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Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

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The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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More info

Bellevue Sustainable Healthcare

Share class
 
Documents

ISIN-No.: LU1819585370

YTD: -4.93%

Active share: 67.91

Anzahl Positionen: 45

Sustainability and health combined in a portfolio: First healthcare fund managed under consideration of ESG criteria

Investments in the 40 most attractive healthcare companies worldwide, regionally diversified and across sub sectors

The sustainability filter includes a "best-in-class" approach and the application of a strict exclusion process

Indexed performance (as at: 11.04.2025)

NAV: USD 151.15 (10.04.2025)


01 Jan 2010 - 01 Jan 2010
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I-USD
Benchmark

Rolling performance (11.04.2025)

I-USDBenchmark
10.04.2024 - 10.04.2025-5.19%-4.97%
10.04.2023 - 10.04.2024-2.51%6.16%
10.04.2022 - 10.04.2023-9.24%-4.99%
10.04.2021 - 10.04.2022-1.25%19.23%

Annualized performance (11.04.2025)

I-USDBenchmark
1 year-5.19%-4.97%
3 years-5.69%-1.40%
5 years2.47%7.00%
Since Inception p.a.2.84%7.49%

Cumulative performance (11.04.2025)

I-USDBenchmark
1M-7.31%-9.26%
YTD-4.93%-2.82%
1 year-5.19%-4.97%
3 years-16.12%-4.15%
5 years12.97%40.27%
Since Inception20.92%63.24%

Annual performance

I-USDBenchmark
2024-1.00%1.13%
2023-1.42%3.76%
2022-13.85%-5.41%
20216.70%19.80%

Investment Focus

The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in healthcare firms with strong sustainability credentials and innovative business models. Examples of sustainability in the healthcare industry are environmentally sound procurement policies for drug makers, high safety standards for medical products and services, and a commitment to ethics when conducting clinical trials. From the perspective of the patient, the early diagnosis of life-threatening diseases, personalized medicine enabling highly selective treatments and efficient treatment procedures are key sustainability indicators. A variety of high-growth themes, smart stock selection using our established investment process and the application of sustainability criteria are the fund’s tools for achieving attractive returns. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The aim of the fund is to achieve a good and competitive level of capital growth over the long term. It is especially suitable for investors who wish to focus on sustainability and have an investment horizon of at least five years. The fund exhibits the level of risk that is typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date29.06.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU1819585370
Valor number41666672
BloombergBBSHCIU LX
WKNA2JMRD

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.03.2025, base currency USD)

Beta0.82
Volatility13.58
Tracking error9.28
Active share67.91
Correlation0.75
Sharpe ratio-0.53
Information ratio-0.64
Jensen's alpha-6.36
No. of positions45

Top 10 positions

Penumbra
Molina Healthcare
Elevance Health
Cardinal Health
Boston Scientific
Cigna
Insulet
Zimmer Biomet
Eli Lilly
Amgen
3.7%
3.4%
3.3%
3.3%
3.3%
3.2%
3.1%
2.9%
2.9%
2.9%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.2%
4.6%
25.9%
8.5%
57.6%
2.3%

Geographic breakdown

United States
Switzerland
Japan
China
Denmark
South Korea
Australia
India
Great Britain
Italy
Sweden
Belgium
Jordan
Hungary
New Zealand
Thailand
Cash
44.6%
10.3%
9.9%
5.1%
3.5%
3.5%
3.0%
3.0%
2.7%
2.5%
2.2%
2.1%
1.8%
1.6%
1.5%
1.0%
1.8%

Breakdown by sector

Medtech
Services
Pharma
Biotechnology
Generics/Spec.Pharma
Cash
29.0%
25.8%
19.3%
13.8%
10.4%
1.8%

Benefits

  • Investments in the 45 most attractive healthcare stocks worldwide with due account taken of current sustainability criteria.
  • Many years of recognized bottom up expertise coupled with comprehensive sustainability research from Sustainalytics.
  • The sustainability filter combines a best-in-class approach with the application of a strict exclusion procedure.
  • Proprietary investement process: Half-yearly company evaluation and rebalancing.
  • Underweighting of pharma and US stocks against the relevant healthcare indices, and a strong focus on mid caps.

