Bellevue AI Health
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: 26.07.2024)
NAV: USD 146.26 (26.07.2024)
Cumulative performance (27.07.2024)
I2-USD | Benchmark | |
1M | 0.99% | 1.35% |
YTD | 12.94% | 10.29% |
1 year | n.a. | n.a. |
Since Inception | 17.01% | 15.17% |
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) | 1.43% (30.06.2024) |
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
This gave stock markets around the world positive momentum, as witnessed by the monthly returns of major large-cap-indexes such as the S&P 500 (+3.5%), the MSCI World (+2.0%) and the NASDAQ 100 (+6.3%). Small and mid caps tracked by the Russell 2000 Index (-0.9%) were relative underperformers.
The broad MSCI World Healthcare Index (+1.9%) gained ground, but not as much as the total stock market or the tech sector due to the latest developments in the US presidential election campaign. The Bellevue AI Health Fund (+2.6%) beat its benchmark once again in the month under review.
Biopharma (59.2% weighting at the end of the month) contributed +2.1% to the fund's absolute performance but had a neutral impact from a relative perspective. Eli Lilly (+10.4%), Novo Nordisk (+7.2%) and Roche (+8.6%) were performance drivers, while Moderna (-16.7%) and Shionogi (-12.9%) were performance detractors. Eli Lilly presented impressive data from its SURMOUNT-OSA trial of tirzepatide (GLP-1) in sleep apnea at the annual conference of the American Diabetes Academy, which lifted the shares of Novo Nordisk too. Eli Lilly also announced a collaboration with OpenAI that will allow Eli Lilly to leverage OpenAI's generative AI to develop novel antimicrobials to treat drug-resistant pathogens. Moderna, which uses generative AI to develop vaccines, was marked down after a US government agency published recommendations for administering RSV vaccines that were less permissive than before.
Medtech exposure (23.0%) had a slightly negative impact of -0.1% on absolute performance but a slightly positive impact of +0.1% on relative performance. While Intuitive Surgical (+5.2%) and Boston Scientific (+0.1%) made positive contributions to performance, ResMed (-9.9%) and Tempus AI (-5.4%) were performance detractors. Intuitive Surgical presented its next-generation da Vinci 5 robotic surgery system with features that leverage AI to a wider audience of specialists at the annual gathering of the Society of Robotic Surgery, where it was well received. Boston Scientific shares rose on positive management statements about the company’s new pulsed field ablation system for cardiac arrhythmias. ResMed’s shares retreated in the wake of the surprisingly strong results from the SURMOUNT-OSA study. Tempus AI’s IPO was successful but was overshadowed by a lawsuit filed by Guardant Health.
Healthcare services providers (11.0%) made a positive contribution of +0.3% to both absolute and relative performance. Performance here was clearly impacted by President Biden's weak performance in the television debate, which lowered Biden's poll numbers and boosted Trump's. UnitedHealth (+3.2%), the second-largest provider of Medicare Advantage plans in the US, and whose shares are significantly overweighted in the portfolio, benefited from the solid performance of Trump, as he has voice strong support for Medicare Advantage plans.
The fund's tech exposure (5.4%), which includes tech companies from both the healthcare and information technology industries, contributed +0.5% to the fund's absolute and relative performance. Oracle (+20.5%), Nvidia (+12.7%), Microsoft (+7.7%) and Veeva (+5.0%) contributed positively to performance, while Qualcomm (-2.4%) detracted. Oracle announced that it had signed more than 30 AI contracts in its latest fiscal quarter and Nvidia's CEO Jensen Huang gave a very optimistic keynote speech at Computex 2024. We realized some profits in the technology space in view of the good performance of these positions. 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.
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