Key Takeaways
- • Bellecapital's Belle Core Europe Eiger Fund, a Zurich-based hedge fund led by Ben Eichenberger, Thomas Fritz, and Pascal Kueenzi, is capitalizing on market volatility in European small-cap and mid-cap equities, particularly in Switzerland, Germany, and the Nordic region.
- • The fund employs a fundamental discretionary long/short equity strategy across all sectors, maintaining a core portfolio of 30-50 positions with a monitored pipeline of additional investment candidates, positioning it to exploit dislocations in undervalued European equities.
- • European equities faced significant headwinds in Q1 2026 and are expected to remain volatile through the remainder of the year; however, management believes broader European themes will ultimately outweigh near-term challenges.
- • The investment team has demonstrated resilience navigating multiple market dislocations since the fund's August 2019 launch, including the COVID-19 pandemic, geopolitical conflicts (Ukraine and Iran), and the 2022-onwards interest rate cycle.
Summary
Market volatility in the first quarter of 2026 has created a challenging environment for European equities, with expectations that turbulence will persist throughout the remainder of the year. Against this backdrop, Bellecapital's Belle Core Europe Eiger Fund views current market conditions not as an obstacle but as a generator of pricing inefficiencies ripe for exploitation.
The fund, based in Zurich, focuses exclusively on European small-cap and mid-cap equities with a geographic emphasis on Switzerland, Germany, and the Nordic countries. Led by Ben Eichenberger, Thomas Fritz, and Pascal Kueenzi—a team with established expertise in small-cap strategies developed during their tenure at Vontobel Asset Management—the Eiger Fund implements a fundamental discretionary long/short equity strategy. The strategy is agnostic to sector, instead identifying companies with high growth potential across the entire investment universe.
The fund's portfolio construction reflects a disciplined approach to position management, typically comprising 30 to 50 core holdings supplemented by what management terms a "farm team" of companies under active evaluation for future inclusion. This structure allows the investment team to maintain conviction in its primary positions while systematically identifying entry points as market dislocations create opportunity.
Since launching in August 2019, the fund has navigated an extraordinarily complex operating environment. The team has successfully managed through the COVID-19 pandemic, geopolitical tensions including the Ukraine conflict and the recent Iran situation, and the aggressive interest rate increases that commenced in 2022. This track record of performance through multiple crisis cycles suggests the team possesses both tactical flexibility and strategic discipline—qualities that appear particularly valuable given current market conditions and the expectation of sustained volatility ahead.
The fund, based in Zurich, focuses exclusively on European small-cap and mid-cap equities with a geographic emphasis on Switzerland, Germany, and the Nordic countries. Led by Ben Eichenberger, Thomas Fritz, and Pascal Kueenzi—a team with established expertise in small-cap strategies developed during their tenure at Vontobel Asset Management—the Eiger Fund implements a fundamental discretionary long/short equity strategy. The strategy is agnostic to sector, instead identifying companies with high growth potential across the entire investment universe.
The fund's portfolio construction reflects a disciplined approach to position management, typically comprising 30 to 50 core holdings supplemented by what management terms a "farm team" of companies under active evaluation for future inclusion. This structure allows the investment team to maintain conviction in its primary positions while systematically identifying entry points as market dislocations create opportunity.
Since launching in August 2019, the fund has navigated an extraordinarily complex operating environment. The team has successfully managed through the COVID-19 pandemic, geopolitical tensions including the Ukraine conflict and the recent Iran situation, and the aggressive interest rate increases that commenced in 2022. This track record of performance through multiple crisis cycles suggests the team possesses both tactical flexibility and strategic discipline—qualities that appear particularly valuable given current market conditions and the expectation of sustained volatility ahead.
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