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: 28.06.2024)
NAV: CHF 3'348.54 (27.06.2024)
Rolling performance (20.06.2024)
AA-CHF | Benchmark | |
20.06.2023 - 20.06.2024 | -1.55% | 7.42% |
17.06.2022 - 20.06.2023 | 6.54% | 10.85% |
18.06.2021 - 17.06.2022 | -22.28% | -25.74% |
19.06.2020 - 18.06.2021 | 11.08% | 11.40% |
Annualized performance (20.06.2024)
AA-CHF | Benchmark | |
1 year | -1.55% | 6.23% |
3 years | -6.57% | -3.92% |
5 years | 1.92% | 4.53% |
10 years | 2.43% | 5.71% |
Since Inception p.a. | 8.99% | 11.80% |
Cumulative performance (20.06.2024)
AA-CHF | Benchmark | |
1M | -0.26% | 2.09% |
YTD | 4.62% | 10.72% |
1 year | -1.55% | 6.23% |
3 years | -18.48% | -11.33% |
5 years | 9.97% | 24.84% |
10 years | 27.16% | 74.35% |
Since Inception | 224.98% | 359.37% |
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 | 64 |
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
It was a positive month for equities despite high US inflation and weak data on the US economy for the first quarter. At second glance, the data showed that consumer spending was holding up well, which, however, pushed the likelihood of an interest rate cut further into the future. Most of the headlines in the biopharmaceutical sector were positive. Novo presented detailed data from its FLOW trial of semaglutide in chronic kidney disease (CKD) that it had stopped early that confirmed the improvement in kidney health and survival rates. In other news, abstracts for ASCO, the largest cancer research conference in the world, were released and mRNA vaccine manufacturers in particular benefited from discussions with the US government on novel vaccines for bird flu (H5N1), which is currently infecting dairy cattle in the US and has even spread to some dairy farm workers.
The following stocks made the best contributions to portfolio performance in May: Insmed's shares doubled thanks to its successful Phase III ASPEN study, which showed that brensocatib significantly reduced pulmonary exacerbations in patients with bronchiectasis by about 20% compared to placebo. If approved, it would be the first treatment for patients with this disease, which causes airway problems. ADMA Biologics, a biopharmaceutical company specializing in manufacturing, marketing and developing specialty plasma-derived biologics, presented a pleasing bottom-line profit for the first quarter and increased its guidance for 2024 as a whole. Merus presented positive results from its Phase II trial of petosemtamab, a bispecific EGFR x LGR5 antibody, in combination with Keytruda as a first-line treatment for recurrent/metastatic head and neck squamous cell carcinoma. The biotech company reported a response rate of 67%, which is better than the current standard of care.
The following stocks detracted from fund performance: MacroGenics reported serious safety concerns in its trial of a B7-H3-directed antibody-drug conjugate (ADC) in patients with metastatic castration-resistant prostate cancer. Five of the patients participating in its Phase II study died and the incidence of side effects was high. Cytokinetics announced a strategic funding agreement with Royalty Pharma that will provide the company with additional capital of up to USD 575 mn, along with a public offering of common stock. This additional capital gives Cytokinetics more financial breathing space to pursue the development and commercialization of its pipeline assets. However, the company’s actions also poured cold water on takeover speculation.
We reduced shareholdings in MacroGenics, BioMarin and other companies and reinvested the proceeds in Gilead and Kura Oncology, among other stocks.
Our stance towards the biotech sector remains positive in view of its strong fundamentals and enticing valuations (average 2024 P/E of 15x and PEG of 1.3 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 22x, PEG 2.8) or the S&P Index (P/E 21x, PEG 2.5).
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