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. CH0113817123
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: 26.07.2024)
NAV: CHF 3'811.98 (26.07.2024)
Rolling performance (27.07.2024)
DT-CHF | Benchmark | |
25.07.2023 - 25.07.2024 | 15.80% | 20.83% |
25.07.2022 - 25.07.2023 | -9.68% | -5.92% |
23.07.2021 - 25.07.2022 | -18.46% | -21.06% |
23.07.2020 - 23.07.2021 | 19.05% | 17.99% |
Annualized performance (27.07.2024)
DT-CHF | Benchmark | |
1 year | 15.80% | 20.83% |
3 years | -5.17% | -3.54% |
5 years | 4.54% | 5.71% |
10 years | 3.82% | 5.94% |
Since Inception p.a. | 10.19% | 12.13% |
Cumulative performance (27.07.2024)
DT-CHF | Benchmark | |
1M | 3.32% | 3.58% |
YTD | 13.41% | 16.89% |
1 year | 15.80% | 20.83% |
3 years | -14.72% | -10.26% |
5 years | 24.87% | 32.03% |
10 years | 45.52% | 78.05% |
Since Inception | 281.20% | 384.96% |
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 (30.06.2024, base currency CHF)
Beta | 0.88 |
Volatility | 21.02 |
Tracking error | 6.82 |
Active share | 33.43 |
Correlation | 0.95 |
Sharpe ratio | -0.21 |
Information ratio | -0.37 |
Jensen's alpha | -2.73 |
No. of positions | 69 |
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
A dip in inflation combined with good US jobs market data fanned hopes that the Fed would announce a rate cut, which led Wall Street higher. However, the market gains were driven by only a handful of stocks, especially chip manufacturer Nvidia, which accounts for 30% of the S&P 500’s Total Return so far this year. In the healthcare space, several clinical conferences took place in June. Attention at the beginning of the month was focused on radiopharmaceutical and cell therapy presentations at ASCO, the world's largest clinical cancer research meeting. Late in the month, Eli Lilly presented impressive Phase-III-data from its SURMOUNT-OSA trial of tirzepatide in patients with obstructive sleep apnea at the annual meeting of the American Diabetes Association (ADA). Novo Nordisk presented more detailed data from its FLOW trial of semaglutide in patients with type 2 diabetes and chronic kidney disease that revealed consistent benefits on kidney and cardiovascular outcomes and survival.
The following stocks made the best contributions to portfolio performance in June: Zealand Pharma published keenly awaited results of its Phase-Ib-trial of petrelintide, an Amylin analog. In the 16-week study, petrelintide reduced body weight by an average of 8.6% in patients with obesity and was very well tolerated. Petrelintide may demonstrate a similar weight loss as Novo Nordisk’s Wegovy in longer and more specific studies, but with a better tolerability and safety profile.
In one of this year's most closely watched biotech trials, Alnylam Pharmaceuticals announced that its RNA interference drug Amvuttra reduced the risk of all-cause mortality and recurrent cardiovascular events in patients with transthyretin-amyloid cardiomyopathy (ATTR-CM). This news also benefited Ionis Pharmaceuticals, a portfolio company that is also developing a drug for ATTR-CM. Insmed tacked on more gains after having published positive results on its investigational drug for patients with bronchiectasis in late May. Verona Pharma received FDA approval for its COPD drug ensifentrine, a dual PDE3/4 inhibitor. Ensifentrine is the first approved inhaled product for COPD with a novel mechanism of action in more than 20 years.
The following stocks detracted from fund performance: Immunocore presented additional data on brenetafusp in heavily pretreated melanoma patients (after immune checkpoint treatment) at the ASCO conference in the US. The data revealed a good disease control rate of 58% and tumor reduction but did not excite the investment community in view of the strong competition in this field. Shares of biotechnology company 4D Molecular Therapeutics were marked down on news that patients with dysfunctional CF transmembrane protein showed only moderate clinical progress after receiving treatment with its product candidate for this lung disease.
Fund shareholdings of Insmed, AbbVie and other companies were reduced and the proceeds reinvested in Amgen, Alnylam 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 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 23x, PEG 2.9) or the S&P Index (P/E 22x, PEG 2.6).
Dokumente
Show moreShow less