+41 91 960 99 60 info@swisswealth.ch

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%.

4General Data

Domicile: Luxembourg
Legal Structure: SICAV Ucits V
Fund Manager: SWM SA
Custodian: State Street, LUX

Reference Currency: CHF

AuM: CHF 9.78 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 30.12.2022: CHF 62.04


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 December 2022, the Swissness Equity Fund collected a loss of -2.90%, bringing its YTD return to -46.19%. December was a disappointing end to a bad year. Risk appetite eased in December despite a better-than-expected US inflation reading. Monetary policy makers continued to raise their interest rates and reaffirmed their aggressive policy stance. The Swiss National Bank raised its benchmark interest rate by one-half of a percentage point to 1.0%. The annual inflation rate in Switzerland fell to 2.8% year-on-year in December 2022 from 3% in the prior two months, pointing to the lowest reading since April. On a monthly basis, consumer prices declined by 0.2% in December after being flat in November. The cooling of inflation is a very positive sign for the Swiss equity market. It should lead to a depreciation of the franc against other currencies and an improvement of the financial conditions for the equity sector in general and especially for small and mid-caps. We did not change the fund’s equity exposure during the month. We have decided to keep the fund’s exposure at 120% to take advantage of the next market upside
supported by the decrease of inflation. For what concerns the underlying portfolio, we reduced the positions in Belimo and Logitech and we increased the positions in Fischer and Burckhardt Compression. The latter because we believe it is a beneficiary of energy transition driven by solar and hydrogen and because we think the strong compressor orders received in 2022 will provide visibility for service growth over coming years.