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Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

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The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

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The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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Bellevue Biotech (CH)

ISIN-No.: CH0113817065

YTD: 12.61%

Active share: 36.91

Anzahl Positionen: 67

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: 13.11.2024)

NAV: CHF 3'482.47 (12.11.2024)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
AA-CHF
Benchmark

Rolling performance (13.11.2024)

AA-CHFBenchmark
12.11.2023 - 12.11.202422.08%25.20%
12.11.2022 - 12.11.2023-18.67%-18.49%
12.11.2021 - 12.11.2022-9.58%-10.25%
12.11.2020 - 12.11.202112.60%11.33%

Annualized performance (13.11.2024)

AA-CHFBenchmark
1 year22.08%25.20%
3 years-3.53%-2.05%
5 years3.03%4.02%
10 years1.09%3.43%
Since Inception p.a.9.30%11.69%

Cumulative performance (13.11.2024)

AA-CHFBenchmark
1M2.62%2.66%
YTD12.61%14.43%
1 year22.08%25.20%
3 years-10.22%-6.02%
5 years16.12%21.79%
10 years11.40%40.16%
Since Inception249.82%374.76%

Annual performance

AA-CHFBenchmark
2023-9.12%-5.57%
2022-10.36%-9.88%
20214.39%2.31%
202013.36%15.12%

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, cardiology, endocrinology, etc. Geographically, the fund’s investments are concentrated in North America, Europe and Asia. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to selectively diversify their portfolio with investments in the biotechnology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianZürcher Kantonalbank
Fund AdministratorSwisscanto Fondsleitung AG
AuditorErnst & Young AG
Launch date15.10.2010
Year end closing30. Sep
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.80%
Subscription Fee (max.)2.50%
Performance Fee10.00% (with High Water Mark)
ISIN numberCH0113817065
Valor number11381706
BloombergADGLBIA SW
WKNA1H7EV

Legal Information

Legal formInvestment funds under Swiss law
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.10.2024, base currency CHF)

Beta0.89
Volatility21.12
Tracking error6.87
Active share36.91
Correlation0.95
Sharpe ratio-0.20
Information ratio-0.38
Jensen's alpha-2.73
No. of positions67

Top 10 positions

Gilead Sciences
Vertex Pharmaceuticals
Amgen
Regeneron Pharmaceuticals
Alnylam Pharmaceuticals
Illumina
Argenx
Astrazeneca
Sanofi
Intra Cellular Therapies
9.9%
7.0%
6.4%
4.9%
4.3%
3.0%
3.0%
3.0%
2.1%
2.1%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
3.1%
4.5%
17.6%
19.3%
6.6%
47.0%
2.1%

Geographic breakdown

United States
Other
Netherlands
China
Switzerland
Cash
83.0%
5.4%
5.3%
2.6%
2.4%
1.3%

Breakdown by sector

Oncology
Orphan Diseases
Infectious Diseases
Other
Pulmonary Diseases
Neurolog. Disorders
Metabolic Diseases
Orphan Drugs
Life Science Supply
Cash
30.1%
15.7%
15.3%
12.3%
8.7%
6.3%
4.1%
3.1%
3.0%
1.3%

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.

October was a mixed month for stocks. The S&P index and the Nasdaq 100 closed -0.99% and -0.85% lower while the Nasdaq Biotech Index retreated -2.47% (all figures in USD).

October was distinguished by growing uncertainty about the outcome of the US presidential election, mixed economic data, and third-quarter earnings reports. The latest readings on the US economy were much more robust than expected, whereas in Europe the central bank lowered its benchmark interest rate and in China officials unveiled a massive economic stimulus plan. Most biotech companies reported very pleasing quarterly results, many of which were better than expected. At an Alzheimer's conference (CTAD), there was disappointing news about tau-targeting therapies. Lilly's modified titration schedule for its anti-amyloid beta (Aβ) antibody significantly reduced cerebral edema and effusion (ARIA-E) and Roche's new trontinemab antibody showed a rapid amyloid plaque depletion at low doses in Phase Ib/IIa testing. However, one patient enrolled in the study passed away, which caused some uncertainty. At the ASN’s Kidney Week 2024, impressive data was presented on iptacopan from Novartis and pegcetacoplan from Apellis in a rare kidney disease (C3G) resulting from overactivation of the alternative complement pathway for which currently no treatment is available. Last but not least, the latest data from Novo Nordisk on its GLP-1 agonist semaglutide showed an improvement in liver fibrosis in patients with fatty liver inflammation and progressive liver scarring (MASH F2/3).

The following stocks made the best contributions to portfolio performance in the month under review: Scholar Rock reported impressive data for apitegromab (anti-myostatin) in spinal muscular atrophy (SMA). Treatment with Scholar Rock's antibody in patients with SMA, a hereditary disease, led to a clinically meaningful improvement in motor function. Travere presented solid data from a study of sparsentan in IgAN (Berger's disease), a rare kidney disease, at the ASN’s Kidney Week 2024. It showed that kidney function in 60% of the patients in the newly diagnosed IgAN subgroup had normalized during the treatment period. Verona traded higher after presenting good data for ensifentrine, an inhaled treatment for COPD, at the CHEST 2024 conference. Intracellular advanced after reporting strong sales of lumateperone in the indications of schizophrenia or bipolar depression.
 
The following stocks detracted from fund performance: Innovent was marked down on the news that two of its directors had bought a 20.4% stake in Fortvita, a company subsidiary, at a price that investors deemed was too low. Adma Biologics corrected in the wake of the sudden resignation of its outside auditor CohnReznick and Terns Pharma headed south for no apparent reason.
 
We reduced shareholdings of companies such as Innovent, Apellis and Rocket and reinvested the proceeds in Oculis, Incyte, New Amsterdam and other stocks.
 
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 2.5).

The companies in our portfolio are working on technologies or products for novel treatment solutions. We are also invested in selected specialty pharma companies that offer high growth rates and moderate valuations. The Bellevue Biotech (CH) Fund is well-positioned to profit from the milestones that are expected to be reached in 2024. The regulatory environment favors the innovation coming out of biotech labs and the coronavirus crisis burnished the image of drug developers. Looming patent expiries coupled with large piles of cash suggest large pharma companies will continue to hunt biotech companies over the next 18 months. Inexpensive small and mid caps with attractive pipeline candidates are obvious takeover targets.

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  • Lead 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

    Lukas Leu

    Dr Lukas Leu has been at Bellevue Asset Management since 2021. He is lead portfolio manager of the Bellevue Obesity Solutions fund and portfolio manager of the Bellevue Healthcare Diversified fund. He holds a PhD in biochemistry from the Swiss Federal Institute of Technology in Zurich. He previously worked as a research assistant at his alma mater and as an equity research analyst in the healthcare sector at Julius Baer.
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