Funds & Mandates

GMG Fund Swiss Small & Mid Cap

The GMG Swiss Small & Mid Cap Fund invests in a selection of high-quality securities from the universe of Swiss small and mid caps (SPI Extra Index) with a bias towards mid caps.

The selected small cap companies have a market capitalisation of at least CHF 1 billion, which ensures liquidity. There is no compromise on the financial solvency of the selected companies. The outperformance supported by 20 years of experience, reflects the very strong convictions of our managers and analysts, our “value investing” bias and our long-term investment strategy.

We differentiate ourselves through our exceptional network of direct connections with the CEOs and CFOs of our investment universe, which is the source of our historical outperformance.

The fund is ESG standards compliant (see ESG section). The GMG fund prospectus, factsheet, key investor information and annual report may be obtained free of charge on request from the registered office of the fund or of the Management Company, from the distributors of the fund or from the local representative.

Boutique asset managers are more likely to outperform their large rivals when it comes to small and mid cap equity funds

According to a study by Professor Andrew Clare, Cass Business School

Source: GMG Financial, Bloomberg data as at 02/09/2021. The products or services mentioned are provided as general information only and are not intended to provide investment advice or constitute a direct solicitation on the provisions of investments services. Past performance does not necessarily predict or guarantee future results.

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Our Swiss equity mandates invest in a selection of high-quality stocks from the Swiss Performance Index (SPI) with a bias towards large and mid caps. The investment philosophy is based on the real economy, the long-term and a “value investing” strategy.

The portfolio is composed of a selection of around twenty high-quality stocks, reflecting the strong convictions of our managers. The “value investing” management style implies that we buy companies below their intrinsic value, corresponding to the discounting of future cash flows.

In addition, our analysts identify the competitive advantages of companies. The quality and management strategy of these companies are of paramount importance in order to successfully leverage these advantages.

The portfolio therefore favours companies that successfully navigate the various phases of economic cycles, while minimising speculation and aiming to achieve higher returns over the medium and long term.

Our track record demonstrates our outperformance against the Swiss Performance Index (SPI) while maintaining a lower risk than the SPI.

In terms of risk management, the investment restrictions allow the portfolio to over/underweight up to 1.5 times the weight of a security in the SPI (for securities whose weight in the index is greater than 10%).

Competitive advantage

Valorisation, quoted as inferior to intrinsic value

Financial stability, quantitative

Quality of management

Resilience through economic cycles

Our balanced mandates follow our long-term investment philosophy which is based on the real economy and strong convictions with a “value investing” style.

Our outperformance is mainly achieved through asset allocation which is based on our in-depth investment research. Our investment philosophy combines two complementary approaches – asset allocation (Top-Down) and stock selection (Bottom-Up) – but also offers an appropriate balance between active and passive management.

The Top-Down (macro) approach determines both the asset and geographic (global) allocation. Our management strategy favours long-term equity investments in high-quality companies with first-class fundamentals and high asset liquidity. Due to our expertise in Swiss equities, we favour a “stock picking” approach. On the foreign equity side, we believe that stock picking outside Switzerland increases risk more than it increases returns. Therefore, foreign equities are invested in through passive funds and we apply a balance between active and passive management.

Regarding bonds, we invest in very high-quality debtors, since our investment policy and risk control is limited to debtors with a rating above A, in order to avoid any risk on bond investments.

Real estate is represented through a healthy diversification between funds and Swiss real estate equities, but also by investments in top-quality international real estate equities.

The superior results of our balanced mandates come from a balance between active and passive management and our proven stock picking method

Marc-Christian Bollet

GMG’s real estate mandates are distinguished by their track record of transactions in Swiss and foreign real estate (several multi-billion transactions in Swiss francs over the past 20 years). Thanks to this direct investment and development experience in Swiss, European and UK real estate, GMG has a superior level of real estate expertise.

The combination of the knowledge of the Group, through its GMG Real Estate entity, and the experience of the managers of the institutional team in indirect real estate mandates, offers investors an incomparable management proposal. Ongoing contact with our representatives in the field provides a crucial competitive advantage in the management of indirect real estate mandates. Our real estate mandates follow our long-term investment philosophy. It is based on the real economy and on the financial quality of the companies in order to propose regular growth in dividend yields.

Our real estate management is characterised by a healthy diversification between real estate investment funds and Swiss real estate equities, but also by investments in first-class international real estate equities.

Thus, in building the portfolio, our managers invest in both Swiss and foreign equities and real estate funds. This allocation allows the portfolio to benefit from stable dividend yields while also increasing the value of real estate assets and creating wealth over the long term.

The real estate portfolio is composed of a selection of high-quality Swiss and foreign securities, reflecting the strong convictions of our managers. The quality of the dividend, the locations in the real estate portfolio and its segmentation are essential elements in stock selection. Competent management that aims for long-term growth is of paramount importance in any real estate investment.

Finally, the macroeconomic aspect plays an essential role in the analysis of the valuation of real estate securities, since the latter is highly dependent on interest rates, but also on the quality of the tenants.

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    Investment process

    We adopt a long-term investment philosophy, based on the real economy and the strong convictions of our Investment Committee.

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