The global growth rate of the healthcare sector has consistently outpaced global GDP growth
Broadly diversified healthcare all-rounder with a focus on mega and large caps, complemented by small and mid caps
Active approach with a focus on structural growth and disciplined monitoring of portfolio metrics
Indexed performance (as at: 10.07.2025)
NAV: CHF 105.03 (09.07.2025)
Rolling performance (10.07.2025)
I-CHF | Benchmark | |
09.07.2024 - 09.07.2025 | -17.58% | -15.66% |
09.07.2023 - 09.07.2024 | 16.28% | 15.48% |
09.07.2022 - 09.07.2023 | -9.56% | -7.60% |
Annualized performance (10.07.2025)
I-CHF | Benchmark | |
1 year | -17.58% | -15.66% |
3 years | -4.66% | -3.64% |
Since Inception p.a. | -5.17% | -3.26% |
Cumulative performance (10.07.2025)
I-CHF | Benchmark | |
1M | -2.78% | -2.55% |
YTD | -11.49% | -11.26% |
1 year | -17.58% | -15.66% |
3 years | -13.33% | -10.53% |
Since Inception | -15.98% | -10.29% |
Annual performance
I-CHF | Benchmark | |
2024 | 10.34% | 9.40% |
2023 | -8.39% | -5.55% |
Facts & Key figures
Investment Focus
The Bellevue Diversified Healthcare fund aims to achieve long-term capital growth, is actively managed and invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, 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 | 31.03.2022 |
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 | LU2441706848 |
Valor number | 116533047 |
Bloomberg | BDHCICH LX |
WKN | A3DEAP |
Total expense ratio (TER) | 1.51% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2025, base currency USD)
Beta | 0.93 |
Volatility | 11.97 |
Tracking error | 3.52 |
Active share | 30.92 |
Correlation | 0.96 |
Sharpe ratio | -0.19 |
Information ratio | -0.58 |
Jensen's alpha | -2.13 |
No. of positions | 63 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Profit from the worldwide growth of the healthcare sector, which has clearly outpaced the growth of global GDP during the past ten years.
- Take advantage of the positive characteristics of the healthcare sector and generate alpha through a bottom-up selection process and factor allocation strategies.
- Strategic overweighting of the “structural growth” factor and underweighting of blue-chip pharmaceutical stocks.
- Low earnings risk – above-average earnings growth, even in crisis years, leading to stable portfolio components.
- 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 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
US President Trump released an Executive Order (EO) calling for most-favored-nation (MFN) drug pricing on May 12. This called for the HHS to propose drug price targets within 30 days, with the industry being given 180 days to show signs of progress (deadline November 8, 2025). Alongside this, there remains the 232 investigation on pharmaceuticals related to national security and potential tariffs. We are therefore within the middle of these two processes, with a lack of clear direction at present. The potential for a pilot program around MFN appears to have waned. In addition, we have not seen MFN enter the reconciliation bill (big beautiful bill) negotiations in congress. This lack of information and slowing momentum has provided a support to pharmaceutical valuations.
Beyond US politics, June was a busy month of healthcare conferences. Early in the month we attended the American Society of Clinical Oncology (ASCO) annual meeting in Chicago. This is the largest medical conference on the calendar. During the meeting we gained a growing picture of the potential new modalities and mechanisms that are emerging in early/ mid-stage studies (ADCs, bispecifics etc.). Later in June, we attended the American Diabetes Association (ADA) conference (also in Chicago). This year’s ADA spotlighted the next generation of obesity and metabolic therapies. While nuanced differences exist across the pipeline, one thing is clear: the space is ripe for further innovation. Oral GLP-1 alternatives, muscle-sparing regimens, and combination hormone therapies all gained traction, pointing toward a maturing market still rich in unmet needs. Across both therapeutic areas, we have been impressed by the innovation now coming from China, including some of the stocks we hold in our portfolio.
Within the portfolio, there were strong absolute performances from Insmed (US biotech; strong clinical trial data; +44.3%), Innovent (China Biotech, strong clinical trial data; +26.4%), Sino Biopharma (China biopharma; strong clinical trial data; +16.9%), Verona Pharma (US/UK biotech; setback for competitor; +16.5%), and Protagonist Therapeutics (US biotech; strong clinical trial data; +16.4%).
We remain focused on high-conviction names from a bottom-up perspective, and see a broad exposure to subsectors, style and geography as appropriate from an risk perspective.
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