Bellevue Medtech & Services (CH)
ISIN-No.: CH0034334737
YTD: 15.85%
Active share: 28.82
Anzahl Positionen: 31
Medtech & Services is an investment in 10% of global gross domestic product: Healthcare sector excluding drugs
Bottom line: above-average and steady growth compared to the broad market
Focusing on profitable, liquid mid and large cap companies with an established product portfolio
Indexed performance (as at: 13.11.2024)
NAV: CHF 3'693.45 (12.11.2024)
Rolling performance (13.11.2024)
AA-CHF | Benchmark | |
12.11.2023 - 12.11.2024 | 17.66% | 17.79% |
12.11.2022 - 12.11.2023 | -12.41% | -10.15% |
12.11.2021 - 12.11.2022 | -12.38% | -8.94% |
12.11.2020 - 12.11.2021 | 23.60% | 22.00% |
Annualized performance (13.11.2024)
AA-CHF | Benchmark | |
1 year | 17.66% | 17.79% |
3 years | -3.34% | -0.23% |
5 years | 4.98% | 6.81% |
10 years | 9.53% | 10.34% |
Since Inception p.a. | 8.13% | 8.20% |
Cumulative performance (13.11.2024)
AA-CHF | Benchmark | |
1M | 3.59% | 2.81% |
YTD | 15.85% | 15.85% |
1 year | 17.66% | 17.79% |
3 years | -9.70% | -0.68% |
5 years | 27.49% | 38.99% |
10 years | 148.41% | 167.40% |
Since Inception | 269.37% | 273.26% |
Annual performance
AA-CHF | Benchmark | |
2023 | -10.60% | -4.35% |
2022 | -12.56% | -11.48% |
2021 | 25.45% | 24.57% |
2020 | 6.56% | 9.32% |
Facts & Key figures
Investment Focus
The fund actively invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, 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 | 03.03.2008 |
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 | CH0034334737 |
Valor number | 3433473 |
Bloomberg | ADAGMED SW |
WKN | A0RAUP |
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 | 1.18 |
Volatility | 19.18 |
Tracking error | 5.27 |
Active share | 28.82 |
Correlation | 0.97 |
Sharpe ratio | -0.23 |
Information ratio | -0.64 |
Jensen's alpha | -3.17 |
No. of positions | 31 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Digitalization of the healthcare sector is boosting medtech companies’ growth and earnings.
- Focusing on profitable, liquid mid and large-cap companies with an established product portfolio as well as on rapidly growing small-cap businesses delivering cutting-edge technology.
- Managed care profits from the privatization of the health insurance sector and lower treatment costs.
- Minimally invasive techniques gaining ground – shorter treatment times reduce healthcare costs.
- 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 price fluctuations and so are also exposed to the risk of price losses.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The fund may invest in financial instruments that might have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
- 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
The world stock market (+0.4%) closed the month slightly in the green, but the broad healthcare sector (-2.5%) was a laggard, as could be expected in such a setting. The Bellevue Medtech & Services Fund (-2.3%) performed better than the health sector as a whole and closed the month slightly ahead of its benchmark (-2.4%). Healthcare services had a negative effect of -2.7% on performance, while medtech stocks contributed 0.4% to performance.
Veeva Systems (+2.0%), a provider of cloud-based software solutions for more efficient drug development and commercialization, made a positive contribution to the fund's absolute and relative performance.
Stocks of US health insurers Elevance (-20.0%), Humana (-16.6%), Centene (-15.3%), Cigna (-6.9%), Molina (-4.5%) and UnitedHealth (-1.1%) came under pressure and detracted from performance. In their earnings announcements for the third quarter, health insurers reported higher medical cost ratios in Medicare Advantage (for people age 65 and older) and in Medicaid (for low-income households) lines of business. The impact of the higher cost ratios varied depending on the relative size of each insurer’s Medicare Advantage and Medicaid business and the skills and strategies of their management. Looking towards 2025, we expect solid membership growth and a significant improvement in health insurers’ profit margins.
Large-cap medical technology companies performed well in October. Intuitive Surgical (+5.1%), Edwards (+4.0%), Boston Scientific (2.7%), Abbott (+2.4%), Medtronic (+1.6%) and Stryker (+1.1%) made positive contributions to performance. Third-quarter earnings announcements showed that almost all players are benefiting from the ongoing fast growth in surgical procedure volumes. Intuitive Surgical, Boston Scientific, Abbott and Stryker also raised their sales and earnings guidance for 2024. At the annual Transcatheter Cardiovascular Therapeutics Conference (TCT), Edwards Lifesciences presented clinical data that confirmed its innovation leadership in transcatheter aortic and tricuspid valve replacement systems.
Shares of the smaller-cap medtech companies Penumbra (+20.7%) and Dexcom (+7.7%) also gained on positive third-quarter earnings reports. Penumbra beat investor sales expectations and investors welcomed Dexcom’s announcement that its patient base had risen to a new record high in Q3 and that it had submitted a 15-day G7 CGM sensor to the FDA for approval.
Life sciences tools companies Danaher (-9.5%) and Thermo Fisher (-9.5%) had negative returns. Their quarterly reports showed that their targeted markets were recovering only gradually, which disappointed investors. Statements about the course of business in the Chinese market also weighed on investor sentiment.
All performance data is in CHF; AA shares.
In their talks with investors in March, the executives of many medical technology companies expressed positive views about the course of business during the first quarter and said that they expected fast growth in surgical procedure volumes in 2024. The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Abbott’s TriClip, AVEIR and Libre products, Boston Scientific’s Farapulse PFA system and the new da Vinci 5 surgical robot from Intuitive Surgical. We believe company pricing power in the low single-digit percentage range is still intact. Margins are expected to widen due to the faster-than-average sales growth and further improvements in supply chains.
Economic growth could slow during the course of 2024. Medical technology and healthcare services companies tend to outperform in a weaker environment.
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