Your browser is out-of-date!

Update your browser to view this website correctly.

Disclaimer
To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria and Spain. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

By clicking on "Accept", you confirm that you agree to the legal provisions. Alternatively, you can select "I don't accept" if you wish to leave the website.

Bellevue reports a market related decline in net profit for the first half to CHF 14.3 mn – client base stable thanks to acknowledged investment expertise

28.07.2022

Ad hoc announcement pursuant to Art. 53 of the SWX Listing Rules 

  • Continual market turmoil reduced assets under management by 25% to CHF 9.6 bn – asset outflows marginal thanks to stable client base  
  • Consolidated operating income fell by 36% to CHF 46.8 mn compared to the record results from 2021 – of which approximately 40% reflects unrealized losses on investments in own products and financial investments
  • On the cost side, total expenses were reduced by 32% to CHF 27.6 mn thanks to the entrepreneurial employee compensation model – cost/income ratio at 59.1%
  • Group net profit declined by 36% to CHF 14.3 mn on market turmoil – above-average return on equity of 25.2%  
  • Successful development and expansion of the Private Markets unit, interesting revenue opportunities  
  • Integration of StarCapital in Germany completed  

André Rüegg, CEO of Bellevue, on the first-half results for 2022: “Bellevue Group was clearly challenged during the first half of 2022 as it contended with an increasingly difficult market environment. Its business model is mostly focused on growth companies with leading-edge innovative skills and could not escape the market downdraft despite our active management approach. Thanks to our entrepreneurial compensation model, we were able to reduce the cost base significantly and thus cushion the market related contraction on the income side. Our Private Markets operations are performing well. Here we see attractive earnings potential that we intend to take advantage of by hiring additional expert teams and launching new strategies. We are confident that health and healthcare stocks will remain a mega trend. The first signs of an upward trend in healthcare markets are already visible, although a sustained recovery will clearly depend on the future path of inflation and interest rates.”

Market related decline in assets under management

Almost every area of Bellevue’s business activities was exposed to the general market sell-off during the first six months of the year. This led to a market related decline in assets under management of more than CHF 2.8 bn during the reporting period. Alone the rate hike announced by the Swiss National Bank on June 16 lowered the valuation of assets under management by more than CHF 400 mn.

Thanks to Bellevue’s proven investment expertise and the long-term horizons of its loyal and long-standing investors, the broadly diversified client base has so far remained very stable. Despite the negative market performance, asset outflows were moderate at CHF 326 mn, which corresponds to about 3% of the overall asset base. Bellevue’s broad range of healthcare strategies accounted for approximately CHF 154 mn of this outflow and other investment strategies for the remaining CHF 172 mn, which also reflects the streamlining of the Group’s product range after the full integration of StarCapital. Taking all factors into consideration, client assets under management declined by 25% from the year-end 2021 level to CHF 9.6 bn.

Earnings also impacted by unrealized losses

The negative developments in financial markets led to a significant drop in the average level of client assets under management and reduced the corresponding income by CHF 16.3 mn. The market downturn also resulted in unrealized losses of CHF 4.0 mn on investments in own products and in a CHF 4.7 mn net loss on financial investments in connection with employee compensation plans. The more than 36% decline in total operating income to CHF 46.8 mn compared with the record first-half results reported in 2021 therefore consists to more than 40% of unrealized losses.

The temporary erosion in Bellevue’s earnings power was offset to some extent by its entrepreneurial compensation model, which made a significant reduction in personnel expenses possible. This demonstrates the substantial elasticity of its cost base. Operating expenses were reduced by 32% to CHF 27.6 mn. The cost/income ratio rose to 59.1%, which is at the upper end of the target range. Group net profit declined by 36% to CHF 14.3 mn. Return on equity for the period stood at 25.2%.

Successful establishment of Bellevue Private Markets – attractive earnings potential 

The “Bellevue Private Markets” unit, established in 2019 with the acquisition of adbodmer AG, displayed pleasing developments during the reporting period. By offering private market investment solutions, Bellevue is targeting a structural growth market and raising its profile as a specialist asset manager. The careful, gradual expansion of this newly created business unit going forward will reduce the dependence of Bellevue’s business model on the stock market and boost its earnings power.

