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 20.09 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 30.09.2021: CHF 110.23
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 September 2021, the Swissness Equity Fund was down 6.00%, while in the same period the Swiss Performance Index lost 5.66%. The fund started the month with a net exposure to equities around 120% and was increased above 140% after the 20th of September until the end of the month. September was a negative month for worldwide equities and especially for Switzerland, which lost almost the double of other major equity indices; the sell-off hit all Swiss equities and even the SMI Index, usually characterized by a lower beta. The reasons for this event are not clear, probably they are simply the consequence
of the strong rise occurred during the first part of the summer. In this context the Swissness equity fund generated a negative result in line with the Swiss market, although the net equity exposure of the fund remained, on average, around 130% during the whole month. For what concerns the underlying portfolio
we began to take an exposure to CIE Financiere Richmont, ON Holding (recently listed in New York), Bachem Holding and Polypeptide Group and increased the position in Zur Rose Group; on the other side, we closed the positions in Cembra Money Bank and Helvetia Holding and reduced the exposure in Baloise Holding. Said that, we are still quite optimistic for the next weeks and for this reason we decided to substantially keep the net exposure to equities over 100% as we still have indications of a positive momentum on “Growth” equities which proved to have strong correlation with small and mid-caps Swiss equities. We always believe that in a very complicated international economic context Switzerland should be still favoured by international investors and therefore that this negative month should be interpreted as a
natural correction that usually happens during bull markets.