Starke Bilanzen – mehr Innovation
Viele Marktteilnehmer verbinden kleinkapitalisierte Unternehmen mit einem höheren Risiko, dabei sind gerade Nischenunternehmen weniger abhängig von der wirtschaftlichen und politischen Grosswetterlage. Die meisten dieser Hidden Champions sind in Familienhand und fliegen unter dem Radar vieler Investoren und Analysten – obwohl sie meist deutlich schneller wachsen. Noch dazu sind Familienunternehmen «dank der überdurchschnittlich hohen Eigenkapitalquoten von 60% bis 70% nicht auf externe Kreditgeber angewiesen und können in und nach der Krise schneller wieder in Innovationen investieren», erklärt Birgitte Olsen, Portfoliomanagerin bei Bellevue Asset Management.
Ausbau der Marktanteile in der Krise
Selbst während der Pandemie mussten Familienunternehmen ihre strategische Entwicklung nicht auf Eis legen. Damit werden sie stärker und mit höheren Marktanteilen aus der Krise herauskommen. Nach Meinung von Birgitte Olsen ist COVID-19 allerdings nicht die letzte Challenge: «Die Welt dürfte – auch in Hinblick auf Geopolitik und Gesundheit – volatil bleiben, deshalb sind Unternehmen mit soliden Bilanzen gefragt. Dies auch angesichts der künftig eher steigenden Zinsen.»
Das Unternehmen Husqvarna etwa ist weltweit die Nummer eins bei Mährobotern und bei Gartenzubehör. Hierzulande sind die Gartenbewässerungssysteme der Husqvarna-Tochter Gardena sehr bekannt. Beide Segmente wurden durch Corona deutlich beflügelt, da wir alle im Lockdown unser Zuhause verschönern wollten. Für das schwedische Unternehmen sprechen neben der starken Marke die hohe Marge und die Skalierbarkeit des Geschäftsmodells.
Rebound von Value?
Bewertungstechnisch sind Small Caps – ebenso wie der Gesamtmarkt – aus Sicht von Olsen aktuell nicht mehr günstig, da die Kurse 2020 deutlich schneller gestiegen sind als die Gewinne. «Nun müssen die Unternehmen liefern und zeigen, dass sie in diesem Umfeld Cashflow und Gewinne schnell erwirtschaften können», erklärt die Portfoliomanagerin. Erschwerend kommt hinzu, dass manche Sektoren die Umsatzniveaus von 2019 erst wieder 2022 oder 2023 erreichen werden.
Ungeachtet der Impfverzögerungen verbessern sich die makroökonomischen Prognosen für das Weltwirtschaftswachstum im Jahr 2021. Aktuell befinden wir uns in einem interessanten Umfeld, in dem sich aus Value-Investments Profitabilität und Rendite erzielen lässt, wie das das letzte Mal 2016/2017 der Fall war. Mit der Normalisierung der Corona-Situation ist zu erwarten, dass zyklische Aktien am meisten vom positiven Gewinnmomentum profitieren dürften, sprich doppelt so schnell wachsen könnten als defensiv positionierte Firmen. Zusammen mit steigenden Zinsen wird dies in diesem Jahr entscheidend für die Performance sein. Daher sollte sich die Aufstockung von Value-Aktien lohnen. Überhaupt – so das Fazit von Olsen: «Eine Prise Familienunternehmen würde jedem Anleger guttun.»
Über die Autorin:
Birgitte Olsen, CFA, Senior-Portfoliomanagerin Aktien Europa, trat 2008 bei Bellevue Asset Management ein, wo sie die Verantwortung als Portfoliomanagerin europäische Aktien sowie für institutionelle Mandate innehat. Davor war sie über neun Jahre bei Generali Investments in Köln als Stellv. Leiterin für das Portfoliomanagement Aktien Europa zuständig. Als Fund Manager für die Regionen Deutschland und Skandinavien arbeitete sie 1997 und 1998 bei Vontobel Asset Management in Zürich. Birgitte Olsen startete ihre Karriere in der Finanzbranche 1994 als Sell-Side Analyst bei der Bank am Bellevue für die Sektoren Versicherungen und Pharma. Sie hat 1992 ihr Studium in der Vertiefungsrichtung Finanz- und Rechnungswesen an der Universität St. Gallen abgeschlossen.
Für weitere Informationen:
Bellevue Asset Management AG, Seestrasse 16 / Postfach, 8700 Küsnacht/Zürich,
Tanja Chicherio, Tel. +41 44 267 67 09,tch@bellevue.ch
www.bellevue.ch
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03/26/2021
Bellevue Asset Management AG
Familienunternehmen – Gewinner in der Krise
Bellevue Asset Management
Bellevue Asset Management sowie die in Oberursel bei Frankfurt ansässige Schwestergesellschaft StarCapital sind Teil der Bellevue Group, einer unabhängigen, schweizerischen Finanzgruppe, mit Sitz in Zürich und Listing an der Schweizer Börse SIX. Bellevue wurde 1993 gegründet und zählt heute mit verwalteten Vermögen von CHF 10.6 Mrd. zu den führenden Investmentboutiquen in den Bereichen Healthcare-Aktienstrategien, traditionelle und alternative Anlagestrategien.
