«strong balance sheets are the best medicine»

«Strong balance sheets are the best medicine»

May 2021

For professional investors only

Marketing document

2

Disclaimer

This marketing communication relates to BB Entrepreneur Europe, BB Entrepreneur Europe Small, BB Entrepreneur Swiss Small &

Mid, subfunds of Bellevue Funds (Lux), an Umbrella UCITS-SICAV governed by the Luxembourg law registered for distribution in

Germany, Austria, Luxembourg, Spain and United Kingdom. In Switzerland, the subfunds are authorized and regulated by the Swiss

Financial Market Supervisory Authority (FINMA). This presentation is only intended for professional investors only in Austria, Germany,

Luxembourg, Spain and United Kingdom and Swiss Qualified Investors.

This marketing communication also refers to BB Entrepreneur Switzerland, a contractual investment fund governed by Swiss law and is

intended for qualified investors in Switzerland.

The above mentioned Luxembourg-based subfunds and Swiss funds are referred as "BB Entrepreneur Funds" in this presentation.

3

Market Update & positioning

1

4

1/2 1/2

2 years of SMid cap underperformance revertedMarket update & positioning

Indexed performance (EUR)

Past performance is not a reliable indicator of future results and can be misleading. The performance of a benchmark shall not be indicative of past or

future performance of any subfund.

Source: Bloomberg; Note: data as per April 30, 2021

Rel. P

erf. 1

yr

rollin

g(in

%)

1 yr rolling performance Small vs. total market (rhs)

0

50

100

150

200

250

300

350

400

450

Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20

MSCI Europe Net TR MSCI Europe Small Net TR

-20%

-10%

0%

10%

20%

30%

40%

5

1/2 1/2

Growth vs. Value – Performance Gap shrinking since OctoberMarket update & positioning

Indexed performance (in EUR) - MSCI Europe Growth vs. Value

Ytd +9.7%

Ytd +15.2%

Past performance is not a reliable indicator of future results and can be misleading. The performance of a benchmark shall not be indicative of past or

future performance of any subfund.

Source: Bloomberg; Note: data as per May 18, 2021

60

80

100

120

140

160

180

May-16 Oct-16 Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 Jul-20 Dec-20 May-21

MSCI Europe Value MSCI Europe Growth

6

1/2 1/2

Growth vs Value – Quo Vadis?

▪ Cyclical economic recovery expected in 2021/2022, world wide GDP’21e +6%

▪ Strong fiscal stimulus leads to pent-up demand for private consumption and business investment.

Reflation, rising interest rates from historical low levels and higher inflation expectations

▪ European indices being more cyclical should benefit most from the positive momentum

▪ Large valuation discrepancy Growth vs. Value, both at index level and at sector level, industry sector 12M

FY PE ranges from 32.3x to 12.7x

▪ Q1 2021 results surprised positively despite further lock downs in Europe. EPS in past 4 weeks revised up

ca. 5%. No positive market reaction similar to Q4

▪ COVID-19 reopening not a linear development but V-Shaped recovery confirmed

Market update & positioning

Conclusion: Opportunity to selectively complement exposure with value / cyclicals

7

Value, GARP and High Growth exposure

▪ TL5, TF1, Ipsos

▪ Ceconomy, Cewe

▪ CAF, Sulzer, Wärtsila

▪ Cargotec

▪ …

▪ Bakkafrost, Marr

▪ Nexans, Subc7

▪ Sopra Steria, Alten, SotwareOne

▪ Rovi, Arjo

▪ …

Value

approx. 42% of the portfolio

GARP



▪ Invisio

▪ Zur Rose, Polypeptide

▪ VAT, ASM Int.

▪ Swissquote

▪ …

High Growth


BB Entrepreneur Europe Small

Source: Bellevue Asset Management, Bloomberg, data as per February 28, 2021

Note: GARP = Growth at a reasonable price

8

Value, GARP and High Growth exposure

▪ Publicis, M6, Pro7, ITV

▪ Swatch

▪ Mediobanca, CA, Catalana Occidente

▪ …

▪ ABI, Carlsberg, Campari, Pernod

▪ J. Martins, Carrefour

▪ GN Store, Synlab, Merck KGaA

▪ Sopra Steria, Alten

▪ …

Value


GARP



▪ In Post

▪ Worldline

▪ ASM Int.

