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
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 | 0.80% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU2441707572 |
| Valor number | 116534199 |
| Bloomberg | BDHCUEU LX |
| WKN | A3DEAW |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (31.08.2025, base currency USD)
| Beta | 0.93 |
| Volatility | 12.03 |
| Tracking error | 3.70 |
| Active share | 29.34 |
| Correlation | 0.95 |
| Sharpe ratio | -0.05 |
| Information ratio | -0.44 |
| Jensen's alpha | -1.64 |
| No. of positions | 61 |
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
Global equities recovered in August 2025, with the MSCI World Index rising 2.6%. Healthcare outperformed broader equities, with the MSCI World Health Care Index up 5.1% on the back of improved operating certainty and rebounds in several megacaps, bringing the sector back into positive territory ytd at 2.8%. The Bellevue Diversified Healthcare (Lux) Fund (I shares) gained 4.7% in US dollars, underperforming its benchmark by 48 bps.
Policy developments provided support to sector performance for the first time in many months, as the US and EU clarified that tariffs on imported EU-manufactured drugs will begin at zero and be capped at 15% regardless of any 232 investigation outcomes. At the Jackson Hole Symposium, Fed Chair Powell signaled support for September rate cuts, which lifted sentiment in biotechnology.
Among portfolio holdings, sector heavyweight UnitedHealth rebounded 24% after Berkshire Hathaway disclosed a USD 1.6 bn stake, while Novo Nordisk rose 18% on the back of mixed competitor obesity data. Beyond these two megacap names, Insmed gained 27% following the approval of Brinsupri for the treatment of non-cystic fibrosis bronchiectasis, Natera rose 26% after strong results and positive trial news (IMvigor011 study of minimal residual disease), and Rhythm Pharmaceuticals advanced 21% due to an earlier-than-expected PDUFA date in hypothalamic obesity.
President Trump’s July 31 letters highlighted frustration with the lack of progress on his most-favored nation (MFN) Executive Order, pressing for Medicaid pricing alignment, MFN guarantees on new drugs, revenue returns to US taxpayers, and direct MFN pricing from biopharma. While the focus on Medicaid rather than Medicare points to a possible compromise, significant uncertainty remains. The importance of Section 232 drug investigations has diminished following the US-EU tariff agreement capping drug tariffs at 15%, in our view. A potential policy outcome could involve industry guarantees of essential medicine supplies, limited MFN adoption, and US CapEx commitments – measures that can be presented politically as victories but would have relatively modest earnings implications for the sector.
Healthcare equities remain derated, now accounting for less than 9% of the S&P 500 despite representing around 18% of US GDP. Greater clarity on drug pricing policy could attract value investors back, while weakening US economic indicators may also restore interest in the sector as a defensive hedge. Structurally, long-term drivers such as aging populations, growing healthcare access in emerging markets, and innovation in areas like robotics and AI continue to provide support. Innovation remains key to addressing rising societal healthcare costs by improving efficiency and reducing the burden of long-term care. Against this backdrop, the fund maintains a selective, high-conviction approach with diversified exposure across subsectors, styles, and geographies, and it currently holds a small overweight in biotechnology.
Dokumente
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