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.
  • 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.
  • 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 engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

Global equities performed poorly in March 2025, with the MSCI World Index down 4.5%. Uncertainty regarding US trade tariffs, and fear that austerity could drive an economic slowdown, contributed to a negative equity market environment as investors were quick to price in a potential slower earnings growth environment. US tech stocks (Nasdaq 100; -7.6%) and small-cap US stocks (Russell 2000; -7.0%) came under significant pressure, while European indexes (e.g. Dax in USD; +2.2%) performed better. 

Healthcare (MSCI World Healthcare) outperformed global equities (MSCI World) in March by 213 bps. While the sector declined on an absolute basis (-2.3%), it proved to be a relatively safe haven. We see this as being in line with the sector's fundamentals, such as high margins, innovation, and inelastic demand for its products and services. While the defensive names in the sector remained solid, caution is leaving the more innovative names on the sidelines. Biotech performed poorly in the month (NBI; -6.0%), with further underperformance for the higher-growth smaller companies (XBI Biotech ETF; -8.6%). This subsector has suffered from increased regulatory risk driven by changes in leadership at the FDA.  

Healthcare services (+7.8%) was the best performing healthcare GICs industry, driven by supportive guidance commentary, and a lack of tariff exposure. Cost saving initiatives within the National Institute of Health has created some uncertainty regarding life science tools (-4.5%) earnings, which was the worst performing industry in the month. From a geographical point of view, Asian healthcare (+1.2%) performed best in March, followed by emerging markets (+1.1%). US (-1.8%) and particularly European (-4.5%) healthcare were disappointing in the month, with the difference being the strength of services in the US and weakness in Novo Nordisk shares. 

The Bellevue Sustainable Healthcare Fund (I-shares: -2.8%, in USD) underperformed its healthcare index benchmark by 44 bps. Despite benefiting from overweight positioning in Asian and emerging market healthcare, the fund suffered from its overweight positioning in growth and mid-cap healthcare. Within the fund, the strongest absolute performance reported during the month was from US MCO Elevance (+10.1%; supportive management commentary). On the other hand, the most negative absolute performance was from European mega-cap pharma Novo Nordisk (-23.1%; weakening obesity prescriptions). 

Global healthcare is proving to be a relative safe haven in a difficult equity market so far in 2025 (+5.1% ytd). We expect the uncertainty and volatility in equity markets to continue. The global allocation strategy in this fund may be beneficial in this environment. In healthcare, high gross margins and diversified manufacturing bases should help protect the bottom-line from tariffs, although significant uncertainty remains. With inelastic demand for healthcare products and services, we see the sector a likely to remain attractive investment in turbulent times.

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ESG

Portfolio examples with ESG relevance

  • Österreichisches Umweltzeichen

  • Lead Portfolio Manager

    Terence McManus

    Dr Terence McManus joined Bellevue Asset Management in 2022 and is lead portfolio manager of the funds Bellevue Diversified Healthcare, Bellevue Healthcare Strategy/Sustainable and portfolio manager of the Bellevue Obesity Solutions fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.

  • Portfolio Manager

    Oliver Kubli

    Oliver Kubli joined Bellevue Asset Managment in 2015 and is lead portfolio manager of the Bellevue Asia Pacific Healthcare fund and portfolio manager of the Bellevue Emerging Markets Healthcare and Bellevue Healthcare Strategy/Sustainable funds. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.

  • Portfolio Manager

    Lukas Leu

    Dr Lukas Leu has been at Bellevue Asset Management since 2021. He is lead portfolio manager of the Bellevue Obesity Solutions fund and portfolio manager of the Bellevue Healthcare Diversified fund. He holds a PhD in biochemistry from the Swiss Federal Institute of Technology in Zurich. He previously worked as a research assistant at his alma mater and as an equity research analyst in the healthcare sector at Julius Baer.
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