Investments in the 45 most attractive healthcare stocks worldwide, regionally diversified and across sub sectors
Profiting from pent-up demand in Emerging Markets as well as from innovation in industrialized countries
Strong focus on quality mid caps and underweight in pharma stocks
Indexed performance (as at: 25.03.2025)
NAV: USD 238.70 (24.03.2025)
Rolling performance (25.03.2025)
| I-USD | Benchmark | |
| 24.03.2024 - 24.03.2025 | -0.66% | 1.57% |
| 24.03.2023 - 24.03.2024 | 6.49% | 14.60% |
| 24.03.2022 - 24.03.2023 | -12.92% | -4.79% |
| 24.03.2021 - 24.03.2022 | 3.10% | 15.34% |
Annualized performance (25.03.2025)
| I-USD | Benchmark | |
| 1 year | -0.66% | 1.57% |
| 3 years | -2.70% | 3.48% |
| 5 years | 7.59% | 12.44% |
| Since Inception p.a. | 8.01% | 9.93% |
Cumulative performance (25.03.2025)
| I-USD | Benchmark | |
| 1M | -0.90% | -0.41% |
| YTD | 2.76% | 6.63% |
| 1 year | -0.66% | 1.57% |
| 3 years | -7.88% | 10.82% |
| 5 years | 44.15% | 79.70% |
| Since Inception | 90.96% | 121.46% |
Annual performance
| I-USD | Benchmark | |
| 2024 | -0.91% | 1.13% |
| 2023 | -2.96% | 3.76% |
| 2022 | -11.17% | -5.41% |
| 2021 | 5.98% | 19.80% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, medical technology and services companies as well as generics producers that are involved in the development, manufacturing or sale of products and services. Experienced sector specialists focus on profitable companies that have a well-established product portfolio. The fund invests top down in the four regions North America, Western Europe, Emerging Markets and Japan/Oceania. For each of these regions, the most attractive companies are determined based on quantitative and qualitative criteria. The fund seeks to outperform the MSCI World Healthcare Index. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| Auditor | PriceWaterhouseCoopers |
| Launch date | 31.10.2016 |
| 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 | LU1477742818 |
| Valor number | 33635311 |
| Bloomberg | BVBAHIU LX |
| WKN | A2ASDJ |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (28.02.2025, base currency USD)
| Beta | 0.80 |
| Volatility | 13.29 |
| Tracking error | 9.06 |
| Active share | 66.56 |
| Correlation | 0.76 |
| Sharpe ratio | -0.43 |
| Information ratio | -0.76 |
| Jensen's alpha | -6.96 |
| No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 45 most attractive healthcare stocks worldwide.
- Proprietary investment process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices.
- Strong focus on quality mid-caps.
- Bellevue – healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.
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.
- 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.
- 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 engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
As in prior months, there was a large dispersion of performance across MSCI sectors. Consumer staples (+4.9%) was once again strong, followed by real estate (+3.1%). Consumer discretionary (-6.7%) was the weakest sector, followed by communication services (-5.1%).
Within the MSCI World Healthcare Index, there was also a considerable dispersion of monthly performance between subsectors. In somewhat of an reversal of the prior month, biotechnology (+6.3%) was the best performing subsector in the month, followed by pharmaceuticals (+5.0%), medtech (-0.3%), healthcare services (-4.5%), and life science tools (-11.3%). From a geographical point of view, European healthcare performed best (+3.2%), followed by the US (+1.0%) and emerging markets (+0.5%). The performance of Asian healthcare (-2.2%) was disappointing in February.
Within the fund, the strongest absolute performance was reported during the month from Akeso (+20.1% in USD; AK112 progress). On the other hand, the most negative absolute performance was seen for Cochlear (-19.2%; week FY2024 results and 2025 guide).
Dokumente
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Portfolio Manager
Christian Lach
After working as a member of the Management Team BB Biotech/BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was portfolio manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as portfolio manager of the funds Bellevue Healthcare Strategy/Sustainable and Bellevue Obesity Solutions. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).
Portfolio Manager
Oliver Kubli
Oliver Kubli joined Bellevue Asset Managment in 2015 and is lead portfolio manager of the Bellevue Asia Pacific Healthcare fund and portfolio manager of the Bellevue Emerging Markets Healthcare and Bellevue Healthcare Strategy/Sustainable funds. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.
Lead Portfolio Manager
Terence McManus
Dr Terence McManus joined Bellevue Asset Management in 2022 and is lead portfolio manager of the funds Bellevue Diversified Healthcare, Bellevue Healthcare Strategy/Sustainable and portfolio manager of the Bellevue Obesity Solutions fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.
Portfolio Manager
Christian Lach
After working as a member of the Management Team BB Biotech/BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was portfolio manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as portfolio manager of the funds Bellevue Healthcare Strategy/Sustainable and Bellevue Obesity Solutions. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).Portfolio Manager
Oliver Kubli
Oliver Kubli joined Bellevue Asset Managment in 2015 and is lead portfolio manager of the Bellevue Asia Pacific Healthcare fund and portfolio manager of the Bellevue Emerging Markets Healthcare and Bellevue Healthcare Strategy/Sustainable funds. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.Lead Portfolio Manager
Terence McManus
Dr Terence McManus joined Bellevue Asset Management in 2022 and is lead portfolio manager of the funds Bellevue Diversified Healthcare, Bellevue Healthcare Strategy/Sustainable and portfolio manager of the Bellevue Obesity Solutions fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.Portfolio Manager
Christian Lach
After working as a member of the Management Team BB Biotech/BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was portfolio manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as portfolio manager of the funds Bellevue Healthcare Strategy/Sustainable and Bellevue Obesity Solutions. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).