An investor club consisting of wealthy individuals as well as selected institutionals was formed for the “Private Markets” unit. The business is focused on acquiring minority stakes in successful, privately owned mid-sized companies in the DACH region to actively support their corporate development. During the first half of the year, new members joined the investor club and progress was made in developing the pipeline of promising new investment opportunities. Two to three new investment transactions should be successfully concluded during the second half of 2022 and initial, high-potential exits from 2023 appear to be realistic.

Bellevue Group launched its first co-investment fund, Bellevue Entrepreneur Private LP, to offer a wider range of investors access to an exclusive portfolio of shareholdings in hidden champions. This fund was successfully closed in June 2022 with investment capital of CHF 63 mn and already has five attractive investments in its portfolio. Given the solid pipeline of investment opportunities, investment holding periods should be rather short, which would also facilitate the launch of a second co-investment fund.

Besides the targeted expansion of the existing direct equity operations, which are organizationally grouped under the Zug-based Bellevue Private Markets AG, the range of related products and services will be enhanced with a new unit focused on “scalable special strategies” by the end of the year.

Integration of StarCapital completed – expanded market reach and presence in Germany thanks to bundling of resources

The integration of StarCapital was successfully completed. In Germany, the Group’s most important foreign market accounting for approximately one-third of its base business, Bellevue relocated all of its activities in the country to a new location in Frankfurt, where they now operate under the name Bellevue Asset Management (Deutschland), effective July 1. Gerit Heinz has been recruited to strengthen the management of Bellevue’s operations in Germany. Heinz has many years of experience in asset and wealth management. The organizational unity of Bellevue’s activities in Germany will simplify the deployment of the entire Group’s investment expertise and speed up the execution of market penetration campaigns in the country.

Number of Group Executive Board members reduced to accelerate the development of Private Markets

In order to take full advantage of the considerable growth and earnings potential that the direct equity investment market offers, Jan Kollros, CEO of Bellevue Private Markets, will now be fully focused on the operational management of this newly established business unit. It was against this backdrop that the Board of Directors and the Executive Board jointly decided to release Jan Kollros from his duties on the Group Executive Board as of September 1, 2022.

Growing with existing products and selective market entry campaigns

Within the scope of its growth strategy, Bellevue is concentrating on expanding its capabilities and solutions in its Private Markets segment, further improving quality, and growing existing products. For example, the core competencies of the investment team at the Group's flagship product BB Biotech AG will be strengthened with the recruitment of additional highly qualified experts during the second half of 2022. These new talents will be focused on the increasingly important fields of clinical data science analytics as well as on the area of neurology.

In Bellevue’s core markets of Switzerland, Germany and the UK, greater market penetration is targeted in all relevant business segments, while also taking advantage of the good growth momentum in its strategic secondary markets such as Austria, Spain and Italy. Bellevue’s newly established Singapore hub will enable it to address growing momentum in Asian markets. Moreover, the development of new business activities in Latin America, primarily in Chile and Peru, will continue to be pursued. The pension fund markets in these select countries are structurally interesting and based on a system that is similar to that of Switzerland. Bellevue’s family of Luxemburg-based funds are an ideal solution for institutional investors in Chile and Peru.

Healthcare remains a mega trend – early sector recovery depends on inflation and interest rate levels

Bellevue expects the general market environment to remain very volatile. High rates of inflation across different economies and the possibility of further interest rate hikes will continue to keep investors worried. Bellevue is confident that health and healthcare stocks will remain a mega trend. As a specialized asset manager, Bellevue has an excellent position in the attractive healthcare sector.

History has shown that the healthcare sector can be viewed to some extent as a leading indicator of broader financial market trends. Healthcare stocks already began to correct early last year. It is conceivable that the sector will be the first to recover, too, but when that may happen is not clear. Some sections of the healthcare industry, also in Asia, are now displaying clear signs of an upward trend. A sustained recovery will certainly depend on the future path of inflation and interest rates. In this environment, Bellevue, as a "House of Investment Ideas", will maintain its agility and seize investment opportunities as they present themselves in the interests of its clients. Against this background, Bellevue management reiterates its long-term targets.

 

The half-year report 2022 and presentation material can be downloaded from www.bellevue.ch and report.bellevue.ch/H12022

 

Contact

Media Relations            
Jürg Stähelin, IRF
Telephone: +41 43 244 81 51, staehelin@irf-reputation.ch

Investor Relations
Michael Hutter, CFO Bellevue Group
Telephone: +41 44 267 67 00, mhu@bellevue.ch