The New Capital Swiss Select Equity Fund

Largest position
ams AG

The company

 

Tech company ams AG specialises in consumer electronics and communication devices. One of its most exciting products – a gas sensor – is produced, designed and, since it acquired packing specialist Heptagon last year, packaged by the company. The light and air sensor is precise, non-reflecting and cheap to manufacture.

 

The optical sensor also allows for 3D-sensing and eye recognition, making it a more reliable security mechanism than fingerprint technology. It can also be set to monitor physical states such as heart rate and blood sugar.

 

The company is armed with extensive knowledge, intellectual property and engineering capability, which goes some way to showing why it is the largest-held stock in the fund.

 

Performance

 

Since November 2015, when the share price dropped below CHF 30, ams AG has been the largest held stock in the Fund. Although the price has doubled since then, the company still looks attractive. Beck cites the company’s business model, which targets 30% EBIT margins and delivers strong cash flows. Everke and his management team were aiming for 30% growth per year over the next three years but this has just been put under positive review.

 

The stock valuation is important, too; 18 x P/E or over 14 x EV/EBITDA might give the impression that there is limited upside, but the 30% (or more) top-line growth guidance per annum for the next three years, combined with an even faster-growing bottom line, makes the stock very attractive indeed.

  • Fund details

    Fund manager: Urs Beck

    Inception date: 13 March 2014

    AUM: CHF 122m

    Base currency: CHF

    Price reporting Financial Times, Bloomberg, Micropal, Lipper

    Benchmark/reference index:
    Swiss Performance Index

    Investment manager: EFG Asset Management (UK) Limited

    Subscription/redemption:
    Daily 16.00 (Irish time)

    Accounting period: 30 June

  • Share class details

    Inception date: 13 March 2014

    NAV: CHF 150.35

    Management Fee (pa): 0.70%

    Minimum Investment

    • Initial CHF 5,000,000/Subsequent CHF 1,000,000

    Dividend (for income classes):

    Identifiers

    • ISIN: IE00BJFL7248

    • Bloomberg Code: NCSSEFI ID

ams AG stock performance

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ams AG management

 

The ams AG management team is led by CEO, Alexander Everke, who joined from semiconductor specialist NXP a year ago.

 

He has streamlined the company’s products during this time. Some technologies have been sold and others made stronger with useful acquisitions.

Data as of 30 April 2017