Bellevue Digital Health
Portfolio consisting of high-quality growth stocks showing double-digit revenue growth
Regulation and stringent quality requirements limit the technological risk
Demographic changes and an aging general population demand greater efficiency and cost-effectiveness
Explained in 90 seconds
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Investment Focus
ISIN-No. LU1811047916
The fund invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions. The selection of portfolio companies is bottom-up.
Indexed performance (as at: 26.07.2024)
NAV: EUR 197.10 (26.07.2024)
Rolling performance (27.07.2024)
I-EUR | Benchmark | |
25.07.2023 - 25.07.2024 | -12.61% | n.a. |
25.07.2022 - 25.07.2023 | 10.83% | n.a. |
23.07.2021 - 25.07.2022 | -34.20% | n.a. |
23.07.2020 - 23.07.2021 | 37.85% | n.a. |
Annualized performance (27.07.2024)
I-EUR | Benchmark | |
1 year | -12.61% | n.a. |
3 years | -13.94% | n.a. |
5 years | 1.93% | n.a. |
Since Inception p.a. | 7.57% | n.a. |
Cumulative performance (27.07.2024)
I-EUR | Benchmark | |
1M | -0.38% | n.a. |
YTD | 0.40% | n.a. |
1 year | -12.61% | n.a. |
3 years | -36.27% | n.a. |
5 years | 10.02% | n.a. |
Since Inception | 57.68% | n.a. |
Annual performance
I-EUR | Benchmark | |
2023 | -7.38% | n.a. |
2022 | -22.94% | n.a. |
2021 | -3.27% | n.a. |
2020 | 54.46% | n.a. |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare 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 | PriceWaterhouseCoopers |
Launch date | 30.04.2018 |
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 | LU1811047916 |
Valor number | 41450812 |
Bloomberg | BBDIGIE LX |
WKN | A2JJBB |
Total expense ratio (TER) | 1.45% (30.06.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2024, base currency USD)
Beta | 1.00 |
Volatility | 31.78 |
Tracking error | 21.71 |
Correlation | 0.73 |
Sharpe ratio | -0.55 |
Information ratio | -1.16 |
Jensen's alpha | -28.82 |
No. of positions | 37 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Benefits & Risks
Benefits
- Demographic changes and an aging general population demand greater efficiency and cost-effectiveness.
- New technologies conquer the healthcare sector.
- Portfolio consisting of high-quality growth stocks showing double-digit revenue growth.
- Regulation and stringent quality requirements limit the technological risk.
- 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.
- Equities linked to technology and/or digitization can be subject to higher-than-average fluctuations in value.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
17 of the 38 stocks in the fund's portfolio made a positive contribution to performance in June. The best performance drivers were Insulet (+13.9%), Intuitive Surgical (+10.6%), TransMedics (+10.4%), Globus (+2.1%), and Natera (+1.7%), all core positions. 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. Intuitive Surgical presented its next-generation da Vinci 5 surgical robot to a larger audience of specialists at the annual gathering of the Society of Robotic Surgery, where it was well-received. Phreesia (+12.1%) and Veeva (+5.0%), two companies from the Healthcare IT segment, also made positive contributions to performance.
We opened positions in three new companies through IPOs during the month under review. Waystar (+0.0%) is a provider of cloud-based software that simplifies and automates payment-related healthcare workflow tasks. QuantumPharm (+0.0%) has developed an innovative quantum physics-based, AI-powered and robotics-driven integrated drug R&D platform. Tempus (-5.4%) has developed a technology platform that integrates AI-powered analytics to enhance diagnostics and accelerate the drug discovery process. These companies are promising investment opportunities that, over time and with the anticipated successful business development, could take on a greater weighting in the portfolio.
Portfolio performance was negatively impacted by Accolade (-49.4%), Omnicell (-16.9%), Inspire Medical (-15.7%), 10X Genomics (-13.2%), GN Store Nord (-11.7%), Evolent Health (-9.8%), Procept BioRobotics (-8.0%), Exact Sciences (-7.0%), Align (-6.1%) and Dexcom (-4.5%). Accolade’s latest quarterly results were in line with expectations but its sales guidance for the full fiscal year was lowered again. Its management is focusing completely on reaching the profit zone, which is underscored by the unchanged forecast of a positive operating profit. However, that has entailed a cut in its end-consumer advertising budget (DTC), which represents an additional factor of uncertainty. Among the core portfolio positions, profit-taking in Procept BioRobotics (+25.3% in the previous month) and Dexcom weighed on their performance. At the annual gathering of the American Diabetes Association (ADA) Dexcom presented Stelo, its glucose sensor for patients with type 2 diabetes who are not on insulin. Just before the ADA meeting convened, its competitor 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. All performance data is in USD / B shares.
In their discussions with investors during February and March, the executives of many companies made positive remarks about business in the first quarter and for 2024 as a whole. The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Inspire Medical's new Inspire 5 device for obstructive sleep apnea, Dexcom's Stelo and G7 blood glucose sensors, Intuitive Surgical's new da Vinci 5 surgical robot, and Insulet's Omnipod 5 patch pump.
As witnessed during the last two years, even outstanding sector-specific fundamentals can be overridden by macroeconomic developments and shifting investor preferences. In 2024, we expect our investment solution to benefit from several factors: Cuts in US interest rates (which usually benefits growth stocks the most), attractive valuation levels (price/sales multiples close to historical lows), an expected increase in M&A and IPO activity, a general repositioning as investors drop last year's outperforming stocks and buy high-quality stocks, and the underwhelming growth outlook for the world economy (which in the past has been a relatively good setting for non-cyclical subsectors such as the digital health) underpin our optimism and make a good case for investing in the Bellevue Digital Health (Lux) Fund.
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