
Bellevue Medtech & Services (CH)
ISIN-No.: CH0034334737
YTD: -15.35%
Active share: 30.74
Anzahl Positionen: 31
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
Indexed performance (as at: 10.07.2025)
NAV: CHF 2'927.37 (09.07.2025)
Rolling performance (10.07.2025)
AA-CHF | Benchmark | |
09.07.2024 - 09.07.2025 | -15.37% | -10.47% |
09.07.2023 - 09.07.2024 | 2.56% | 6.38% |
09.07.2022 - 09.07.2023 | -5.79% | -4.36% |
09.07.2021 - 09.07.2022 | -5.94% | -2.85% |
Annualized performance (10.07.2025)
AA-CHF | Benchmark | |
1 year | -15.37% | -10.47% |
3 years | -6.49% | -3.34% |
5 years | 0.26% | 2.91% |
10 years | 5.48% | 7.02% |
Since Inception p.a. | 6.40% | 6.75% |
Cumulative performance (10.07.2025)
AA-CHF | Benchmark | |
1M | -4.91% | -2.75% |
YTD | -15.35% | -11.85% |
1 year | -15.37% | -10.47% |
3 years | -18.22% | -9.69% |
5 years | 1.30% | 15.40% |
10 years | 70.42% | 97.13% |
Since Inception | 193.39% | 211.00% |
Annual performance
AA-CHF | Benchmark | |
2024 | 8.70% | 9.50% |
2023 | -10.60% | -4.35% |
2022 | -12.56% | -11.48% |
2021 | 25.45% | 24.57% |
Facts & Key figures
Investment Focus
The fund actively invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | Zürcher Kantonalbank |
Fund Administrator | Swisscanto Fondsleitung AG |
Auditor | Ernst & Young AG |
Launch date | 03.03.2008 |
Year end closing | 30. Sep |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.80% |
Subscription Fee (max.) | 2.50% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | CH0034334737 |
Valor number | 3433473 |
Bloomberg | ADAGMED SW |
WKN | A0RAUP |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.06.2025, base currency CHF)
Beta | 1.12 |
Volatility | 17.55 |
Tracking error | 5.86 |
Active share | 30.74 |
Correlation | 0.95 |
Sharpe ratio | -0.20 |
Information ratio | -0.46 |
Jensen's alpha | -2.61 |
No. of positions | 31 |
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 in financial instruments that might 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
UnitedHealth (+0.5%) staged an initial technical rebound (+4.1% in USD) after its big sell-off in the previous month (-26.6%), as did Cigna (+1.3%) and CVS (+4.0%). Elevance (-1.7%), Molina (-5.7%) and Centene (-7.1%) traded lower. The live Senate debate over OBBB (One Big Beautiful Bill) put pressure on the shares of Molina and Centene, two insurers with a significant focus on Medicaid plans. This can be traced to the obviously negative impact of Senate amendments to the bill that cut government funding for Medicaid and the Affordable Care Act/Health Exchanges (ACA) while also reducing Medicaid eligibility. The market responded to the legislative action, which poses a direct threat to the revenues and membership numbers of both companies. In the large-cap medtech space, only Medtronic (+2.3%) and Stryker (+0.1%) made a positive contribution to fund performance, along with Align (+1.1%) and Idexx (+0.9%), which gained in the wake of positive consumer confidence readings. Medtronic was marked up after the FDA approved Liberant, a peripheral catheter-based thrombectomy device for treating vascular venous thrombosis, which led to selling pressure on Penumbra (-7.1%), the market leader in thrombectomy. Intuitive Surgical (-5.0%) and Abbott (-1.6%) detracted the most from fund performance in June. Intuitive Surgical shares sold off after Restore Robotics announced the commercial launch of remanufactured robotic instruments (scissors) for da Vinci surgical robotic systems (FDA clearance received in March 2025). We believe the risks associated with remanufactured instruments are currently low and should be well-contained over the long term. This is because the remanufactured instruments approved by the FDA are for use with Intuitive Surgical’s older systems such as Xi and Si. Intuitive Surgical is already marketing newer-generation systems (da Vinci 5) with enhanced features that are much more complex, such as Force Feedback technology.
Life sciences tools companies Danaher (+0.6%) and Thermo Fisher (-2.7%) had a negative impact on performance.
All performance data is in CHF / AA shares.
Based on the better-than-expected quarterly reports of medtech companies and our numerous talks with company executives in May, we expect strong growth in surgical procedure volumes for the current year, which could even increase slightly from the current levels as the year progresses. The resulting operating leverage and the weak US dollar should cushion the negative impact of tariffs on earnings per share growth.
The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Abbott’s Lingo, Libre Rio, Libre 3, TriClip and AVEIR products, Boston Scientific’s Farapulse PFA system and Watchman FLX Pro device, and the new da Vinci 5 surgical robot from Intuitive Surgical. We believe the sector's pricing power will remain above historical levels in 2025, too. Margins are expected to improve in the wake of the fast sales growth.
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