Bellevue AI Health (Lux)
Healthcare systems will benefit from the huge pools of data that have been built up over decades
GenAI will be a relevant driver of shareholder value
Sweet spot: Well-capitalized companies with strong AI capabilities
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU2721086507
The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. Its focus is on liquid mega and large caps, with modest allocation to mid cap stocks. In addition to fundamental aspects ranging from valuation and growth profiles to profitability, a proprietary «AI Affinity Score» is used to determine how attractive a company is from an AI perspective. 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.
Indexed performance (as at: 28.06.2024)
NAV: USD 143.71 (27.06.2024)
Cumulative performance (27.06.2024)
I2-USD | Benchmark | |
1M | 1.77% | 1.56% |
YTD | 10.97% | 8.04% |
1 year | n.a. | n.a. |
Since Inception | 14.97% | 12.82% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. 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 | 30.11.2023 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.80% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2721086507 |
Valor number | 130852207 |
Bloomberg | BAIHI2U LX |
WKN | A3E1ZX |
Total expense ratio (TER) | 1.42% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Portfolio
Top 10 positions
Geographic breakdown
Benefits & Risks
Benefits
- GenAI is speeding up the process of digitization and automation across the healthcare system.
- GenAI can enhance patient care, simplify processes and procedures, and lead to better decisions.
- Companies that use or provide GenAI tools for healthcare-relevant purposes will gain a sustainable competitive advantage.
- Shareholder value creation will largely be determined by a company’s AI strategy and its execution.
- Bellevue – a pioneer in healthcare investing since 1993 and now one of the largest independent investors in the healthcare space in Europe.
Risks
- The fund actively invests in equities. Stocks are subject to price fluctuations, so there is a risk of falling prices.
- The investments the fund makes may be denominated in foreign currency, which can entail a foreign-exchange risk relative to the fund's base currency.
- The fund may invest some of its assets in financial instruments that may have relatively low levels of liquidity under certain circumstances, which may then affect the liquidity of the fund’s own shares.
- There are additional risks in the form of political and social unrest when investing in emerging markets.
- The fund may use derivatives. Derivatives offer greater upside potential yet also carry greater downside risk.
Review / Outlook
Biopharma (58.7% weighting at the end of the month) contributed 2.9% to the fund’s absolute and 0.6% to its relative performance. Moderna (+29.2%), Amgen (+11.9%), Regeneron (+10.0%), Eli Lilly (+5.2%) and Novo Nordisk (+4.3%) made a positive contribution to performance, while Merck (-2.8%) was a performance detractor. The confirmed cases in the US of avian influenza spreading from animals to humans boosted the share price of vaccine manufacturer Moderna. In addition, Moderna's mRNA vaccine for respiratory syncytial virus (RSV) was granted regulatory approval. It protects people aged 60 and older from lower respiratory tract disease. Amgen management made positive remarks about the progress of a Phase II trial of AMG133, a pipeline candidate for treating obesity (no data released). The investment community had previously been skeptical about AMG133’s chances of success after an early trial showed severe side effects and a high drop-out rate. Regeneron's first-quarter results confirmed the rapid growth of the high-dosage version of Eylea (macular degeneration) and its regulatory filing of Dupixent (chronic obstructive pulmonary disease) has entered the crucial stage. Eli Lilly and Novo Nordisk benefited from unrelenting demand for GLP-1 drugs as well as from several positive trial readouts. Merck's shares, on the other hand, were marked down after Akeso/Summit Therapeutics released trial data for their bispecific agent in lung cancer that demonstrated a statistically significant improvement vs Keytruda, Merck's blockbuster.
Medtech companies (23.2%) contributed 0.3% to absolute performance, which was in line with the benchmark. While Intuitive Surgical (+8.5%) and Boston Scientific (+5.1%) made positive contributions to performance, Dexcom (-6.8%) and Abbott (-3.6%) had a negative impact. Abbott was weak due to investor worries about ongoing litigation over recalled baby formula. Comments by Dexcom management on the reorganization of its field sales force (at an investor event at Dexcom headquarters that we also participated in) were interpreted by other participants as a sign that Dexcom would report disappointing second-quarter results. Dexcom, however, clearly refuted that conclusion.
Healthcare services (11.1% at the end of the month) contributed 0.2% to the fund’s absolute and 0.1% to its relative performance. UnitedHealth (+2.4%), a health insurer that is overweight in the portfolio, performed well in a difficult market environment thanks to its highly diversified business model. UnitedHealth shares received an additional boost from the problems its rival Aetna is facing (owned by CVS Health and not in the fund's portfolio). Aetna priced its health plans too aggressively in the past and will now have to reset its rates over the space of several years. This will translate into growth opportunities for Aetna's competitors such as UnitedHealth and take some competitive pressure out of the marketplace.
The technology segment (5.7%), which includes tech companies from both the healthcare space and the IT industry, contributed 0.5% to absolute and 0.6% to relative performance. While Nvidia (+26.9%), Qualcomm (+23.5%) and Microsoft (+6.8%) made positive contributions to performance, Veeva (-14.3%) was a performance detractor. The quarterly results of Nvidia and Qualcomm exceeded investors’ high expectations and demand for Nvidia processors continues to exceed production capacity by far. Veeva's first-quarter results were in line with expectations, but management lowered its sales forecast for 2024 as a whole. It did not change its guidance for EPS though. All performance data in USD / B shares.
Already today medications are being developed more quickly and with better rates of success, for example, new diagnostic and treatment methods are producing better clinical outcomes, and GenAI is helping medical professionals make better and more informed decisions. We focus on healthcare companies that have made GenAI a core element of their business strategy and that are investing substantial resources in this technology to gain a lasting competitive advantage and achieve superior value growth. The technology risk here is more calculable than in other industries because healthcare is such a heavily regulated industry.
Dokumente
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less
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