Bellevue Biotech (CH)
ISIN-No.: CH0113817123
YTD: 6.93%
Active share: 36.91
Anzahl Positionen: 66
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: 22.11.2024)
NAV: CHF 3'594.28 (21.11.2024)
Rolling performance (22.11.2024)
DT-CHF | Benchmark | |
21.11.2023 - 21.11.2024 | 17.35% | 18.58% |
21.11.2022 - 21.11.2023 | -20.00% | -17.58% |
19.11.2021 - 21.11.2022 | -8.81% | -9.76% |
19.11.2020 - 19.11.2021 | 15.33% | 13.38% |
Annualized performance (22.11.2024)
DT-CHF | Benchmark | |
1 year | 17.35% | 18.58% |
3 years | -5.05% | -4.10% |
5 years | 1.84% | 2.11% |
10 years | 1.16% | 2.84% |
Since Inception p.a. | 9.49% | 11.20% |
Cumulative performance (22.11.2024)
DT-CHF | Benchmark | |
1M | -3.56% | -3.95% |
YTD | 6.93% | 7.87% |
1 year | 17.35% | 18.58% |
3 years | -14.39% | -11.80% |
5 years | 9.55% | 11.02% |
10 years | 12.25% | 32.28% |
Since Inception | 259.43% | 347.54% |
Annual performance
DT-CHF | Benchmark | |
2023 | -8.57% | -5.57% |
2022 | -9.83% | -9.88% |
2021 | 5.02% | 2.31% |
2020 | 14.04% | 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 | 1.20% |
Subscription Fee (max.) | 2.50% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | CH0113817123 |
Valor number | 11381712 |
Bloomberg | ADGLBII SW |
WKN | A1H8PS |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.10.2024, base currency CHF)
Beta | 0.89 |
Volatility | 21.12 |
Tracking error | 6.87 |
Active share | 36.91 |
Correlation | 0.95 |
Sharpe ratio | -0.20 |
Information ratio | -0.38 |
Jensen's alpha | -2.73 |
No. of positions | 66 |
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
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).
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