AMG Substanzwerte Schweiz

Performance YTD -0.4% (as of 02.12.2021)
Fund size CHF 181.1m

The equity fund invests in Swiss companies from the small & mid cap segment. The investment focus is on companies that receive lesser attention by investors, with an overweighting of defensive value stocks. AMG Fonds’ own in-depth equity analysis is used for stock selection and risk-conscious fund management. Within the framework of the bottom-up approach, particular attention is paid to the financial ratios and balance sheet ratios. The management of the companies is the decisive factor for a fundamentally long-term commitment. This approach results in a niche portfolio in a special segment of the Swiss equity market that offers solid development potential with lower volatility.

Facts & Figures Current monthly report (PDF)

Portfolio Management

Manuel Bottinelli

Manuel Bottinelli

Portfolio Management
Research
bottinelli[at]amgfonds.ch
+41 (41) 726 71 62
Patrick Hofer

Patrick Hofer

Portfolio Management
Kundenbetreuung
hofer[at]amgfonds.ch
+41 (41) 726 71 76

Sustainability / ESG

Learn more about the fund in the semi-annual video report

Manuel Bottinelli looks back at the first half of 2021 and gives an outlook for the second half of the year.

Facts & Figures
Portfolio allocations

Breakdown by sectors

Top 10
Monthly comment

Comment November 2021

In view of new lockdown fears in Europe, small-cap Swiss equities experienced a noticeable setback in November. Once again, almost all equities were hit by a rapid negative spiral, including value stocks. However, the highly valued growth stocks, which are not in the fund portfolio, came under disproportionate pressure.
DKSH, Also, BKW, Plazza, Groupe Minoteries and Holdigaz supported the fund's performance. The share price performance of Jungfraubahn, Cosmo, MCH Group, IVF Hartmann and Vifor Pharma was negative. However, the new CEO Abbas Hussain of Vifor, which specializes in iron deficiency, nephrology and cardiovascular diseases, made an excellent impression at the CS Conference on Swiss Equities. In addition to the clear strategic statements, we liked the cost focus. In our opinion, there is a high chance that together with the expected news, the momentum in the stock will turn back to the positive side. The potential approval of Ferinject in China or the commercialisation of Rayaldee in Europe and Korsuva in the US may be triggers for such a turnaround. It is also essential for Vifor that the iron franchise remains on the road to recovery after the pandemic-related slump. The strengthening of the pipeline through the recent acquisitions of Sanifit Therapeutics and Inositec are of secondary importance for the investment case today. However, the broadening of the pipeline opens up new opportunities and is to be welcomed. IVF Hartmann had to adjust the forecast for 2021 repeatedly. Higher procurement and logistics costs and an oversaturation of the supply of protective goods continue to weigh. Nevertheless, operating profit is expected to be in line with the first half of the year. With conservative assumptions, the valuation is currently at an extremely attractive point and offers a high upside potential in case of an operational improvement. We are not satisfied with the fund's performance so far this year. We are consistently pushing ahead the broader positioning of the portfolio towards solid Swiss companies with above-average balance sheet quality. Attractive opportunities for this are sufficiently available on the Swiss stock market.

Sustainability

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).

Brief profile
Domicile of fund CH
Legal form Contractual investment fund
Investment universe Small & Mid Caps Switzerland
Investment manager AMG Fondsverwaltung AG, Zug
Management company LLB Swiss Investment Ltd, Zurich
Custodian bank Bank J. Safra Sarasin Ltd, Basel
Launch date 15.11.2004
Recommended investment horizon 5 years
Reference currency CHF
ISIN / Bloomberg-Ticker CH0019597530 / AMGSSCH SW
Distributions distributing (Dividend & Capital Gain )
Subscription and redemption daily (cut-off 09.00 CET)
Performance Fee 8% over 2% Hurdle, with High Water Mark
High Water Mark and Hurdle CHF 1’843.18
Tax transparency CH, AT
Tax status Germany Equity fund pursuant to InvStG with
partial exemption
Registered for public distribution CH

Gebührenstruktur

Subscription and redemption fee none
Management fee p.a. 1.00%
Total expense ratio p.a. (per 30.06.2021; TER, before profit sharing) 1.19%
Distributions to fund investors
Date Gross dividend (subject to VAT) Capital (without VAT deduction) Total dividend (gross)
05.07.2017 - 100 100
21.03.2018 - 100 100
20.03.2019 - 40 40
18.03.2020 6 34 40
27.04.2021 - 40 40
Performance overview and key figures
Duration Fund
1 month -0.1%
3 months -4.9%
12 months -0.4%
3 years p.a. 2.8%
5 years p.a. 0.3%
since inception p.a. 8.8%
Year
2021 -0.4%
2020 -0.9%
2019 9.8%
2018 -15.2%
2017 10.3%
since inception 321.8%

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 13.8%
Sharpe ratio (-0.72% Risk free rate) 0.08
Beta (vs. SPI Small & Mid Cap TR Index) 0.57

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