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Principles 

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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.

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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, Seestrasse 16 , CH - 8700 Kusnacht. 

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, Seestrasse 16, CH - 8700 Kusnacht. 

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, Seestrasse 16 , CH - 8700 Kusnacht

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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Bellevue Medtech & Services

Explained in 90 seconds

Bellevue Medtech & Services Fund explained in 90 seconds

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

Indexed performance (as at: 23.12.2024)

NAV: EUR 490.05 (22.12.2024)


01 Jan 2010 - 01 Jan 2010
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HB-EUR
MSCI World IMI HC Equip. & Supllies
MSCI World HC Net Return

Rolling performance (23.12.2024)

HB-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
22.12.2023 - 22.12.20249.49%16.02%7.45%
22.12.2022 - 22.12.20230.95%4.33%-1.50%
22.12.2021 - 22.12.2022-19.27%-19.15%2.81%
22.12.2020 - 22.12.202116.68%24.06%29.43%

Annualized performance (23.12.2024)

HB-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
1 year9.49%16.02%7.45%
3 years-3.73%-0.72%2.86%
5 years2.77%6.26%7.37%
10 years7.28%12.22%8.82%
Since Inception p.a.8.76%14.19%12.98%

Cumulative performance (23.12.2024)

HB-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
1M-2.78%-2.68%-4.59%
YTD8.86%15.42%6.78%
1 year9.49%16.02%7.45%
3 years-10.77%-2.14%8.81%
5 years14.65%35.46%42.67%
10 years101.99%216.76%132.86%
Since Inception221.49%532.81%445.79%

Annual performance

HB-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
20231.35%5.08%0.45%
2022-19.81%-19.83%0.55%
202115.43%23.65%28.63%
202012.21%13.62%4.27%

Investment Focus

The fund’s aim is to achieve capital growth in the long term, is actively managed and invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive healthcare fund solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, liquid mid and large cap companies with an established product portfolio as well as fast growing small cap companies with leading-edge technology offering. 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.The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.
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Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to selectively diversify their portfolio with investments in the medical technology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0580275534
Valor number12347008
BloombergBFLHHBE LX
WKNA1H652

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.11.2024, base currency EUR)

Beta0.98
Volatility18.20
Tracking error6.61
Active share24.19
Correlation0.93
Sharpe ratio0.16
Information ratio0.33
Jensen's alpha2.24
No. of positions44

Top 10 positions

Abbott Laboratories
Boston Scientific
Intuitive Surgical
Stryker
Becton Dickinson
Medtronic
EssilorLuxottica
Edwards Lifesciences
Alcon
Insulet
10.1%
9.9%
9.7%
9.3%
4.7%
4.5%
4.4%
3.7%
3.6%
3.1%

Market capitalization

2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
2.7%
3.3%
10.8%
83.1%
0.0%

Geographic breakdown

United States
Switzerland
France
Denmark
Japan
Germany
Cash
83.4%
6.6%
4.4%
2.1%
1.9%
1.5%
0.1%

Breakdown by sector

Cardiology
Orthopedics
Surgery
Ophthalmology
Life Science Supply
Diabetes
Imaging/Radiotherapy
Other
Hospital/Nursing H.
Managed Care
Wound Closure/Lasers /OBGY
Dental
Cash
29.7%
12.4%
12.1%
10.6%
8.3%
6.0%
5.1%
4.4%
3.2%
3.1%
2.8%
2.4%
0.1%

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.

November was a very strong month for global stocks (MSCI World Net Index +7.5%), whereas European stocks (Euro Stoxx 50 -0.3%) and Germany’s bellwether index (Dax +2.9%) showed a subpar performance. This significant divergence can be traced to Donald Trump’s surprisingly clear-cut victory as the 47th president of the US. The Republican party not only captured the Senate but also kept its majority in the House. Donald Trump's “America First” policy weighed on the markets of the US’s major trading partners, while the shares of US tech and financial companies closed sharply higher.

But not every sector benefited. Trump's nomination of vaccine skeptic Robert F. Kennedy Jr. as the next US health secretary irritated Wall Street and had a negative impact on biotech and pharmaceutical stocks. The Bellevue Medtech & Services Fund (+6.8%) was expectedly resilient. It beat its benchmark – the global medical technology market (MSCI World Healthcare Equipment & Supplies Net +6.3%) – and clearly outperformed the wider healthcare universe tracked by the MSCI World Healthcare Net Index (+1.9%).

Innovative large-cap medical technology players with outstanding management such as Stryker (+13.1%), Boston Scientific (+10.9%), Intuitive Surgical (+10.6%), Edwards Lifesciences (+9.4%) and Abbott (+7.7%) were performance drivers. Trump’s nomination of Robert F. Kennedy Jr. as the next US health secretary reinforced medtech’s reputation as a safe haven. Medtech companies are also benefiting from the ongoing fast growth of surgical procedure volumes. Small-cap medtech names such as Globus Medical (+19.7%), Insulet (+18.4%), Align (+16.7%), Dexcom (+13.7%), Glaukos (+11.6%) and Penumbra (+8.6%) also made positive contributions to performance. Insulet beat the consensus sales forecast for the third quarter and increased its sales guidance for 2024 as a whole. Globus Medical beat expectations too and reported record-high robot unit placements. Dexcom seems to be making good progress toward resolving its self-inflicted sales problems. The monthly returns of Becton Dickinson (-2.4%), GE Healthcare (-2.1%), Alcon (-0.6%) and Medtronic (-0.3%) were less pleasing.

The performance of US health insurers was mixed. Humana (+17.1%), UnitedHealth (+11.1%), Cigna (+10.3%) and Elevance (+3.1%) were performance drivers, while Molina (-4.7%) and Centene (-0.9%) were underperformers. Humana and UnitedHealth both specialize in Medicare Advantage plans (MA) for people 65 and older and their share prices rose after Trump won because he had promoted the MA program during his first term. Molina and Centene, which specialize in Medicaid health insurance plans for low-income people, came under pressure after the Republican sweep of the elections because the party has said federal funding of Medicaid must be reduced. In the longer term, this could also pose a problem for hospital chain HCA Healthcare (-6.2%) in the form of unpaid bills for healthcare services provided. Cigna was marked up on the news that it was not pursuing the acquisition of Humana. All performance data is in EUR / B 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.

Hospitals stand to benefit from high patient volumes, higher prices, and only moderately higher labor costs. We expect health insurers to report rising premium income in the wake of solid membership growth and premium rate increases. Persisting high US government bond yields could have an accretive effect on earnings, too. Political risks are still low. We assume that the elections in November will not give either party a solid majority of seats in either chamber.

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 move into high-quality stocks, and a meager 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.

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Ratings & Awards

  • Co-Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health. Prior to joining Bellevue Asset Management, he spent 4 years as head of investor relations at Sonova. As a financial analyst at Bank Sarasin, he covered medical technology and high tech stocks. After that he served as CFO of Obtree Technologies Inc. Stefan Blum obtained a degree in business administration from the University of St. Gallen and is CEFA charterholder.
  • Co-Lead Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
  • Healthcare Analyst

    Catharina Claes

    Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.
  • Healthcare Analyst

    Annie Zeng

    Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.
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