ALPORA Innovation Europe
Fund size EUR 243.2m
The equity fund invests in Western European listed companies with above-average innovation efficiency. The fund invests across all sectors, with the exception of "utilities" and "financials". The investment process consists of a two-step procedure. In a first step, the innovation efficiency of the companies in the investment universe is measured and compared using a scientifically based quantitative method. In a further step, the portfolio is constructed by selecting around 30 stocks on the basis of our own proprietary fundamental analysis.
Portfolio Management
- Patrick Hofer
- Portfolio Management
Client Relationship Management - hofer[at]amgfonds.ch
- +41 (41) 726 71 76
- Christian Bader
- Portfolio Management
Research - bader[at]amgfonds.ch
- +41 (41) 726 71 70
Sustainability / ESG
Awards
ALPORA Innovation Europe
Full-Year Report 2022
Patrick Hofer looks back on the past year and gives a brief outlook for 2023.
(English subtitle available. Please enable it on your device before watching the video.)
Breakdown by sectors
Breakdown by currencies
Breakdown by countries
Comment January 2023
The fund performed very well in January 2023, similar to the benchmark MSCI Europe ETF.
German electrical engineering company Aixtron SE produces deposition equipment for the manufacture of compound semiconductors and other multi-component materials. Its product portfolio consists of high-performance components for electronic and optoelectronic applications. These elements are used in display, signalling and lighting technology, in fibre optics and communication networks, as well as in other high-tech applications. In deposition equipment, the innovation focus is on the development of radical material innovations. Incremental process innovations are used to produce complex materials that are used in new applications. Aixtron is a world leader in MOCVD (Metal-Organic Chemical Vapour Deposition) technology, which enables ultra-thin films to be deposited on a semiconductor wafer. MOCVD is considered the most important manufacturing process for compound semiconductors based on gallium nitride. Power devices (III-V semiconductors) made of gallium nitride consume considerably less energy compared to conventional silicon-based power chips with the same or higher performance.
ESG implementation:
We take ESG aspects into account in the financial analysis and investment decision-making process, applying a combination of exclusion criteria and ESG integration approach in the investment process. The abbreviation ESG stands for "Environmental - Social - Governance".
For the analysis within the sustainability approach, we rely on data from selected third-party providers and, if necessary, on our own analyses. The analysts and portfolio management teams are responsible for both the financial analysis and the ESG analysis. In this way, we ensure that the assessment and implementation are carried out on a recurring basis by the decision-makers in the respective fund as part of a comprehensive and integrated investment process.
In our investment process, we do not per se exclude investments in companies with weaker ESG ratings: Companies that address the issue of sustainability convincingly and consistently can be interesting portfolio companies.
Latest ESG reporting:
- Classification with regard to U.N. Global Compact Ten Principles:
All portfolio companies in the fund comply with the U.N. Global Compact Ten Principles. - Current portfolio structure using the ESG Risk Rating (by Sustainalytics):
The above fund is a financial product within the meaning of Article 8 of Regulation (EU) 2019/2088 (Disclosure Regulation).
| Domicile of fund | CH |
|---|---|
| Legal form | Contractual investment fund |
| Investment universe | Europe |
| Investment manager | AMG Fondsverwaltung AG, Zug |
| Management company | LLB Swiss Investment Ltd, Zurich |
| Custodian bank | Bank J. Safra Sarasin Ltd, Basel |
| Launch date | 01.10.2014 |
| Recommended investment horizon | 5 years |
| Reference currency | EUR |
| ISIN / Bloomberg-Ticker (respective Tranche) | EUR A: CH0248877885 / ALPIEUR SW EUR B: CH0436491234 / ALPIEUB SW CHF-hedged: CH0302271066 / ALPICHF SW |
| Distributions | accumulating |
| Subscription and redemption | daily (cut-off 09.00 CET) |
| Tax transparency | CH, AT |
| Tax status Germany | Equity fund pursuant to InvStG with partial exemption |
| UK Tax Reporting Status | Tranche EUR A |
| Registered for public distribution | CH, D; SGP (acccr. investors only) |
Gebührenstruktur
| Subscription and redemption fee | none |
|---|---|
| Management fee p.a. | Tranche EUR A: 1.00% Tranche EUR B: 1.50% Tranche CHF-hedged: 1.00% |
| MiFID fee for third party research p.a. | 0.04% |
| Total expense ratio p.a. (per 31.12.2021; TER) | Tranche EUR A: 1.22% Tranche EUR B: 1.71% Tranche CHF-hedged: 1.22% |
| Duration | Fund | MSCI Europe ETF |
|---|---|---|
| 1 month | 3.0% | 1.0% |
| 3 months | 1.9% | 4.2% |
| 12 months | -3.4% | 4.2% |
| 3 years p.a. | 13.4% | 9.9% |
| 5 years p.a. | 10.1% | 6.7% |
| since inception p.a. | 13.2% | 6.2% |
| Year | ||
| 2023 | 8.9% | 7.4% |
| 2022 | -23.3% | -9.1% |
| 2021 | 31.4% | 24.9% |
| 2020 | 20.0% | -3.2% |
| 2019 | 42.7% | 27.8% |
| since inception | 181.0% | 65.7% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 24.6% |
|---|---|
| Sharpe ratio (-0.29% Risk free rate) | 0.42 |
| Beta (vs. MSCI Europe ETF) | 0.98 |
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