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Retail clients: according to Art. 4 Abs. 2 FinSA

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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.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

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.

Data protection

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More info

Bellevue Diversified Healthcare

Share class
 
Documents

ISIN-No.: LU2441706764

YTD: 2.35%

Active share: 23.00

Anzahl Positionen: 64

Indexed performance (as at: 20.01.2025)

NAV: USD 120.98 (16.01.2025)


01 Jan 2010 - 01 Jan 2010
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B-USD
Benchmark

Rolling performance (20.01.2025)

B-USDBenchmark
16.01.2024 - 16.01.20251.50%1.03%
13.01.2023 - 16.01.20242.36%4.96%

Annualized performance (20.01.2025)

B-USDBenchmark
1 year1.50%1.03%
Since Inception p.a.-1.16%1.69%

Cumulative performance (20.01.2025)

B-USDBenchmark
1M0.44%0.16%
YTD2.35%2.06%
1 year1.50%1.03%
Since Inception-3.22%4.81%

Annual performance

B-USDBenchmark
20241.77%1.13%
20230.01%3.76%

Investment Focus

The Bellevue Diversified Healthcare fund aims to achieve long-term capital growth, is actively managed and invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, and engaged in the research, development, production and sale of products and services. Experienced sector specialists manage the portfolio with a focus on leveraging the positive characteristics of the healthcare sector, especially the favorable correlation profiles between the various subsectors. Stock selection is bottom-up. The Bellevue Diversified Healthcare fund seeks to outperform the MSCI World Health Care Index. The fund’s investment process also takes ESG factors into consideration.
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Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date31.03.2022
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU2441706764
Valor number116533046
BloombergBDHCBUS LX
WKNA3DEAN

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.12.2024, base currency USD)

Beta0.99
Volatility10.11
Tracking error2.88
Active share23.00
Correlation0.96
Sharpe ratio-0.30
Information ratio0.18
Jensen's alpha0.48
No. of positions64

Top 10 positions

Eli Lilly
UnitedHealth Group
Johnson & Johnson
AbbVie
Thermo Fisher
Intuitive Surgical
Novo Nordisk
Merck & Co
AstraZeneca
Boston Scientific
8.2%
7.5%
5.5%
4.8%
4.2%
3.9%
3.6%
3.5%
3.3%
3.2%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.3%
1.8%
5.3%
2.3%
89.6%
0.9%

Geographic breakdown

United States
Switzerland
Denmark
France
Great Britain
Japan
Belgium
Sweden
Italy
Australia
Spain
Cash
71.6%
10.7%
4.3%
3.8%
3.3%
2.6%
1.3%
0.8%
0.3%
0.3%
0.3%
0.7%

Breakdown by sector

Pharma
Medtech
Services
Biotechnology
Life Sciences Tools
Generics
Cash
43.5%
24.0%
13.0%
11.9%
4.2%
2.6%
0.7%

Benefits

  • Profit from the worldwide growth of the healthcare sector, which has clearly outpaced the growth of global GDP during the past ten years.
  • Take advantage of the positive characteristics of the healthcare sector and generate alpha through a bottom-up selection process and factor allocation strategies.
  • Strategic overweighting of the “structural growth” factor and underweighting of blue-chip pharmaceutical stocks.
  • Low earnings risk – above-average earnings growth, even in crisis years, leading to stable portfolio components.
  • 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 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.

MSCI World Healthcare underperformed MSCI World in December 2024 by 348 bps (MSCI World Healthcare -6.1% vs MSCI World -2.6%). US healthcare reform risk continued to negatively impact the sector. In addition, some key clinical trial related binary events were disappointing. Bellevue Diversified Healthcare (Lux) fund (I-shares: -6.1%, in USD) performed broadly in line (+3 bps) with its healthcare index benchmark.     

As in prior months, there was a large dispersion of performance across MSCI sectors. Consumer discretionary (+2.3%) and communication services (+2.2%) performed best, with materials (-8.2%) and real estate (-7.9%) the weakest. Despite the large underperformance versus global equities, the healthcare sector (-6.1%) performed broadly in line with the median across MSCI sectors (-5.9%).

Within the MSCI World Healthcare Index, there was also a considerable dispersion of monthly performance between sub-sectors. Life science tools (-2.6%) was the best performing subsector in the month, followed by medtech (-4.3%), biotech (-4.8%), and pharmaceuticals (-5.1%). Healthcare services (-13.7%) performing very weakly driven by multiple negative political comments and plans around PBM pharmacies and other business models. From a geographical point of view, Asia healthcare (-2.9%) performed best, with its companies perhaps further removed from the US market than US or European peers. European (-6.2%) and US (-6.3%) healthcare performed poorly.

During the month there were several key clinical trial related binary events in the sector. In particular, we note disappointing Phase III data in obesity for Novo Nordisk with Cagrisema, mixed Phase II data in chronic pain for Vertex pharmaceuticals, but positive Phase II data for Teva Pharmaceuticals/Sanofi in in ulcerative colitis (UC) and Crohn's disease (CD) with an TL1A inhibitor.

Within the fund, strong absolute performances were reported during the month from Teva (+31.4%; positive clinical trial data), Galderma (+8.4%; Nemluvio approval in atopic dermatitis), and Glaukos (+4.4%; strong iDose launch momentum). On the other hand, negative absolute performances were seen for Krystal Biotech (-20.7%; mixed lung clinical trial data), Novo Nordisk (-19.2%; disappointing Cagrisema clinical trial data), and Structure Therapeutics (-18.2%; obesity stocks pullback).  

While performance broadened across subsector, style, and marketcapitalization within healthcare in March, we still favour high-quality structural growth names in what is a late-cycle stage of the economic cycle.

Parabolic raises in some share prices are creating risks, but our diversified approach should help mitigate these. While maintaining an overweight in structural growth, we have recently broadened our style exposure given the uncertain macro outlook.

In terms of thematics, we still see obesity as a key long-term theme within healthcare and maintain an overweight exposure. When looking at more underappreciated new modalities, we are looking forward to new data sets investigating cell therapy in auto-immune diseases.

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ESG

  • 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

    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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