AMG Substanzwerte Schweiz
Fund size CHF 43.1 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.
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
Brief profile:
AMG Substanzwerte Schweiz
Invest in solid small and medium-sized Swiss companies. Value matters!
AMG Substanzwerte Schweiz Fund
Investing in equities of Swiss companies with a focus on Switzerland
Publications
TWO PAGER | AMG Substanzwerte Schweiz
Publications
TWO PAGER | AMG Substanzwerte Schweiz
Breakdown by sectors
Comment April 2024
In the month under review, geopolitical unrest in the Middle East and higher US inflation rates depressed expectations of interest rate cuts. Price pressures in the US are significantly exceeding the Federal Reserve's target of 2%, which is also leading to an adjustment of interest rate cut expectations in the eurozone and the UK. At the same time, strong economic growth in industrialized and emerging countries is boosting corporate profits but lowering the prospects for central banks to cut interest rates. The volume development and adjusted EBIT of Barry Callebaut in the first half of 2023/24 exceeded market expectations. As we anticipated, the significant increase in cocoa prices led to an increased financing requirement in working capital, which in turn resulted in an increase in debt and a strongly negative free cash flow. However, the most important thing for us was the confirmation that the company's forecasts were being met and that the “BC Next Level” restructuring program was progressing according to plan. Thanks to this program, a reduction in costs of around 15% can be expected. Burkhalter closed the 2023 financial year on a solid note and increased the dividend accordingly. The demand for refurbishments and renovations in Switzerland is enormous and the new construction sector is also showing no signs of weakness. The market for building technology in Switzerland remains highly fragmented, particularly in the heating, ventilation, air conditioning, and sanitary sectors, where the company will continue to grow through acquisitions. The Jungfraubahn's result for 2023 was also pleasing, although the group travelers from China have not yet returned. The average revenue per guest on the Jungfraujoch was stabilized at a high level, not least due to the increasing proportion of individual travelers. There is a strong pent-up demand in the Asian market for travel to the Jungfraujoch and flight connections are being expanded. The year also got off to a good start and the 2023/24 winter season was successfully concluded. The company is now launching new strategic projects with a total investment volume of CHF 300 million spread over several years, all of which could have a promising future.
| 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% |
| 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
| Duration | Fund |
|---|---|
| 1 month | 2.7% |
| 3 months | 6.6% |
| 12 months | 2.9% |
| 3 years p.a. | -2.6% |
| 5 years p.a. | 0.3% |
| since inception p.a. | 7.5% |
| Year | |
| 2024 | 6.5% |
| 2023 | 2.4% |
| 2022 | -14.6% |
| 2021 | 3.4% |
| 2020 | -0.9% |
| since inception | 307.6% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 9.5% |
|---|---|
| Sharpe ratio (0.47% Risk free rate) | n/a |
| Beta (vs. SPI Small Cap TR Index) | 0.75 |
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.