SVM Value Fund (Switzerland)

SVM Value Fund (Switzerland)
April 2014
Best Fund over 3 years
Equity Switzerland
Best Fund over 3 years
Equity Switzerland
_____________________________________________________________________________________
Fund’s Information
Net asset value
CHF 223.39
Performance since inception
+126.17% incl. dividend*
Total assets
CHF 25.907 millions
Investment Objective and Policy
Investment Adviser’s Report
The investment objective and policy of
the Fund is to achieve above average
capital growth from a portfolio of equities
and equity-related securities selected by
the Investment Adviser’s application of
value-based investment methods.
Market comments: Better than expected company
results and good news on the economy were
overshadowed by renewed tension in Ukraine. Rising
risk aversion was reflected in a rise in the price of
gold and a drop in ten-year sovereign yields. A
significant M&A activity is going on in Europe and in
the USA: Pfizer/Astra Zeneca, GE/Siemens/Alstom,
Holcim/Lafarge and Meda/Mylan, to name the big
deals, a move that will continue due to the high
valuation of many companies. In April, the Swiss
Performance Index (SPI) increased by 1.60% to
8333.70, while the Swiss Market Index (SMI) gained
0.27% to 8476.66. Short term, we remain cautious:
the geopolitical situation in Ukraine is spoiling the
party.
Investment Strategy
Monthly performance
+3.88%
Initial issue price
CHF 100 (15.02.02)
Number of units issued
115’974
Subscription/redemption
Weekly – 12 a.m on Monday
Dividend (last)
CHF 1.79 paid June 17th 2010*
Benchmark
Swiss Performance Index (SPI)
Management fee
Max. 2% p.a.
Subscription/redemption fee
Max. 2% / None
Performance fee
20% over SPI with Highwatermark
Publications
Le Temps
Neue Zürcher Zeitung
Identification numbers
ISIN CH0013610248
TELEKURS 1361024
BLOOMBERG SVMVALU SW.
The Value-based investment method used
by the Investment Adviser aims to identify
companies whose share price stands at a
significant discount to their intrinsic or
fundamental value. The Fund aims to
outperform the Swiss Performance Index
(SPI) and will invest principally in securities
(which will be selected on a value basis
and not a sector basis) included in the
universe defined by the General Swiss
Performance
Index
(SPI),
holding
companies and other companies listed in
Switzerland.
The approach focuses on identifying
undervalued
shares
by
analysing
fundamental value based on companies’
long term growth prospects. This applies to
large as well as medium- and small
companies and well-managed ones in
addition to what would be more
commonly recognised as “recovery”
situations. The Fund will invest with the aim
of medium to long term growth although
short term investment opportunities will
also be considered.
Liquidities
16.97%
Fund Administrator
CACEIS (Switzerland) SA
Nyon
Custodian Bank
Equities
83.03%
EFG Bank Zürich
Audit
KPMG SA
Geneva
Investment Adviser
SVM Pro Performance SA
World Trade Center
Av. Gratta-Paille 2
CH 1018 Lausanne
Tel +41 (0) 21 641 1183
Fax +41 (0) 21 641 1181
E-mail
[email protected]
Website
www.caceis.ch
2.48
General Retailers
2.74
Support services
2.84
Electronic & Elect. Equipment
2.98
Technology Hardware & Equip.
3.02
Health Care Equip. & Serv.
3.31
Financial Services
3.33
Insurances
4.71
Real Estate Investment & Serv.
4.85
8.30
Banks
9.66
Media
11.14
Construction & Materials
16.97
Liquidities
23.67
Industrial Engineering
0 2 4 6 8 10 12 14 16 18 20 22 24 26
Fund comments: For the month under review, the
Net Asset Value increased by 3.88% to CHF 223.39,
over-performing the Swiss Performance Index (SPI)
by 2.28%, and the Swiss Market Index (SMI) by 3.61%.
In April, we increased marginally Cie Financière
Tradition Bs, National Ins. Rs and Zehnder Bs, while
reducing slightly our exposures to: Bobst Rs, and
Publigroupe Rs. Due to the planed merger between
Holcim and Lafarge, our exposure in Holcim Rs has
been sold. The liquidities increased to 16.97% from
11.80% at the end of last month.
Switzerland
Category
Pharmac. & Biotechnology
Fund's allocations
Fund’s domicile
“Securities Investment Funds”
Sector allocation in %
Largest holdings in %
Valartis Group Bs
Bobst Rs
Komax Rs
Kardex Rs
Eastern Property Hold Rs
National Insurance Rs
Bossard Bs
Looser Holding Rs
Arbonia-Forster RS
APG/SGA Rs
8.30
6.05
5.26
5.21
4.85
4.71
4.67
4.40
3.95
3.51
130.00%
125.00%
120.00%
115.00%
110.00%
105.00%
100.00%
95.00%
90.00%
85.00%
80.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
15.02.02 - 30.04.14
SVM Value Fund
SPI
SMI
Performances in %
Net return in %
Apr
2014
+3.88
+1.60
SVM Value Fund
Benchmark (SPI)
Over/Under Perf.
SPI
+2.28
YTD
2014
+9.90
+6.32
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
+21.43
+24.60
+18.51
+17.72
-15.31
-7.72
+23.97
+2.92
+26.12
+23.18
-36.93
-34.05
+2.65
-0.05
+19.48
+20.67
+25.92
+35.61
+19.13
+6.89
+23.81
+22.06
Since
inception
+126.17*
+90.49
+3.58
-3.17
+0.79
-7.59
+21.05
+2.94
-2.88
+2.70
-1.19
-9.69
+12.24
+1.75
+35.68
*including dividend
Additional Data in %
Apr
2014
SVM Value Fund +3.88
SMI
+0.27
Over/Under Perf.
SMI
+3.61
Net return in %
YTD
2014
+9.90
+3.34
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
+21.43
+20.24
+18.51
+14.93
-15.31
-7.77
+23.97
-1.68
+26.12
+18.27
-36.93
-34.77
+2.65
-3.43
+19.48
+15.85
+25.92
+33.21
+19.13
+3.74
+23.81
+18.51
Since
inception
+126.17*
+32.15
+6.56
+1.19
+3.58
-7.54
+25.65
+7.85
-2.16
+6.08
+3.63
-7.29
+15.39
+5.30
+94.02
Since inception: +126.17% in Swiss francs
3 Years
+335.94% in US dollars
+174.26% in Euro
5 years
10 years
140.00%
45.00%
120.00%
120.00%
40.00%
35.00%
100.00%
100.00%
80.00%
30.00%
80.00%
25.00%
60.00%
60.00%
20.00%
15.00%
40.00%
40.00%
10.00%
20.00%
20.00%
5.00%
0.00%
0.00%
SVM Value Fund
SPI
SMI
0.00%
SVM Value Fund
SPI
SMI
SVM Value Fund
SPI
SMI
140.00%
120.00%
SMI
NAV
SPI
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
Febr
2002
Dec
02
Dec
03
Dec
04
Dec
05
Dec
06
Dec
07
Dec
08
Dec
09
Dec
10
Dec
11
Dec
12
Dec
13
"Past performance is not necessarily a guide to future performance."
"Commissions and fees charged, when shares are issued or redeemed, are not included in the performance calculation."
“Prospectuses as well as reports are available free of charge at Caceis (Switzerland) SA, Nyon and at EFG Bank AG, Zürich.“
SVM Pro Performance SA is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA