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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, Spain and Portugal. 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. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), 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. 

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, 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 („KID“), 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, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), 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 ("KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, 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 ("KID"), the management regulations and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, 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 ("KID"), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from Bellevue Asset Management (Deutschland) GmbH, 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

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Bellevue Diversified Healthcare

ISIN-No.: LU2441706509

YTD: 15.15%

Active share: 27.53

Anzahl Positionen: 68

Indexed performance (as at: 14.10.2024)

NAV: USD 135.37 (13.10.2024)


01 Jan 2010 - 01 Jan 2010
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I-USD
Benchmark

Rolling performance (14.10.2024)

I-USDBenchmark
13.10.2023 - 13.10.202420.10%19.48%
13.10.2022 - 13.10.20235.62%9.73%

Annualized performance (14.10.2024)

I-USDBenchmark
1 year20.10%19.48%
Since Inception p.a.3.19%5.88%

Cumulative performance (14.10.2024)

I-USDBenchmark
1M-1.90%-1.78%
YTD15.15%13.84%
1 year20.10%19.48%
Since Inception8.30%15.60%

Annual performance

I-USDBenchmark
20230.69%3.76%

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, and engaged in the research, development, production and sale of products and services. Experienced sector specialists manage the portfolio with a focus on leveraging the positive characteristics of the healthcare sector, especially the favorable correlation profiles between the various subsectors. Stock selection is bottom-up. The Bellevue Diversified Healthcare fund seeks to outperform the MSCI World Health Care Index. The fund’s investment process also takes ESG factors into consideration.
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Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date31.03.2022
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU2441706509
Valor number116533027
BloombergBDHCIUS LX
WKNA3DEAR
Total expense ratio (TER)1.46% (30.09.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.09.2024, base currency USD)

Beta0.99
Volatility10.25
Tracking error3.01
Active share27.53
Correlation0.96
Sharpe ratio1.52
Information ratio-0.14
Jensen's alpha-0.37
No. of positions68

Top 10 positions

Eli Lilly
UnitedHealth Group
Johnson & Johnson
AbbVie
Novo Nordisk
Novartis
Thermo Fisher
Intuitive Surgical
Boston Scientific
AstraZeneca
8.5%
7.9%
5.5%
5.3%
4.8%
4.2%
3.9%
3.2%
3.0%
2.9%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.3%
1.5%
5.6%
2.3%
89.3%
1.0%

Geographic breakdown

United States
Switzerland
Denmark
France
Great Britain
Japan
Belgium
Italy
Australia
China
Spain
Finland
Cash
70.4%
10.1%
5.6%
3.4%
2.9%
2.8%
1.7%
1.4%
0.3%
0.3%
0.3%
0.3%
0.5%

Breakdown by sector

Pharma
Medtech
Services
Biotechnology
Life Sciences Tools
Generics
Cash
43.3%
21.4%
15.6%
12.2%
4.9%
2.1%
0.5%

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.

MSCI World Healthcare underperformed MSCI World in September 2024 by 481 bps (MSCI World Healthcare -3.0% vs MSCI World +1.8%). A resilient US economy in combination with Fed rate cuts drove US equity markets to all-time highs. Cyclical sectors benefited from the strong US economy (e.g. consumer discretionary), while Fed cuts drove support for the higher yielding sectors (e.g. utilities). With a lack of support from either of these drivers, and some fundamental headwinds for key stocks, the healthcare sector underperformed. Bellevue Diversified Healthcare (Lux) Fund (I-shares: -3.6%, in USD) underperformed (by 64 bps) its healthcare index benchmark.   
 
After broadly inline inflation data and strong labour data early in the month, the Fed surprised by cutting the base rate by 50 bps. The US economy continued to surprise to the upside on various metrics through September, supporting a goldilocks scenario for equities. Indeed, the S&P 500 has had its best first 9 months of the year since 1997. Towards the end of the month, China stimulus drove a rally in Chinese mainland and Hong Kong-listed stocks.      

Within the MSCI World Healthcare Index, medtech (+1.3%) was the best performing subsector in the month. This was followed by life science tools (+1.1%), healthcare tech (+0.9%), Biotech (-2.7%), with pharmaceuticals being the clear laggard with a negative performance (-6.1%).

From a geographical point of view, the emerging market healthcare (all country, +7.2%) performed best, supported by a strong month for China equities. This was followed by asia healthcare (all country, -0.4%), US healthcare (+1.8%), and European healthcare (-6.1%). From a market-capitalization perspective, the mid caps (USD 2-60 bn mrk-cap; -0.6%) performed best supported by a size rotation mid-month. This was followed by the large caps grouping (USD 60-200 bn; -1.7%), with the mega cap grouping (>USD 200 bn; -4.9%) performing weakly (driven by Novo Nordisk; -15.4% in September).

Within the fund, strong absolute performances were reported during the month from Vaxcyte (41.5%; positive clinical trial results), Structure Therapeutics (15.1%; benefited from disappointing competitor data), and Insulet (14.8%; type-2 diabetes market opening up). On the other hand, negative absolute performances were seen for Daiichi Sankyo (-21.0%; negative clinical trial update), Moderna (-17.1%; negative RSV update), and Novo Nordisk (-15.4%; negative clinical trial update).

While performance broadened across subsector, style, and marketcapitalization within healthcare in March, we still favour high-quality structural growth names in what is a late-cycle stage of the economic cycle.

Parabolic raises in some share prices are creating risks, but our diversified approach should help mitigate these. While maintaining an overweight in structural growth, we have recently broadened our style exposure given the uncertain macro outlook.

In terms of thematics, we still see obesity as a key long-term theme within healthcare and maintain an overweight exposure. When looking at more underappreciated new modalities, we are looking forward to new data sets investigating cell therapy in auto-immune diseases.

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  • 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

    Lukas Leu

    Lukas Leu has been at Bellevue Asset Management since 2021. He is lead portfolio manager of the Bellevue Obesity Solutions fund and portfolio manager of the Bellevue Healthcare Diversified fund. He holds a PhD in biochemistry from the Swiss Federal Institute of Technology in Zurich. He previously worked as a research assistant at his alma mater and as an equity research analyst in the healthcare sector at Julius Baer.
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