▪ …

High Growth


BB Entrepreneur Europe

Source: Bellevue Asset Management, Bloomberg, data as per February 28, 2021

Note: GARP = Growth at a reasonable price

9

Investment cases

2

10

2/3 1/3

Investment cases

Rerating potential as growth resumes

Founded 1975

Domicile France

Employees 18’400

Voting rights 19% - Didier Truchot

Market cap EUR 1.2 bn

Ipsos

▪ Return to 3% trend growth in sight: marketing spend

bouncing back, higher cyclicality of survey based

research, 25% exposure to digital/new services

▪ Increasing weight of online data collection + 2020

costs cutting becoming recurring = 2020 EBIT margins

preserved at 10% and more operating leverage ahead

▪ Large consumer pent-up demand a driver of marketing

spend

▪ At 9x 2021 EPS and 9% FCF yield, 10% upside to

2020 & 2021 EPS consensus

Facts & figures

Investment case

Didier Truchot, Founder and CEO

Source: Ipsos, Bellevue Asset Management

Didier Truchot founded the

company as a startup and grew it

to the third largest market

research company in the world.

He holds 10.5% of the share

capital and 18.8% of the voting

rights.

Changing client mix reflecting growing digital offering, Google is now Ipsos n°1 client

11

2/3 1/3

Investment cases

From offshore Oil to offshore Wind

Founded 2002

Domicile Norway

Employees 9’800

Voting rights 24.5% - Kristian Siem founder via

Siem Industries

Market Cap EUR 4.3 bn

Subsea7

▪ Diversified exposure to oil, gas and wind markets.

Consistent success in renewables, representing 30%

of backlog today

▪ Successful transformation into a relevant offshore

Wind EPCI. Renewable revenues >USD 1 bn 2021

▪ 2021 macro tailwind from conventional business as

oil projects come back after years of underinvestment

▪ Strong balance sheet, good cash flow generation

Facts & figures

Investment case

Full-service offering across the energy lifecycle

Source: Subsea7, Bellevue Asset Management, GWEC, Fearnley

Note: EPCI = Engineering, Priocurement, Construction and Installation

Offshore Wind – to grow 6x from 2020 to 2030

12

2/3 1/3

Investment cases

Urban Mobility - a trend!

Founded 1987, IPO 2016

Domicile Austria (Swiss listing)

Employees 4’300

Voting rights Stefan Pierer 61%

Market cap CHF 1.7 bn

Pierer Mobility

Source: Pierer, Bellevue Asset Management

Strong brands and technological leadershipFacts & figures

Investment case

▪ Leading European manufacturer of powered two-

wheelers, especially in the premium segment,

CHF 1.5bn sales

▪ Structural growth trend accelerating after COVID-19

as consumers favour private vs. public urban

transportation. Leisure wheelers also in strong

demand (staycation)

▪ Product portfolio expansion with E-Bikes

▪ Double digit revenue growth and improving

profitability should lead to 3y EPS CAGR > 30%

13

2/3 1/3

Investment cases

Professional hearing protection

Founded 1999

Domicile Denmark

Employees 101

Voting rights Novo holdings >11%

Market cap SEK 9.2 bn

Invisio

▪ Global market leader in advanced communication and

hearing protection systems for noisy and mission

critical environments

▪ High barriers to entry, «winner takes it all» profile, long

qualification and testing times. Multi year contracts.

9% penetration yet

▪ Acquisiiton of Racal acoustics offering synergies and

cross selling poential

▪ Sales growth >20% p.a. for the next 3 years. Strong

cash flow generation, ROIC 28%

Facts & figures

Investment case

Novo Nordisk via Novo holdings(USD 7.5 Mrd.) holds >11% of Invisio

Source: Invisio, Bellevue Asset Management

Headsets based on bone conduction technology

14

Positioning and performance overview

3

15

Positioning and performance overviewBB Entrepreneur Europe Small (Lux) Fund

16

BB Entrepreneur Europe Small (Lux) Fund

Performance vs. Benchmark

Source: Bellevue Asset Management, data as of April 30, 2021 | *MSCI Europe ex UK Small since 18.05.15, MSCI Europe Small until 15.05.15

