The fund aims to provide capital growth by investing in Swiss equities without capitalization or sector limits and with a bias over small & mid caps. The fund invests more that 51% of its assets in equities or equity-related securities. The fund seeks to generate a positive return during rising equity markets passing to a defensive approach during bearish trends in all time horizons. The fund may use derivatives in order to achieve investment gains, reduce risk or manage the fund more efficiently and may have a net equity exposure for more than 100%.
Legal Structure: SICAV Ucits V
Fund Manager: SWM SA
Custodian: State Street, LUX
Reference Currency: CHF
AuM: CHF 13.40 M
NAV Frequency: Daily
Registered in: LUX, CH, IT
Management Fee: A:0.9% B:1.2% C:0.4%
Performance Fee: 10% HWM
NAV as at 30.11.2020: CHF 97.37
CHF A Ist: LU1435247876
CHF B Retail: LU1435247959
CHF C Ist: LU1435248098
Share Type: Accumulation
Targeting investors with a superior risk tolerance who expect capital growth over the business cycle, investing primarily in Swiss equities.
Fund manager insights
During November 2020 the Swissness Fund was up 2.40%, while in the same period the Swiss Performance Index gained 8.41%. The fund started the month with a very low net exposure to equity markets, around 5% although the exposure to underlying equities remained stable around 95%. During November we made some adjustments on the strategic or core portfolio; more precisely we decided to close the positions in Emmi and Barry Callebaut, we added to the portfolio Helvetia Holding and
increased the positions in Daetwyler, Temenos, Logitech, Lindt and Tecan. In addition to the above we still focused on protecting the performance of the fund during potential bearish phases, mainly selling stock index futures on both SMI and SMIM indexes, and on quickly closing them when we were expecting the market to continue the upside movement. During November, following the news regarding Biden’s victory at the US presidential elections and the discovery of several vaccines against the Coronavirus and the bullish indications given by our quantitative and macroeconomic models, we decided to rapidly
increase the net equity exposure. As a consequence of these signals in the third week of November we brought the equity net exposure to over 100%. For the next months we believe that in a very complicated international economic context where unemployment and consumer confidence data, infections and intensive care hospitalizations will continue to impact the markets, Switzerland should be still favored by international investors even if we will continue to take this exposure with our conservative or “Swissness” approach.