Bellevue Biotech (CH)
Biotech sector with sustainable, strong sales and earnings growth thanks to high innovation level
Expiring patents of pharma companies lead to high M&A activity (patent cliff)
Valuations very attractive on historical average over the last 10 years
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. CH0113817065
The Bellevue Biotech fund focuses on the most promising companies in the biotechnology sector. The fund invests in 30 to 50 stocks that have met all of the stringent selection criteria applied by us.
Indexed performance (as at: 14.05.2024)
NAV: CHF 3'204.56 (13.05.2024)
Rolling performance (13.05.2024)
AA-CHF | Benchmark | |
12.05.2023 - 13.05.2024 | -1.75% | 5.33% |
13.05.2022 - 12.05.2023 | 0.51% | 4.73% |
12.05.2021 - 13.05.2022 | -10.10% | -13.73% |
13.05.2020 - 12.05.2021 | 8.49% | 5.67% |
Annualized performance (13.05.2024)
AA-CHF | Benchmark | |
1 year | -1.75% | 5.33% |
3 years | -3.88% | -1.64% |
5 years | 3.00% | 4.44% |
10 years | 3.63% | 6.38% |
Since Inception p.a. | 8.99% | 11.71% |
Cumulative performance (13.05.2024)
AA-CHF | Benchmark | |
1M | 1.10% | 3.92% |
YTD | 3.62% | 8.46% |
1 year | -1.75% | 5.33% |
3 years | -11.21% | -4.84% |
5 years | 15.96% | 24.28% |
10 years | 42.88% | 85.68% |
Since Inception | 221.90% | 349.98% |
Annual performance
AA-CHF | Benchmark | |
2023 | -9.12% | -5.57% |
2022 | -10.36% | -9.88% |
2021 | 4.39% | 2.31% |
2020 | 13.36% | 15.12% |
Facts & Key figures
Investment Focus
The Bellevue Biotech fund focuses on the most promising companies in the biotechnology sector. The fund actively invests in 30 to 50 stocks that have met all of the stringent selection criteria applied by us. These are biotech companies that have specialized in areas such as immunology, virology, neurology, oncology, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | Zürcher Kantonalbank |
Fund Administrator | Swisscanto Fondsleitung AG |
Auditor | Ernst & Young AG |
Launch date | 15.10.2010 |
Year end closing | 30. Sep |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.80% |
Subscription Fee (max.) | 2.50% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | CH0113817065 |
Valor number | 11381706 |
Bloomberg | ADGLBIA SW |
WKN | A1H7EV |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.04.2024, base currency CHF)
Beta | 0.88 |
Volatility | 21.10 |
Tracking error | 6.60 |
Active share | 39.68 |
Correlation | 0.96 |
Sharpe ratio | -0.20 |
Information ratio | -0.32 |
Jensen's alpha | -2.33 |
No. of positions | 65 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- New innovative drugs are powering sustainable momentum in the biotech sector.
- Attractively valued large cap biotechs.
- Expiring pharmaceutical patents trigger a rise in M&A activity.
- Focus on US biotech companies with strong growth potential.
- Bellevue Healthcare team – top-performing pioneer in the management of healthcare portfolios.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- Biotech equities can be subject to sudden substantial price movements owing to market, sector or company factors.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- Investing in emerging markets entails the additional risk of political and social instability.
- The fund may invest a proportion of its assets in financial instruments that might under certain circumstances have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
Review / Outlook
April was a difficult month for both stocks and bonds. A combination of high US inflation and weak US GDP data for the first quarter, which, on closer inspection, revealed that consumer spending was still holding up strong, fanned market fears that central banks would not loosen monetary policy anytime soon. In the healthcare sector, the impact of the shifting interest rate landscape hit rate-sensitive areas such as small-cap stocks the hardest, as evidenced by the Biotech XBI’s sharp decline. M&A activity in the biotech sector continued to pick up in April. Vertex expanded its immunology pipeline by snapping up Alpine Immune for nearly USD 5 bn, giving it access to various investigational therapies for diseases of the kidney. Genmab bought Profoundbio for approx. USD 1.8 bn and will press ahead with the development of its antibody-drug conjugate (ADC) candidates for patients with cancer. The Japanese company Ono Pharmaceuticals acquired Deciphera for almost USD 2.5 bn.
The following stocks made the best contributions to portfolio performance in April: Revolution Medicines shares rose after the company published initial promising data on RMC-6236 at the annual gathering of the American Association for Cancer Research (AACR). The investigational therapeutic was effective in treating specific types of pancreatic adenocarcinoma, colorectal cancer and melanoma, which makes it a very promising treatment for RAS-driven tumors and boosted investor confidence in the company. Intra-Cellular Therapies reported positive results from a late-stage trial of Caplyta, which improved the likelihood that the drug’s label would be expanded for use as an adjunctive treatment for depression. Caplyta achieved a superior reduction in depression scores to placebo as an adjunctive therapy to antidepressants for the treatment of major depressive disorder (MDD). Rovi shares gained on the news that Risvan (risperidone ISM) received FDA approval as a treatment of schizophrenia in adults and the subsequent announcement that the company had signed a contract to manufacture pre-filled syringes for a global pharmaceutical company, sparking speculation that it had won a new contract from a GLP-1 drugmaker.
The following stocks detracted from fund performance: Verve Therapeutics was marked down on to renewed concerns about the safety of one of its clinical trials. The company announced that it was temporarily halting patient enrollment in its Phase Ib clinical trial of VERVE-101 due to the lab test abnormalities observed in one of the six patients treated with the investigational drug. Smaller companies such as C4 Therapeutics, 4D Molecular Therapeutics and Rocket Pharmaceuticals had a negative impact on the fund's performance due to the continued adverse rate environment and macroeconomic factors.
We reduced shareholdings Verve, Apellis and other companies and reinvested the proceeds in AstraZeneca and Moderna, among other companies.
Our stance towards the biotech sector remains positive in view of its strong fundamentals and enticing valuations (average 2024 P/E of 14x and PEG of 1.2 for large caps). These are very attractive multiples compared to historical valuations, and especially when compared to current valuations for the pharma sector (P/E 24x, PEG 2.8) or the S&P Index (P/E 22x, PEG 2.6).
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