BB Entrepreneur Europe Small | I | EUR 12.9%

Benchmark* 12.9%

Performance YTD

90

95

100

105

110

115

01.2021 02.2021 03.2021 04.2021

BB Entrepreneur Europe Small | I | EUR

Benchmark*

Annual performance

2016 2017 2018 2019 2020 YTD

Fund - 29.8% -28.5% 28.3% 16.3% 12.9%

BM - 20.3% -15.8% 28.5% 11.7% 12.9%


Benchmark* 34.7%

Performance 3Y

50

70

90

110

130

150

04.2018 04.2019 04.2020 04.2021


Benchmark*

Cumulative performance

mtd 1y 3y 5y ITD

Fund 3.8% 52.6% 20.8% 78.4% 229.5%

BM 3.7% 53.4% 34.7% 79.1% 226.2%


Benchmark* 226.2%

Performance since launch

70

120

170

220

270

320

370

06.2011 06.2014 06.2017 06.2020


Benchmark*

Annualized performance

1y 3y 5y ITD

Fund 52.6% 6.5% 12.3% 12.9%

BM 53.4% 10.4% 12.3% 12.8%

Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of

exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. All performance figures reflect the

reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a

negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up

to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference

benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable

indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base

currency in %, calculated by the total return / BVI method.

16

17

Performance attribution YTD - contribution top 10 active OW / UWBB Entrepreneur Europe Small (Lux) Fund

Source: Lipper / Refinitiv, Bellevue Asset Management, data as of April 30, 2021

659 bps positive

contribution

-131 bps negative

contribution

TOP 10 OVERWEIGHTINGS END OF PERIOD

Name wp [%] wb [%] contribution [bps]

ARJO AB - B SHARES 3.53 0.19 90

LABORATORIOS FARMACEUTICOS R 3.31 0 73

SOPRA STERIA GROUP 3.33 0.27 51

FAURECIA 2.9 0 16

MEDIASET ESPANA COMUNICACION 2.95 0.09 67

CARGOTEC OYJ-B SHARE 3.04 0.21 92

WARTSILA OYJ ABP 2.83 0 58

SWISSQUOTE GROUP HOLDING-REG 2.84 0.12 110

BUZZI UNICEM SPA 2.85 0.22 45

IPSOS 2.58 0.14 57

TOP 10 UNDERWEIGHTINGS END OF PERIOD


IMCD NV 0 0.72 -11

EURONEXT NV 0 0.69 -2

SIG COMBIBLOC GROUP AG 0 0.68 -6

GETINGE AB-B SHS 0 0.67 -25

AERCAP HOLDINGS NV 0 0.66 -17

SIGNIFY NV 0 0.63 -19

INDUTRADE AB 0 0.62 -14

EMBRACER GROUP AB 0 0.62 -16

METSO OUTOTEC OYJ 0 0.61 -9

TRELLEBORG AB-B SHS 0 0.55 -12

18


Top 10 positions

Source: Bellevue Asset Management, data as of April 30, 2021

Holding Sector Country/Region %

Arjo Healthcare Sweden 3.5 %

Sopra Steria IT France 3.3 %

Laboratorios Rovi Healthcare Spain 3.3 %

Cargotec Industrials Finland 3.0 %

Mediaset Espana Communication Services Spain 2.9 %

Faurecia Consumer Discretion. France 2.9 %

Buzzi Unicem Materials Italy 2.8 %

Swissquote Financials Switzerland 2.8 %

Wartsila Industrials Finland 2.8 %

Ipsos Communication Services France 2.6 %

For illustrative purposes only. Holdings and allocations are subject to change. For more information about the risks please refer to the relevant section of this presentation and the

Fund documents.

18

19


Subsector- and country allocation


Sector breakdown

4,1%

2,4%

6,5%

7,8%

7,9%

9,5%

10,2%

10,4%

15,8%

25,6%

Cash

Energy

Materials

Consumer Staples

Financials

Healthcare

Communication Services

Consumer Discretion.

