Bellevue AI Health (Lux)
Healthcare systems will benefit from the huge pools of data that have been built up over decades
GenAI will be a relevant driver of shareholder value
Sweet spot: Well-capitalized companies with strong AI capabilities
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU2721085954
The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. Its focus is on liquid mega and large caps, with modest allocation to mid cap stocks. In addition to fundamental aspects ranging from valuation and growth profiles to profitability, a proprietary «AI Affinity Score» is used to determine how attractive a company is from an AI perspective. The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.
Indexed performance (as at: 15.05.2024)
NAV: USD 139.10 (13.05.2024)
Cumulative performance (14.05.2024)
I-USD | Benchmark | |
1M | 4.90% | 4.22% |
YTD | 7.86% | 6.21% |
1 year | n.a. | n.a. |
Since Inception | 11.74% | 10.91% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PriceWaterhouseCoopers |
Launch date | 30.11.2023 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2721085954 |
Valor number | 130854604 |
Bloomberg | BAIHXIU LX |
WKN | A3E1ZU |
Total expense ratio (TER) | 1.36% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Portfolio
Top 10 positions
Geographic breakdown
Benefits & Risks
Benefits
- GenAI is speeding up the process of digitization and automation across the healthcare system.
- GenAI can enhance patient care, simplify processes and procedures, and lead to better decisions.
- Companies that use or provide GenAI tools for healthcare-relevant purposes will gain a sustainable competitive advantage.
- Shareholder value creation will largely be determined by a company’s AI strategy and its execution.
- Bellevue – a pioneer in healthcare investing since 1993 and now one of the largest independent investors in the healthcare space in Europe.
Risks
- The fund actively invests in equities. Stocks are subject to price fluctuations, so there is a risk of falling prices.
- The investments the fund makes may be denominated in foreign currency, which can entail a foreign-exchange risk relative to the fund's base currency.
- The fund may invest some of its assets in financial instruments that may have relatively low levels of liquidity under certain circumstances, which may then affect the liquidity of the fund’s own shares.
- There are additional risks in the form of political and social unrest when investing in emerging markets.
- The fund may use derivatives. Derivatives offer greater upside potential yet also carry greater downside risk.
Review / Outlook
Stock markets worldwide came under selling pressure, leading to negative monthly returns for major large-cap indexes such as the S&P 500 (-4.1%), the MSCI World (-3.7%) and the Nasdaq 100 (-4.4%). Small caps as measured by the Russell 2000 (-7.0%) were even weaker.
The broad healthcare sector tracked by the MSCI World Healthcare Index (-4.4%) declined roughly in line with the total market but slightly more than the tech sector. The Bellevue AI Health Fund (-3.8%) also closed April in negative territory but still managed to outperform its benchmark.
BioPharma (57.9% weighting at the end of the month) had a negative impact of 1.4% on absolute performance and a positive impact of 0.2% on relative performance. AstraZeneca (+11.9%), Daiichi Sankyo (+7.5%), Novo Nordisk (+1.1%) and Eli Lilly (+0.4%) were performance drivers, while Regeneron (-7.5%) and Roche (-5.7%) detracted from performance. AstraZeneca beat consensus sales and profit estimates by a comfortable margin, mainly thanks to Farxiga (cardiology), Symbicort (asthma, COPD) and Tagrisso (lung cancer). Enhertu, a cancer drug being co-developed by AstraZeneca and Daiichi Sankyo, demonstrated a statistically significant improvement in progression-free survival in certain types of metastatic breast cancer in the DESTINY-Breast06 Phase III trial. Daiichi Sankyo’s quarterly results also beat investor expectations. Roche published disappointing quarterly results and Regeneron's shares sold off after the US DOJ (Department of Justice) accused the company of overcharging Medicare for Eylea (a treatment for macular edema).
Medtech companies (23.8%) had a negative impact of 1.3% on absolute performance and a positive impact of 0.2% on relative performance. While ResMed (+8.1%), Boston Scientific (+4.9%) and Insulet (+0.3%) made positive contributions to performance, GE Healthcare (-16.1%) and Intuitive Surgical (-7.1%) had a negative impact. Boston Scientific pleased investors by reporting surprisingly strong organic sales growth for the first quarter and revising its sales guidance for 2024 sharply higher. ResMed, a company focused on sleep apnea and respiratory conditions, surprised investors by reporting significantly higher sales of respiratory devices and CPAP masks in the US. GE Healthcare, the market leader for AI-powered medical imaging and diagnostics, presented disappointing results for the first quarter, but its financial results should bounce back quickly.
Healthcare services (11.2%) made a negative contribution of 0.2% to absolute performance and a positive contribution of 0.4% to relative performance. Elevance (+1.9%), a US health insurer focused on employer-sponsored plans that is overweighted in the fund's portfolio, beat expectations for Q1 profits and increased its full-year profit guidance for 2024. UnitedHealth (-2.2%) weighed on performance after disappointing reimbursement rates for Medicare Advantage health insurance plans in 2025 were announced.
Tech exposure (5.3%), which includes tech companies from both the healthcare and IT industries, had a negative impact of 0.5% and 0.4%, respectively, on absolute and relative performance. Veeva Systems (-14.3%), Oracle (-9.1%) and Microsoft (-7.5%) retreated in the face of rising bond yields and detracted from performance. The sudden resignation of Veeva’s CFO after serving the company for four years dragged down its shares, too, but the company did confirm its previous guidance for the current financial year. All performance data in USD / B shares.
Already today medications are being developed more quickly and with better rates of success, for example, new diagnostic and treatment methods are producing better clinical outcomes, and GenAI is helping medical professionals make better and more informed decisions. We focus on healthcare companies that have made GenAI a core element of their business strategy and that are investing substantial resources in this technology to gain a lasting competitive advantage and achieve superior value growth. The technology risk here is more calculable than in other industries because healthcare is such a heavily regulated industry.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less