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: 13.03.2025)
NAV: CHF 143.03 (12.03.2025)
Rolling performance (13.03.2025)
I-CHF | Benchmark | |
12.03.2024 - 12.03.2025 | -1.09% | -0.77% |
12.03.2023 - 12.03.2024 | 1.64% | 13.96% |
12.03.2022 - 12.03.2023 | -7.39% | -4.24% |
12.03.2021 - 12.03.2022 | -5.95% | 10.27% |
Annualized performance (13.03.2025)
I-CHF | Benchmark | |
1 year | -1.09% | -0.77% |
3 years | -2.35% | 2.83% |
5 years | 4.71% | 9.75% |
Since Inception p.a. | 2.03% | 6.94% |
Cumulative performance (13.03.2025)
I-CHF | Benchmark | |
1M | -4.82% | -3.64% |
YTD | -1.47% | 1.99% |
1 year | -1.09% | -0.77% |
3 years | -6.89% | 8.73% |
5 years | 25.85% | 59.24% |
Since Inception | 14.42% | 56.79% |
Annual performance
I-CHF | Benchmark | |
2024 | 6.65% | 9.40% |
2023 | -10.32% | -5.55% |
2022 | -12.77% | -4.32% |
2021 | 10.29% | 23.35% |
Facts & Key figures
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
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 | 29.06.2018 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1819585610 |
Valor number | 41670699 |
Bloomberg | BBSHCIC LX |
WKN | A2JMRG |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (28.02.2025, base currency USD)
Beta | 0.83 |
Volatility | 14.13 |
Tracking error | 9.75 |
Active share | 67.75 |
Correlation | 0.74 |
Sharpe ratio | -0.39 |
Information ratio | -0.69 |
Jensen's alpha | -6.84 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
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.
Review / Outlook
As in prior months, there was a large dispersion of performance across MSCI sectors. Consumer staples (+4.9%) was once again strong, followed by real estate (+3.1%). Consumer discretionary (-6.7%) was the weakest sector, followed by communication services (-5.1%).
Within the MSCI World Healthcare Index, there was also a considerable dispersion of monthly performance between subsectors. In somewhat of an reversal of the prior month, biotechnology (+6.3%) was the best performing subsector in the month, followed by pharmaceuticals (+5.0%), medtech (-0.3%), healthcare services (-4.5%), and life science tools (-11.3%). From a geographical point of view, European healthcare performed best (+3.2%), followed by the US (+1.0%) and emerging markets (+0.5%). The performance of Asian healthcare (-2.2%) was disappointing in February.
Within the fund, the strongest absolute performance was reported during the month from Alibaba Health (+39.1% in USD; positive sentiment around incorporation of AI in Chinese healthcare services). On the other hand, the most negative absolute performance was seen for Bruker (-18.8%; NIH funding and activity concern).
Documents
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Portfolio examples with ESG relevance
Österreichisches Umweltzeichen
Portfolio Manager
Christian Lach
After working as a member of the Management Team BB Biotech/BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was portfolio manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as portfolio manager of the funds Bellevue Healthcare Strategy/Sustainable and Bellevue Obesity Solutions. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).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.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
Christian Lach
After working as a member of the Management Team BB Biotech/BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was portfolio manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as portfolio manager of the funds Bellevue Healthcare Strategy/Sustainable and Bellevue Obesity Solutions. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).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.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
Christian Lach
After working as a member of the Management Team BB Biotech/BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was portfolio manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as portfolio manager of the funds Bellevue Healthcare Strategy/Sustainable and Bellevue Obesity Solutions. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).