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
Indexed performance (as at: 28.10.2024)
NAV: CHF 3'399.41 (27.10.2024)
Rolling performance (28.10.2024)
AA-CHF | Benchmark | |
27.10.2023 - 27.10.2024 | 21.98% | 24.10% |
27.10.2022 - 27.10.2023 | -19.82% | -16.59% |
27.10.2021 - 27.10.2022 | -11.13% | -12.65% |
27.10.2020 - 27.10.2021 | 17.15% | 16.44% |
Annualized performance (28.10.2024)
AA-CHF | Benchmark | |
1 year | 21.98% | 24.10% |
3 years | -4.57% | -3.30% |
5 years | 3.43% | 4.32% |
10 years | 1.24% | 3.53% |
Since Inception p.a. | 9.14% | 11.50% |
Cumulative performance (28.10.2024)
AA-CHF | Benchmark | |
1M | 4.18% | 2.02% |
YTD | 9.92% | 11.13% |
1 year | 21.98% | 24.10% |
3 years | -13.09% | -9.58% |
5 years | 18.34% | 23.53% |
10 years | 13.10% | 41.49% |
Since Inception | 241.47% | 361.08% |
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 (30.09.2024, base currency CHF)
Beta | 0.89 |
Volatility | 21.18 |
Tracking error | 6.85 |
Active share | 35.19 |
Correlation | 0.95 |
Sharpe ratio | -0.25 |
Information ratio | -0.37 |
Jensen's alpha | -2.79 |
No. of positions | 67 |
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
As is often the case in September, stock markets were volatile. Mixed data on the US economy early in the month and the escalating conflict in the Middle East caused the most uncertainty. The Fed's 0.5% rate cut and China's sweeping fiscal stimulus program restored investor confidence. Most of the news flow in the healthcare sector was positive. Obesity and obesity-related complications were the main themes at the annual European diabetes conference (EASD). Data from a number of emerging product candidates attracted particular attention. Novo Nordisk's dual agonist amycretin, which targets both GLP-1 and amylin and showed impressive efficacy in early phase trials, stood out here. A slew of encouraging data was presented at the annual World Conference on Lung Cancer (WCLC) and the European Society for Medical Oncology (ESMO) meeting. Summit Therapeutics and Akeso presented promising data in the area of lung cancer (NSCLC) from their trial of ivonescimab, a novel bispecific antibody. If the efficacy is confirmed by future readouts, it could become the new gold standard for NSCLC.
The following stocks made the best contributions to portfolio performance in the month under review: Summit presented surprisingly strong data on ivonescimab (PD-1/VEGF) in advanced non-small cell lung cancer (NSCLC). The drug candidate reduced the risk of disease progression by 49% and almost doubled median progression-free survival compared to Keytruda, the current standard of care for patients with NSCLC. Vaxcyte presented impressive Phase I/II data from its study of VAX-31, a 31-valent vaccine candidate designed to prevent invasive pneumococcal disease (IPD). VAX-31’s safety profile was comparable to the PCV Prevnar 20, the current gold standard, but it demonstrated broader and better efficacy across all 31 serotypes at all doses studied. Travere Therapeutics advanced after receiving full FDA approval of sparsentan in IgA nephropathy, also known as Berger disease. It is the first non-immunosuppressive medication that slows the rate of decline in kidney function in patients with this disease.
The following stocks detracted from fund performance: Ionis traded lower after announcing a public share offering and Apellis sold off after the review committee (CHMP) of the European Regulatory Authority (EMA) confirmed its negative opinion of pegcetacoplan for geographic atrophy, an advanced form of dry age-related macular degeneration (dAMD).
We trimmed shareholdings in Novo, Roche, Moderna and other companies and invested the proceeds in Travere, Innovent and Biontech, for example.
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 1.4 for large caps). These are very attractive multiples compared to historical valuations, and especially when compared to the current valuations for the pharma sector (P/E 20x, PEG 2.3) or the S&P Index (P/E 21x, PEG 2.4).
Dokumente
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