IT

Industrials

Country breakdown

4,1%

1,3%

1,6%

1,7%

2,1%

6,6%

7,0%

7,4%

11,7%

11,7%

11,9%

15,8%

17,2%

Cash

Austria

Portugal

Denmark

Netherlands

Norway

Italy

Finland

Sweden

Germany

Spain

Switzerland

France


Fund documents.

19

20

1/4 1/4 1/4 1/4

Market cap bias vs. benchmarkBB Entrepreneur Europe Small (Lux) Fund

Market cap portfolio vs. benchmark

40% exposure in the fund to companies with a market cap of less than EUR 2bn


Fund documents.


10,4%

19,1%

52,8%

17,7%

14,8%

25,1%

43,5%

12,6%

0% 10% 20% 30% 40% 50% 60%

0 - 1bn

1 - 2bn

2 - 5bn

5 - 15bn

Portfolio MSCI Europe (ex UK) Small

21


Strong balance sheets are the best medicine

Note: Benchmark MSCI Europe Small ex UK, data as of March 31, 2021


Net Debt / EBITDA

Total Debt / Equity

Return on Invested Capital

Po

rtfo

lio

Ben

chm

ark

1.1x 77.9% 7.3%

1.4x 95.3% 5.9%

22

Liquidity profileBB Entrepreneur Europe Small (Lux) Fund

Source: Bellevue Asset Management, Bloomberg, BB Entrepreneur Europe Small Portfolio, March 31, 2021

Share of portfolio liquidated

Part* < 1 day < 2 days < 7 days

15% 45.3% 62.9% 91.7%

20% 52.4% 70.4% 94.2%

25% 58.3% 76.8% 95.5%

30% 62.9% 81.0% 96.1%

*Participation rate in percent of the average daily trading volume

76.8% of the BB Entrepreneur Europe Small portfolio

could be liquidated within two trading days with a

participation rate of 25% of the average daily trading

volume

Liquidity metrics are based on the average daily trading volume over the last 90 days


23


Sustainability profile based on MSCI ESG research

Norms-based exclusion of breaches

Carbon risk (T CO2E/$M Sales)

ESG approach

MSCI ESG rating (CCC - AAA)CO2

Very High High Moderate Low Very Low CCC B BB BBB A AA AAA

ESG Integration

ESG Engagement x

ESG Best-in-Class

Proxy Votingx

xUN Global Compact

UNGPs (Human Rights)

ILO Standards

Controversial weaponsx

x

x

x

UNGP: UN Guiding Principles on Business and Human Rights

ILO: International Labour Organization’s set of standards

Source: MSCI ESG Research, Bellevue Asset Management, data as of March 31, 2021

Note: ESG data is for information purposes only, benchmark = MSCI Europe Ex UK Small Cap, MSCI ESG Rating Fund Coverage 90%

https://www.bellevue.ch/en/corporate-information/nachhaltigkeit


Fund

(244.5 tons)

Benchmark

(121.8 tons)

Fund

(ESG Quality Score 6.8/10)

Benchmark

(ESG Quality Score 7.2)

EU SFDR 2019/2088 product category: Article 8

24

Positioning and performance overviewBB Entrepreneur Europe (Lux) Fund

25

BB Entrepreneur Europe (Lux) Fund

Performance vs. Benchmark


BB Entrepreneur Europe | I | EUR 12.0%

DJ Stoxx 600 10.6%

Performance YTD

90

95

100

105

110

115

01.2021 02.2021 03.2021 04.2021

BB Entrepreneur Europe | I | EUR

DJ Stoxx 600

Annual performance

2016 2017 2018 2019 2020 YTD

Fund - 14.9% -15.2% 21.3% 1.9% 12.0%

BM - 10.6% -10.8% 26.8% -2.0% 10.6%


DJ Stoxx 600 22.5%

Performance 3Y

60

70

80

90

100

110

120

130

04.2018 04.2019 04.2020 04.2021


DJ Stoxx 600

Cumulative performance

mtd 1y 3y 5y ITD

Fund 2.9% 42.5% 13.2% 45.5% 251.8%

BM 2.2% 31.4% 22.5% 46.1% 205.2%


DJ Stoxx 600 205.2%

Performance since launch

90

140

190

240

290

340

390

04.2009 04.2012 04.2015 04.2018 04.2021


DJ Stoxx 600

Annualized performance

1y 3y 5y ITD

Fund 42.5% 4.2% 7.8% 11.0%

BM 31.4% 7.0% 7.9% 9.7%

Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of

exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. All performance figures reflect the

reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a

negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up

to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference

benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable

indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base

currency in %, calculated by the total return / BVI method.

