Bellevue Medtech & Services (Lux)
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
Digitalization and the use of GenAI is boosting sales and earnings growth
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1916265082
The Fund invests worldwide in companies active in the medical technology and healthcare services sector. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.
Indexed performance (as at: 17.07.2024)
NAV: EUR 179.05 (16.07.2024)
Rolling performance (11.07.2024)
AI-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
11.07.2023 - 11.07.2024 | 4.81% | 3.71% | 17.01% |
11.07.2022 - 11.07.2023 | 5.74% | 5.54% | -6.54% |
09.07.2021 - 11.07.2022 | -3.23% | -11.03% | 15.42% |
10.07.2020 - 09.07.2021 | 29.15% | 29.29% | 18.08% |
Annualized performance (11.07.2024)
AI-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
1 year | 4.81% | 3.71% | 17.01% |
3 years | 2.35% | -0.88% | 8.05% |
5 years | 7.03% | 6.51% | 11.11% |
Since Inception p.a. | 8.27% | 8.49% | 10.22% |
Cumulative performance (11.07.2024)
AI-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
1M | -1.54% | -0.95% | 0.46% |
YTD | 8.73% | 7.04% | 11.66% |
1 year | 4.81% | 3.71% | 17.01% |
3 years | 7.25% | -2.62% | 26.22% |
5 years | 40.53% | 37.12% | 69.41% |
Since Inception | 56.25% | 58.02% | 72.69% |
Annual performance
AI-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
2023 | 1.61% | 5.08% | 0.45% |
2022 | -11.35% | -19.83% | 0.55% |
2021 | 25.69% | 23.65% | 28.63% |
2020 | 6.99% | 13.62% | 4.27% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The fund actively invests worldwide in companies active in the medical technology and healthcare services sector. 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 | PWC, Luxembourg |
Launch date | 28.09.2009 |
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 | LU1916265082 |
Valor number | 45074618 |
Bloomberg | BFLBAIE LX |
WKN | A2N92U |
Total expense ratio (TER) | 1.47% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
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 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.
- 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
Late in the month, attention focused on the first televised debate between President Joe Biden and his challenger Donald Trump, which clearly went in favor of Trump, who appeared to be much more agile. The TV duel brought down Biden’s polling numbers and triggered a wave of discussions within the Democratic Party, including calls for Biden to step aside. From a healthcare perspective, Biden is seen as a strong advocate of government subsidies that benefit hospitals and ACA “exchange markets”, while Trump is said to favor Medicare Advantage plans.
Medical technology stocks were less vulnerable to the prospect of healthcare policy changes, as could be expected. Large cap medical technology companies with innovative products and outstanding executive teams, such as Intuitive Surgical (+12.0%), Edwards Lifesciences (+7.6%), Boston Scientific (+3.2%), and Abbott (+2.9%), were performance drivers. Intuitive Surgical presented its next-generation da Vinci 5 surgical robot to a wider audience at the annual gathering of the Society of Robotic Surgery, where it was well-received. Edwards Lifesciences announced the sale of its Critical Care product group to Becton Dickinson (+2.4%) for USD 4.2 bn. This transaction will have a positive impact on both companies’ future sales growth and profit margins.
At the annual meeting of the American Diabetes Association (ADA), manufacturers of glucose sensors and insulin pumps showcased their latest innovations. Insulet (+15.3%) recovered some of its lost ground after a prolonged period of weakness. New solutions will be soon marketed that integrate its Omnipod 5 insulin pump with Abbott's Libre 2/3 sensors in the US and Dexcom's G7 sensors in Europe have made investors more optimistic. Dexcom (-3.4%) presented Stelo, its glucose sensor for patients with type 2 diabetes who are not on insulin. Right before the ADA meeting started, Abbott announced that the FDA had cleared two of its over-the-counter glucose sensors for marketing: Lingo for people without diabetes who want to lead a healthy lifestyle and Libre Rio, which will compete directly with Dexcom’s Stelo. Zimmer Biomet (-4.4%) weighed on portfolio performance in June. It announced a distribution agreement with Think Surgical, a medical device company that has developed a handheld robotic system called TMINI that follows a CT-based 3D surgical plan for total knee joint replacement. Although TMINI complements Zimmer Biomet's own ROSA robotic portfolio, some investors worried that this agreement would hurt future sales of ROSA, which we don’t think will be the case.
Shares of healthcare services providers reacted right away to Donald Trump's better standing in voter polls after the television debate. Stock prices of HCA Healthcare (-4.1%), the largest hospital chain in the US, as well as Centene (-6.3%) and Molina (-4.3%), both insurers that are focused on federally regulated and subsidized ACA exchange markets, came under pressure. We had already significantly reduced the fund's exposure to these companies before the debate. Shares of the two largest players in the Medicare Advantage market – Humana (+5.9%) and United Health (+4.5%) – advanced. All performance data is in EUR / B shares.
Unlike in 2023, we are anticipating tailwinds for our investment solution in 2024: rate cuts by the Fed, attractive valuation levels (valued at a discount despite above-average earnings growth), a general repositioning as investors drop last year's outperformers and buy up high-quality stocks, plus a continued uncertain outlook for global economic growth (which in the past has been good for non-cyclical sectors). All of these factors argue for an investment in the Bellevue Medtech & Services (Lux) Fund.
Dokumente
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