Disclaimer: Dieses Dokument ist nicht für die Verteilung an oder die Verwendung durch Personen oder Einheiten bestimmt, die die Staatsangehörigkeit oder den Wohn- oder Geschäftssitz an einem Ort, Staat, Land oder Gerichtskreis haben, in denen eine solche Verteilung, Veröffentlichung, Bereitstellung oder Verwendung gegen Gesetze oder andere Bestimmungen verstösst. Die im vorliegenden Dokument enthaltenen Informationen und Daten stellen in keinem Fall ein Kauf- oder Verkaufsangebot oder eine Aufforderung zur Zeichnung von Wertpapieren oder Finanzinstrumenten dar. Die im vorliegenden Dokument enthaltenen Informationen, Meinungen und Einschätzungen geben eine Beurteilung zum Zeitpunkt der Ausgabe wieder und können jederzeit ohne entsprechende Mitteilung geändert werden. Für die Richtigkeit und Vollständigkeit des Inhaltes wird keine Haftung übernommen. Diese Informationen berücksichtigen weder die spezifischen noch künftigen Anlageziele noch die finanzielle oder steuerrechtliche Lage oder die individuellen Bedürfnisse des einzelnen Empfängers. Dieses Dokument kann nicht als Ersatz einer unabhängigen Beurteilung dienen. Interessierten Investoren wird empfohlen, sich vor jeder Anlageentscheidung professionell beraten zu lassen. Die Angaben in diesem Dokument werden ohne jegliche Garantie oder Zusicherung zur Verfügung gestellt, dienen ausschliesslich zu Informationszwecken und sind lediglich zum persönlichen Gebrauch des Empfängers bestimmt. Mit jeder Anlage sind Risiken, insbesondere diejenigen von Wert- und Ertragsschwankungen, verbunden. Bei Fremdwährungen besteht zusätzlich das Risiko, dass die Fremdwährung gegenüber der Referenzwährung des Anlegers an Wert verliert. In diesem Dokument werden nicht alle möglichen Risikofaktoren im Zusammenhang mit einer Anlage in die erwähnten Wertpapiere oder Finanzinstrumente wiedergegeben. Historische Wertentwicklungen und Finanzmarktszenarien sind keine Garantie oder Indikator für laufende und zukünftige Ergebnisse. Die bei Zeichnung oder Rücknahme anfallenden Kommissionen und Gebühren sind nicht in den Performancewerten enthalten. Kommissionen und Kosten wirken sich nachteilig auf die Performance aus. Finanztransaktionen sollten nur nach gründlichem Studium des jeweils gültigen Prospektes erfolgen und sind nur auf Basis des jeweils zuletzt veröffentlichten Prospektes und vorliegenden Jahres- bzw. Halbjahresberichtes gültig. Die Bellevue Funds (Lux) SICAV ist in der Schweiz zum öffentlichen Anbieten und Vertreiben zugelassen. Vertreter in der Schweiz: ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zürich, Zahlstelle in der Schweiz: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich. Die Bellevue Funds (Lux) SICAV ist in Österreich zum öffentlichen Vertrieb berechtigt. Zahl- und Informationsstelle: ERSTE BANK der österreichischen Sparkassen AG, Am Belvedere 1, A-1100 Wien. Die Bellevue Funds (Lux) SICAV ist in Deutschland zum öffentlichen Vertrieb berechtigt. Zahl- und Informationsstelle: ACOLIN Europe GmbH, Reichenaustrasse 11a-c, D-78467 Konstanz. Die Bellevue Funds (Lux) SICAV ist im Register der CNMV für ausländische, in Spanien vertriebene Kollektivanlagen, unter der Registrierungsnummer 938, eingetragen. Vertretung: atl Capital, Calle de Montalbán 9, ES-28014 Madrid. Prospekt, Key Investor Information Document (“KIID”), Statuten sowie Jahres- und Halbjahresberichte der Bellevue Fonds luxemburgischen Rechts können kostenlos beim oben genannten Vertreter sowie bei den genannten Zahl- und Informationsstellen oder bei Bellevue Asset Management AG, Seestrasse 16, CH-8700 Küsnacht angefordert werden. Mit Bezug auf die in oder von der Schweiz aus vertriebenen Fondsanteile sind Erfüllungsort und Gerichtsstand am Sitz des Vertreters begründet.