25

26

Performance attribution YTD - contribution top 10 active OW / UWBB Entrepreneur Europe (Lux) Fund

Source: Lipper / Refinitiv, Bellevue Asset Management, data as of April 30, 2021

383 bps positive

contribution

-175 bps negative

contribution

TOP 10 OVERWEIGHTINGS END OF PERIOD


SWATCH GROUP AG/THE-BR 3.63 0.08 46

SOPRA STERIA GROUP 3.35 0.03 56

HUSQVARNA AB-B SHS 3.36 0.05 33

LOGITECH INTERNATIONAL-REG 3.33 0.17 49

WORLDLINE SA 3.22 0.2 14

PUBLICIS GROUPE 2.94 0.13 105

MERCK KGAA 2.9 0.19 11

STORA ENSO OYJ-R SHS 2.6 0.1 13

ASM INTERNATIONAL NV 2.61 0.12 72

INPOST SA 2.51 0.03 -15

TOP 10 UNDERWEIGHTINGS END OF PERIOD


NESTLE SA-REG 0 2.95 -15

ASML HOLDING NV 0 2.34 -69

ROCHE HOLDING AG-GENUSSCHEIN 0 1.97 -3

NOVARTIS AG-REG 0 1.81 11

LVMH MOET HENNESSY LOUIS VUI 0 1.71 -35

SAP SE 0 1.32 -11

UNILEVER PLC 0 1.32 0

LINDE PLC 0 1.28 -14

ASTRAZENECA PLC 0 1.2 -12

HSBC HOLDINGS PLC 0 1.11 -26

27


Top 10 positions


Holding Sector Country/Region %

Swatch Consumer Discretion. Switzerland 3.6 %

Husqvarna Consumer Discretion. Sweden 3.4 %

Sopra Steria IT France 3.3 %

Logitech IT Switzerland 3.3 %

Worldline IT France 3.2 %

Anheuser-Busch INBEV Consumer Discretion. Belgium 2.9 %

Publicis Groupe Consumer Discretion. France 2.9 %

Merck Healthcare Germany 2.9 %

ASM International IT Netherlands 2.6 %

Stora Enso Materials Finland 2.6 %


Fund documents.

27

28


Subsector- and country allocation


Sector breakdown

1,6%

4,0%

4,2%

5,8%

9,5%

11,3%

14,2%

14,7%

17,2%

17,5%

Cash

Materials

Energy

Communication Services

Financials

Healthcare

Consumer Staples

IT

Consumer Discretion.

Industrials

Country breakdown

1,6%

1,6%

2,5%

2,9%

3,3%

4,0%

4,7%

4,8%

5,1%

6,2%

6,7%

8,9%

9,7%

11,0%

26,9%

Cash

Portugal

Luxembourg

Belgium

Italy

Finland

Netherlands

Norway

Spain

Great Britain

Denmark

Switzerland

Sweden

Germany

France


Fund documents.

28

29


Strong balance sheets are the best medicineBB Entrepreneur Europe (Lux) Fund

Note: Benchmark Stoxx 600 Europe, data as per March 31, 2021

Net Debt / EBITDA

Total Debt / Equity

Return on Invested Capital

Po

rtfo

lio

Ben

chm

ark

1.2x 78.8% 7.6%

1.4x 93.3% 7.6%

30


Sustainability profile based on MSCI ESG research

Norms-based exclusion of breaches

Carbon risk (T CO2E/$M Sales)

ESG approach

MSCI ESG rating (CCC - AAA)CO2

Very High High Moderate Low Very Low CCC B BB BBB A AA AAA

ESG Integration

ESG Engagement x

ESG Best-in-Class

Proxy Votingx

xUN Global Compact

UNGPs (Human Rights)

