Bellevue Medtech & Services (Lux)
Medtech & Services is an investment in 10% of global gross domestic product: Healthcare sector excluding drugs
Bottom line: above-average and steady growth compared to the broad market
Focusing on profitable, liquid mid and large cap companies with an established product portfolio
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU0433846515
The Fund invests worldwide in companies active in the medical technology and healthcare services sector. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.
Indexed performance (as at: 10.05.2024)
NAV: EUR 176.47 (08.05.2024)
Rolling performance (08.05.2024)
T-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
08.05.2023 - 08.05.2024 | 4.00% | 1.90% | 8.76% |
06.05.2022 - 08.05.2023 | 5.79% | 4.10% | 2.05% |
07.05.2021 - 06.05.2022 | 0.92% | -3.60% | 17.91% |
08.05.2020 - 07.05.2021 | 17.20% | 20.48% | 8.71% |
Annualized performance (08.05.2024)
T-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
1 year | 4.00% | 1.90% | 8.76% |
3 years | 3.54% | 0.75% | 9.36% |
5 years | 8.30% | 7.88% | 11.25% |
10 years | 13.45% | 14.50% | 11.71% |
Since Inception p.a. | 8.36% | 10.81% | 10.00% |
Cumulative performance (08.05.2024)
T-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
1M | -1.81% | -1.72% | 1.22% |
YTD | 7.20% | 5.33% | 7.63% |
1 year | 4.00% | 1.90% | 8.76% |
3 years | 11.03% | 2.26% | 30.87% |
5 years | 49.08% | 46.16% | 70.52% |
10 years | 253.72% | 287.83% | 202.83% |
Since Inception | 697.36% | 469.40% | 408.25% |
Annual performance
T-EUR | MSCI World IMI HC Equip. & Supllies | MSCI World HC Net Return | |
2023 | 1.30% | 5.08% | 0.45% |
2022 | -11.61% | -19.83% | 0.55% |
2021 | 25.32% | 23.65% | 28.63% |
2020 | 6.66% | 13.62% | 4.27% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The fund actively invests worldwide in companies active in the medical technology and healthcare services 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 | PWC, Luxembourg |
Launch date | 28.09.2009 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.20% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU0433846515 |
Valor number | 10264395 |
Bloomberg | BFLBBTE LX |
WKN | A0RP27 |
Total expense ratio (TER) | 1.76% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency EUR)
Beta | 0.98 |
Volatility | 18.20 |
Tracking error | 6.62 |
Active share | 29.37 |
Correlation | 0.93 |
Sharpe ratio | 0.16 |
Information ratio | 0.38 |
Jensen's alpha | 2.57 |
No. of positions | 44 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Digitalization of the healthcare sector is boosting medtech companies’ growth and earnings.
- Focusing on profitable, liquid mid and large cap companies with an established product portfolio as well as on rapidly growing small cap businesses delivering cutting-edge technology.
- Managed care profits from the privatization of the health insurance sector and lower treatment costs.
- Minimally invasive techniques gaining ground – shorter treatment times reduce healthcare costs.
- 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.
- 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
Medtech shares headed north on positive management commentary at investor conferences and new product approvals. Large-cap stocks such as Dexcom (+20.6%), Edwards Lifesciences (+12.6%), Intuitive Surgical (+3.5%), Boston Scientific (+3.5%) and Stryker (+2.8%) made positive contributions to the fund's absolute and relative performance. 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. Edwards Lifesciences benefited from growing investor confidence that the market for transcatheter tricuspid valve replacement systems is bigger than initially estimated.
Shockwave (+24.9%), Inspire Medical (+20.0%), Cooper (+8.4%) and Insulet (+4.6%) also made positive contributions to performance. Shockwave's shares jumped after the Wall Street Journal wrote that Johnson & Johnson was interested in buying the company. Cooper surprised investors by reporting higher-than-expected sales growth for the first quarter and raising its full-year sales guidance.
TransMedics (-9.4%), Idexx Laboratories (-6.1%), Penumbra (-5.0%) and Abbott (-4.2%) were performance detractors. Abbott corrected after a court ordered Reckitt Benckiser to pay USD 60 mn to the mother of a premature baby who died after being fed the company's baby formula.
Most of the healthcare services stocks in the portfolio traded higher. US hospital giant HCA Healthcare (+7.3%) and cloud-based software company Veeva Systems (+2.8%) made positive contributions to relative and absolute performance. At an investor conference, HCA management made very positive comments about the course of business while Veeva’s quarterly results were better than expected.
Most US health insurance stocks ended March in the green. Cigna (+8.5%), Molina (+4.3%), Elevance (+3.8%), UnitedHealth (+0.7%) and Centene (+0.1%) showed positive returns while Humana (-0.7%) ended the month slightly in the red. At a conference for investors, Elevance made positive remarks about its business in the first quarter and confirmed its earnings guidance for 2024. Elevance also announced the acquisition of Kroger Specialty Pharmacy, which is expected to be margin accretive over a medium- and long-term horizon. UnitedHealth's stock performance was tarnished a bit by a cyberattack on Change Healthcare. Change Healthcare, a unit of UnitedHealth, provides a billing platform that healthcare providers use to submit claims to health insurers. All performance data is in EUR / B shares.
Hospitals stand to benefit from high patient volumes, higher prices, and only moderately higher labor costs. We expect health insurers to report rising premium income in the wake of solid membership growth and premium rate increases. Persisting high US government bond yields could have an accretive effect on earnings, too. Political risks are still low. We assume that the elections in November will not give either party a solid majority of seats in either chamber.
Unlike in 2023, we are anticipating tailwinds for our investment solution in 2024: Rate cuts by the Fed, attractive valuation levels (valued at a discount despite above-average earnings growth), a general repositioning as investors drop last year's outperformers and move into high-quality stocks, and a meager outlook for global economic growth (which in the past has been good for non-cyclical sectors). All of these factors argue for an investment in the Bellevue Medtech & Services (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