMG SCHWEIZER PERLEN
Breakdown by sectors
Comment April 2024
The markets suffered from the geopolitical unrest in the Middle East and persistently high inflation rates in the US, which dampened hopes of interest rate cuts. The persistent price pressure in the US, which far exceeds the Federal Reserve's inflation target of 2% shows that the current level is not sustainable. Financial market participants are revising their expectations and are now betting on fewer and slower interest rate cuts this year after the unexpectedly high US inflation figures led to a global reassessment of the monetary policy outlook. Moreover, economic growth in industrialized and emerging countries appears to be stronger than expected, which improves the earnings prospects of companies but reduces the inclination of central banks to cut interest rates. In this scenario, medium-sized and small-capitalized growth stocks had a difficult time.
Bossard's sales figures for the first quarter fell well short of analysts' expectations. In addition to high comparative figures, the decline in organic sales growth is primarily due to a significant drop in US sales. One possible reason for this could be the US customer Tesla, which contributes an estimated 4-5% to Group sales. Tesla reported low delivery figures for the first quarter, which may have influenced the weak performance. We recall management's statements during the 2023 press conference that customers' investment budgets will decline in the first half of 2024. At the same time, the company expressed confidence that customer demand is expected to recover in the second half of 2024. Although Comet's sales declined more than the market expected in the first quarter, the book-to-bill rate indicates a recovery later in the year. We welcome Sensirion's decision to discontinue its condition monitoring activities. Although this step will lead to an impairment and restructuring costs, future losses will be eliminated, which will improve the operating cash flow from 2025 onwards. On an equally positive note, VAT reported a strong order intake which, as we expected, points to an acceleration of the recovery. This could somewhat counteract the critical voices regarding the high valuation.
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.
| Domicile of fund | Liechtenstein |
|---|---|
| Legal form | Collective Trust (UCITS) |
| Investment universe | Small & Mid Caps Switzerland |
| Investment manager | Serafin Asset Management Ltd, Zug |
| Management company | LLB Fund Services AG, Vaduz |
| Custodian bank | Liechtensteinische Landesbank AG, Vaduz |
| Launch date | 30.11.2007 |
| Recommended investment horizon | 5 years |
| Reference currency | CHF |
| ISIN / Bloomberg-Ticker | LI0033242210 / MCSEESP LE |
| Distributions | accumulating |
| 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, LI |
Gebührenstruktur
| Subscription and redemption fee | max. 5.00% / none |
|---|---|
| Management fee p.a. | 1.00% |
| Total expense ratio p.a. (per 30.06.2023; TER) | 1.33% |
| Duration | Fund |
|---|---|
| 1 month | 4.7% |
| 3 months | 6.4% |
| 12 months | 0.5% |
| 3 years p.a. | -3.8% |
| 5 years p.a. | 7.8% |
| since inception p.a. | 5.5% |
| Year | |
| 2024 | 3.7% |
| 2023 | 8.5% |
| 2022 | -26.1% |
| 2021 | 21.7% |
| 2020 | 21.4% |
| since inception | 64.7% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 17.8% |
|---|---|
| Sharpe ratio (0.47% Risk free rate) | n/a |
| Beta (vs. SPI Small & Mid Cap TR Index) | 1.25 |
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.