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%.
General Data
Domicile: Luxembourg
Legal Structure: SICAV Ucits V
Fund Manager: SWM SA
Custodian: State Street, LUX
Reference Currency: CHF
AuM: CHF 17.63 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 31.03.2021: CHF 108.03
ISIN:
CHF A Ist: LU1435247876
CHF B Retail: LU1435247959
CHF C Ist: LU1435248098
Share Type: Accumulation
Investor’s profile
Targeting investors with a superior risk tolerance who expect capital growth over the business cycle, investing primarily in Swiss equities.
Fund manager insights
During March 2021 the Swissness Equity Fund was up 0.99% while in the same period the Swiss Performance Index gained 6.70%. The fund started the month with a net exposure to equities around 0% but it was gradually increased till 60% when it was again reduced remaining stable around 27% until the end of March. For what concerns the underlying equity portfolio we increased the positions in Logitech, Dufry, Flughafen Zurich, Vat Group (now in the first ten positions of the fund), Softwareone and Sika. The gross exposure of Swiss equities was at the end of March around 94% and therefore below 100% due to inflows which are rapidly driving the AUM above 20 millions. During March 2021 we decided to remain quite conservative hedging the fund using as usual the SMI and SMIM Index futures, following the indication given by our quantitative models of a loss of strength of those equities that had driven the equity world markets in the last months; these stocks, most of them belonging to “Growth” sectors, proved to have a strong correlation with small and mid-caps Swiss equities and for this reason we acted accordingly reducing the equity exposure of our Swiss fund. Nevertheless we believe that in a very complicated international economic context where unemployment and consumer confidence data as well as infections and issues linked to vaccines will continue to impact the markets, Switzerland should continue to be still favoured by international investors. For the next weeks we will continue to carefully monitor the
international context with our “Swissness” approach being ready to promptly act on the net equity exposure in the same ways used in 2020 which led to excellent results in terms of risk-adjusted performance.