ILO Standards

Controversial weaponsx

x

x

x

UNGP: UN Guiding Principles on Business and Human Rights

ILO: International Labour Organization’s set of standards

Source: MSCI ESG Research, Bellevue Asset Management, data as of March 31, 2021

Note: ESG data is for information purposes only, benchmark = Stoxx Europe 600, MSCI ESG Rating Fund Coverage 98%

https://www.bellevue.ch/en/corporate-information/nachhaltigkeit


Fund

(60.5 tons)

Benchmark

(154.4 tons)

Fund

(ESG Quality Score 7.8/10)

Benchmark

(ESG Quality Score 7.7)

EU SFDR 2019/2088 product category: Article 8

31

Facts & figures / annex

5

32

Facts & figuresBB Entrepreneur Funds

Fund nameBB Entrepreneur

EuropeBB Entrepreneur

Europe SmallBB Entrepreneur Swiss

Small & Mid BB Entrepreneur Switzerland (CH)

Fund domicile Luxembourg Switzerland

Investment manager Bellevue Asset Management

Investment approach Bottom-up Stock Picking, Fundamental Research

Benchmark Stoxx Europe 600 MSCI Europe Small ex UK(until May 18, 2015: MSCI Europe Small)

SPI Extra TR(until Nov 30, 2017: SPI)

SPI

Launch date April 30, 2009 June 30, 2011 November 30, 2016 April 4, 2006

Currency classesEUR (base currency),

CHF, GBP

EUR (base currency),

CHF

CHF (base currency),

EUR

CHF (base currency)

Share classesB/A (acc./distr.),

I (clean fee/acc.)

B (acc.),

I (clean fee/acc.)

B (acc.),

I (clean fee/acc.)

Distribution according to fund

agreement §22 section 2

Management fee

B-shares: 1.60% p.a.

I-shares: 0.90% p.a.

B-shares: 1.60% p.a.*

I-shares: 0.90% p.a.*

*Perf. Fee 10% above BM / with HWM

B-shares: 1.60% p.a.

I-shares: 0.90% p.a.

A-shares: 1.25% p.a

B-shares: 1.25% p.a

I-shares: 0.90% p.a

33

Fund identificationBB Entrepreneur Europe (Lux) Fund

EUR share class ISIN Valor WKN

B-share EUR LU0415391860 3882718 A0RPSJ

I-share EUR LU0415391944 3882723 A0RPSL

AB-share EUR (distributing) LU0810317205 19130581 A1J2U9

CHF share class ISIN Valor WKN

B-share CHF LU0415392082 3882728 A0RPSK

I-share CHF LU0415392165 3882730 A0RPSM

GBP share class ISIN Valor WKN

I-share GBP LU0767970303 18316269 A1JWEB

34

Fund identificationBB Entrepreneur Europe Small (Lux) Fund


B-share EUR LU0631859229 13084212 A1JG2H

I-share EUR LU0631859062 13084174 A1JG2G


B-share CHF LU0631859732 13084217 A1JG2K

I-share CHF LU0631859575 13084214 A1JG2J

35

Fund identificationBB Entrepreneur Swiss Small & Mid (Lux) Fund


B-share EUR LU1477743899 33638251 A2ASDH

I-share EUR LU1477743626 33635332 A2ASDG


B-share CHF LU1477743543 33635331 A2ASDF

I-share CHF LU1477743469 33635329 A2ASDE

Contact

Seestrasse 16

CH-8700 Küsnacht

Tel +41 44 267 67 00

Fax +41 44 267 67 01

E-mail [email protected]

www.bellevue.ch

37

Disclaimer 1/2This marketing communication relates to Bellevue Funds (Lux) (hereinafter the “Fund”), an investment company with variable capital “société à capital variable” (SICAV) under the

current version of the Law of the Grand Duchy of Luxembourg of 10 August 1915 on commercial companies (“Law of 1915”) and is authorized under Part I of the Law of 17

December 2010 relating to undertakings for collective investment (“Law of 2010”) as an undertaking for collective investment (UCITS). BB Entrepreneur Europe is a subfund of

Bellevue Funds (Lux).

