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Half-year report 2022
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shareholder letter

Bellevue reports a market-induced decline in net profit for the first half to CHF 14.3 mn

Client base stable thanks to acknowledged investment expertise
Client base stable thanks to acknowledged investment expertise
Almost every area of Bellevue’s business activities was exposed to the general market sell-off during the first six months of the year. This led to a market-induced decline in assets under management of more than CHF 2.8 bn during the reporting period. Alone the rate hike announced by the Swiss National Bank on June 16 lowered the valuation of assets under management by more than CHF 400 mn. Thanks to Bellevue’s proven investment expertise and the long-term horizons of its loyal and long-standing investors, the broadly diversified client base has so far remained very stable.

Bellevue is confident that health and healthcare stocks will remain a mega trend. As a specialized asset manager, Bellevue has an excellent position in the attractive healthcare sector

André Rüegg

Chief Executive Officer

Key figures

Client assets

(in CHF bn)

9.6

12.8
31.12.2021
9.6
H1 2022

Net new money

(in CHF mn)

-326

682
H1 2021
-326
H1 2022

Revenues from asset management services

(in CHF mn)

54.1

70.4
H1 2021
54.1
H2 2022

Income financial investments1)

(in CHF mn)

-8.7

3.0
H1 2021
-8.7
H1 2022
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Operating profit (EBTDA)2)

(in CHF mn)

19.1

33.0
H1 2021
19.1
H1 2022

Group net profit

(in CHF mn)

14.3

22.5
H1 2021
14.3
H1 2022

Cost Income ratio (CIR)

(in %)

59.1

55.2
H1 2021
59.1
H1 2022

Return on Equity3)

(in %)

25.2

38.6
2021
25.2
H1 2022
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1) Consists of CHF 4.0 million loss on investments in own products and CHF 4.7 million on financial investments to fulfill participation programs

2) Earnings before taxes, depreciation and amortization

3) Based on reported net profit and average equity for the preceding 6-month period after distribution of the respective dividends

Source: Bellevue Group, as at June 30, 2022

Developments
Mixed results for H1 2022
  • Market related decline in AuM base accentuated by sharp focus on growth
  • Temporary erosion of earnings power cushioned by highly elastic cost base (entrepreneurial compensation model)
  • Very stable client base as a promising foundation for future growth
Developments
Consistent strategy execution
  • Strategic profile and positioning as a pure, specialized asset manager consistently realized
  • Further development of proven business model with a clear focus on quality and innovative offering as well as the growth of  our international client network
  • Ongoing product review to create space for new ideas
Developments
Simplified and stronger platform
  • Strong and flexible organization, sound capital base ensure
    a high level of efficiency
  • Targeted investments in new talent and infrastructure strengthen our competitive position
  • Corporate responsibility, sound governance and a clear focus on ESG build trust

Investor presentation

The exceptionally difficult and progressively more challenging market environment witnessed during the first half of 2022 also created strong headwinds for Bellevue Group and left a mark on its operating performance. The detailed figures on the half year results can be found in the presentation.

Get the detailed figures
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