Bellevue Digital Health (Lux)
Portfolio consisting of high-quality growth stocks showing double-digit revenue growth
Regulation and stringent quality requirements limit the technological risk
Demographic changes and an aging general population demand greater efficiency and cost-effectiveness
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1811047676
The fund invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions. The selection of portfolio companies is bottom-up.
Indexed performance (as at: 10.05.2024)
NAV: CHF 163.71 (08.05.2024)
Rolling performance (08.05.2024)
I-CHF | Benchmark | |
08.05.2023 - 08.05.2024 | -9.20% | n.a. |
06.05.2022 - 08.05.2023 | 13.35% | n.a. |
07.05.2021 - 06.05.2022 | -39.94% | n.a. |
08.05.2020 - 07.05.2021 | 47.36% | n.a. |
Annualized performance (08.05.2024)
I-CHF | Benchmark | |
1 year | -9.20% | n.a. |
3 years | -14.79% | n.a. |
5 years | -0.72% | n.a. |
Since Inception p.a. | 4.58% | n.a. |
Cumulative performance (08.05.2024)
I-CHF | Benchmark | |
1M | -1.03% | n.a. |
YTD | 7.27% | n.a. |
1 year | -9.20% | n.a. |
3 years | -38.18% | n.a. |
5 years | -3.57% | n.a. |
Since Inception | 30.97% | n.a. |
Annual performance
I-CHF | Benchmark | |
2023 | -12.79% | n.a. |
2022 | -26.56% | n.a. |
2021 | -7.33% | n.a. |
2020 | 53.69% | n.a. |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The fund actively invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PriceWaterhouseCoopers |
Launch date | 30.04.2018 |
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 | LU1811047676 |
Valor number | 41450404 |
Bloomberg | BBDIGIC LX |
WKN | A2JJA8 |
Total expense ratio (TER) | 1.47% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency USD)
Volatility | 32.10 |
Sharpe ratio | -0.56 |
No. of positions | 33 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Benefits & Risks
Benefits
- Demographic changes and an aging general population demand greater efficiency and cost-effectiveness.
- New technologies conquer the healthcare sector.
- Portfolio consisting of high-quality growth stocks showing double-digit revenue growth.
- Regulation and stringent quality requirements limit the technological risk.
- 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.
- Equities linked to technology and/or digitization can be subject to higher-than-average fluctuations in value.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
The market's gains during the month under review were driven by optimistic management commentary, new product approvals, takeover rumors, and nearly unchanged US bond yields.
15 of the 33 positions in the portfolio made a positive contribution to performance in March.
The best performance drivers among the top 10 portfolio positions were Shockwave (+24.8%), Dexcom (+20.5%), Align Technology (+8.4%), Natera (+5.7%) and Intuitive Surgical (+3.5%). Among the smaller positions, Exact Sciences (+20.0%) and Inspire Medical (+20.0%) stood out.
Shockwave’s shares jumped after the Wall Street Journal wrote that Johnson & Johnson was interested in buying the company. After Boston Scientific announced the acquisition of Axonics in January, this would be the second acquisition of a company in the digital health portfolio this year and it would again underpin our expectation of increasing acquisition activity going forward.
The US FDA approved Dexcom's Stelo, an innovative wearable glucose biosensor designed for people living with type 2 diabetes not on insulin, a market that numbers 25 million people in the US alone. It is the first over-the-counter glucose sensor to reach the market and can be worn for up to 15 days before requiring a replacement.
Natera shares were marked up after its Renasight genetic test for people with chronic kidney disease (CKD) was recommended in the updated medical guidelines of the Kidney Disease Improving Global Outcomes (KDIGO) organization.
Exact Sciences shares rose after publishing excellent clinical data for its new colorectal cancer screening test Cologuard Plus in the New England Journal of Medicine (NEJM).
Inspire Medical attracted buyers after investors recognized that clinical data from Eli Lilly's SURMOUNT-OSA study could actually be a much more positive catalyst.
Pacific Biosciences (-32.2%), Recursion Pharmaceuticals (-25.9%), 10X Genomics (-19.5%), Privia Health (-12.2%) and TransMedics (-9.4%) detracted most from performance in March.
Pacific Biosciences management’s presentation of the market potential of its long-read Revio sequencing system at a couple of conferences failed to convince investors. We believe that the macroeconomic environment needs to improve before its shares can stage a strong recovery.
Recursion Pharmaceuticals, which specializes in proprietary AI-enabled tools to accelerate drug discovery processes, fell short of consensus sales expectations because of a delayed milestone payment.
The investment community is not yet convinced of the potential behind 10X Genomics’ GEM-X technology because its currently high cost is seen as an obstacle to broad market adoption. All performance data is in USD / B shares.
In their discussions with investors during February and March, the executives of many companies made positive remarks about business in the first quarter and for 2024 as a whole. The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Inspire Medical's new Inspire 5 device for obstructive sleep apnea, Dexcom's Stelo and G7 blood glucose sensors, Intuitive Surgical's new da Vinci 5 surgical robot, and Insulet's Omnipod 5 patch pump.
As witnessed during the last two years, even outstanding sector-specific fundamentals can be overridden by macroeconomic developments and shifting investor preferences. In 2024, we expect our investment solution to benefit from several factors: Cuts in US interest rates (which usually benefits growth stocks the most), attractive valuation levels (price/sales multiples close to historical lows), an expected increase in M&A and IPO activity, a general repositioning as investors drop last year's outperforming stocks and buy high-quality stocks, and the underwhelming growth outlook for the world economy (which in the past has been a relatively good setting for non-cyclical subsectors such as the digital health) underpin our optimism and make a good case for investing in the Bellevue Digital Health (Lux) Fund.
Documents
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