This marketing communication is issued by Bellevue Asset Management AG, which is an authorized asset manager subject to the supervision of the Swiss Financial Market

Supervisory Authority (FINMA) and acts as an Investment Manager of the Fund. The Prospectus, statutes, the annual and half-yearly report, the share prices and further information

about the Fund can be obtained free of charge in English and German from the management company of the Fund, Bellevue Asset Management AG, Seestrasse 16, CH-8700

Küsnacht, from the representative, paying, facilities and information agents mentioned below or online at www.bellevue.ch. The Key Investor Information documents are available

free of charge in the languages of the countries of distribution at www.fundinfo.com.

This document is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of any locality, state, country or jurisdiction where such

distribution, publication, availability or use would be contrary to law or regulation. It is particularly not intended for US persons, as defined under Regulation S of the U.S. Securities

Act of 1933, as amended. The information and data presented in this document are not to be considered as an offer to buy, sell or subscribe to any securities or financial

instruments. The information, opinions and estimates contained in this document reflect a judgment at the original date of release and are subject to change without notice. This

information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient and in particular tax treatment depends

on individual circumstances and may be subject to change. This document is not to be relied upon in substitution for the exercise of independent judgment. Before making any

investment decision, investors are recommended to ascertain if this investment is suitable for them in the light of their financial knowledge and experience, investment goals and

financial situation, or to obtain specific advice from an industry professional. The details and opinions contained in this document are not to be considered as recommendation or

investment advice. Every investment involves risk, especially with regard to fluctuations in value and return, and investors‘ capital may be at risk. If the currency of a financial product

is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. Past performance is no indicator for the current or future

performance. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions. Commissions and costs have a

negative impact on performance. For more information about the associated costs, please refer to the related costs and fees section of the prospectus. Any benchmarks/indices

cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of the subfund. The

performance of a benchmark shall not be indicative of past or future performance of the subfund. Financial transactions should only be undertaken after having carefully studied the

current valid prospectus and are only valid on the basis of the latest version of the prospectus and available annual and half-yearly reports. Please take note of the risk factors.

Countries of distribution and local representatives

The Bellevue Funds (Lux) is registered and admitted for public distribution in AT, DE, LU, ES, UK and CH. Austria: Paying and information agent: ERSTE BANK der

oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Germany: Information agent: ACOLIN Europe GmbH, Reichenaustrasse 11a-c, D-78467 Konstanz. Spain:

Representative: atl Capital, Calle de Montalbán 9, ES-28014 Madrid - CNMV under the number 938. UK: The Bellevue Funds (Lux) SICAV is recognised for public offering and

distribution in the United Kingdom. Facilities agent: Financial Express Limited, 3rd Floor, Hollywood House, Church Street East, Woking, Surrey GU21 6HJ. Switzerland: The

Bellevue Funds (Lux) SICAV is registered for public offering and distribution in Switzerland with the Swiss Financial Market Supervisory Authority. Representative agent in

Switzerland: Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne. Paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12,

P.O. Box, CH-8022 Zurich. You can obtain the sales prospectus, Key Investor Information Document (“KIID”), statutes and the current annual and half-yearly reports, the current

share prices and further information about the fund free of charge in German from the management company Bellevue Asset Management AG, Seestrasse 16, CH-8700 Küsnacht,

the representative agent in Switzerland or online at www.bellevue.ch. In respect of the units distributed in or from Switzerland, the place of performance and jurisdiction is at the

registered office of the representative agent.

38

Disclaimer 2/2Copyright©2021 Bellevue Asset Management, Inc. All rights reserved.

Copyright©2021 Morningstar, Inc. All rights reserved.

Citywire information is proprietary and confidential to Citywire Financial Publishers Ltd (“Citywire”), may not be copied and Citywire excludes any liability arising out its use. Lipper

Awards 2021 ©, All rights reserved. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

© 2021 MSCI ESG Research LLC. Reproduced by permission. Although Bellevue Asset Management information providers, including without limitation, MSCI ESG Research LLC

and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or

completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of

merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with

any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any

other damages (including lost profits) even if notified of the possibility of such damages.

The most important terms are explained in the glossary at www.bellevue.ch/en/glossary

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