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Principles 

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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.

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Bellevue Medtech & Services

ISIN-No.: LU0415391514

YTD: 10.63%

Active share: 25.12

Anzahl Positionen: 44

Explained in 90 seconds

Bellevue Medtech & Services Fund explained in 90 seconds

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

Digitalization and the use of GenAI is boosting sales and earnings growth

Indexed performance (as at: 08.10.2024)

NAV: EUR 784.54 (07.10.2024)


01 Jan 2010 - 01 Jan 2010
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I-EUR
MSCI World IMI HC Equip. & Supllies
MSCI World HC Net Return

Rolling performance (08.10.2024)

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
07.10.2023 - 07.10.202416.87%19.13%13.81%
07.10.2022 - 07.10.2023-3.19%-3.66%-0.21%
07.10.2021 - 07.10.2022-5.55%-16.95%8.34%
07.10.2020 - 07.10.202121.21%23.85%20.07%

Annualized performance (08.10.2024)

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
1 year16.87%19.13%13.81%
3 years2.24%-1.05%7.67%
5 years7.95%6.92%11.31%
10 years12.48%13.31%10.52%
Since Inception p.a.13.02%14.29%13.63%

Cumulative performance (08.10.2024)

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
1M0.68%1.29%-1.70%
YTD10.63%10.47%12.78%
1 year16.87%19.13%13.81%
3 years6.86%-3.10%24.81%
5 years46.58%39.70%70.84%
10 years224.07%248.84%171.97%
Since Inception529.29%644.79%582.05%

Annual performance

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
20231.60%5.08%0.45%
2022-11.34%-19.83%0.55%
202125.69%23.65%28.63%
20206.98%13.62%4.27%

Investment Focus

The fund’s aim is to achieve capital growth in the long term, is actively managed and invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive healthcare fund solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, liquid mid and large cap companies with an established product portfolio as well as fast growing small cap companies with leading-edge technology offering. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.
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Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to selectively diversify their portfolio with investments in the medical technology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0415391514
Valor number3882709
BloombergBFLBBIE LX
WKNA0RP25
Total expense ratio (TER)1.45% (30.09.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.09.2024, base currency EUR)

Beta0.98
Volatility18.33
Tracking error6.65
Active share25.12
Correlation0.93
Sharpe ratio0.09
Information ratio0.42
Jensen's alpha2.79
No. of positions44

Top 10 positions

Boston Scientific
Abbott Laboratories
Intuitive Surgical
Stryker
Medtronic
Becton Dickinson
EssilorLuxottica
Alcon
Edwards Lifesciences
GE HealthCare Technologies
10.1%
9.7%
9.7%
8.6%
4.9%
4.7%
4.0%
4.0%
3.1%
2.8%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.4%
3.0%
5.3%
8.4%
82.0%
0.9%

Geographic breakdown

United States
Switzerland
France
Denmark
Germany
Japan
Other
Cash
83.1%
7.4%
4.0%
2.5%
1.5%
1.4%
0.1%
0.1%

Breakdown by sector

Cardiology
Surgery
Orthopedics
Ophthalmology
Life Science Supply
Imaging/Radiotherapy
Diabetes
Managed Care
Hospital/Nursing H.
Wound Closure/Lasers /OBGY
Dental
Other
Hearing
Cash
29.2%
11.8%
11.3%
10.9%
9.2%
5.5%
4.9%
3.9%
3.1%
2.8%
2.7%
2.5%
2.1%
0.1%

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 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.
  • 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.

Global stocks closed slightly higher in September (MSCI World Net Index +0.9%), as did European stocks (Euro Stoxx 50 +0.9%) and Germany’s bellwether index (Dax +2.2%). The global medtech sector (MSCI World Healthcare Equipment & Supplies +0.5%) and the Bellevue Medtech & Services (Lux) Fund (+0.1%) also closed in the green and clearly outperformed the broader healthcare sector tracked by the MSCI World Healthcare Index (-3.8%).

As could be expected, the stocks of innovative, fast-growing companies (which the Medtech & Services Fund is focused on) benefited the most from the US Federal Reserve’s rate cut. By the same token, these circumstances led to last month's weakness in pharmaceuticals and the broader healthcare sector. Shifts in the general investment landscape like this also encourage the investment community to hunt for new, attractive investment ideas. Looking at the big picture, the Medtech & Services Fund stands to reap an outsized benefit from the current market phase.

Medtech stocks in the portfolio that are generating high sales growth, such as Insulet (+13.8%), Straumann (+10.0%), Align Technology (+6.3%), Idexx Laboratories (+4.0%), Cooper (+3.4%) and Boston Scientific (+1.6%) for example, traded higher on the US central bank’s rate cut announcement and other news. Insulet’s management made some positive remarks about the expected number of new patient additions for the second half of 2024.

Shares of portfolio company GE Healthcare (+9.7%) gained on the Chinese government’s the announcement of a fiscal stimulus package.

Zimmer Biomet (-7.1%), Edwards Lifesciences (-6.5%), Dexcom (-4.2%) and Intuitive Surgical (-1.2%) detracted from portfolio performance. Zimmer Biomet disappointed investors when it trimmed its sales forecast for 2024 by about 1% because of problems stemming from a new ERP system. Edwards Lifesciences confirmed its earnings guidance for 2024 but said that earnings per share would likely be markedly lower in 2025 compared to 2024 due to the divestment of its Critical Care business. We assume the company will be able to offset some of the forecast drop in EPS by cutting costs and buying back shares.

The performance of life sciences tools companies Danaher (+2.4%) and Thermo Fisher (-0.3%) was mixed. Thermo Fisher confirmed its long-term sales guidance range of 7% to 9% but added that achieving this growth would be contingent on a full recovery of its end markets, and management made no reference as to the exact time frame here.

HCA Healthcare (+2.0%), the largest US hospital chain, made another positive contribution to the portfolio's relative and absolute performance. Its management team mentioned at various investor conferences that business was going well.

US health insurers traded lower and Elevance (-7.2%), Centene (-5.3%), Cigna (-4.7%), Molina (-2.4%) and UnitedHealth (-1.5%) detracted from portfolio performance. It appears that there was another big increase in surgical procedure volumes at hospitals and ambulatory surgery centers in the third quarter, while the Fed's rate cut portends somewhat returns from health insurers’ fixed-income investments in the medium term. All performance data is in EUR / B shares.

In their talks with investors in March, the executives of many medical technology companies expressed positive views about the course of business during the first quarter and said that they expected fast growth in surgical procedure volumes in 2024. The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Abbott’s TriClip, AVEIR and Libre products, Boston Scientific’s Farapulse PFA system and the new da Vinci 5 surgical robot from Intuitive Surgical. We believe company pricing power in the low single-digit percentage range is still intact. Margins are expected to widen due to the faster-than-average sales growth and further improvements in supply chains.

Hospitals stand to benefit from high patient volumes, higher prices, and only moderately higher labor costs. We expect health insurers to report rising premium income in the wake of solid membership growth and premium rate increases. Persisting high US government bond yields could have an accretive effect on earnings, too. Political risks are still low. We assume that the elections in November will not give either party a solid majority of seats in either chamber.

Unlike in 2023, we are anticipating tailwinds for our investment solution in 2024: Rate cuts by the Fed, attractive valuation levels (valued at a discount despite above-average earnings growth), a general repositioning as investors drop last year's outperformers and move into high-quality stocks, and a meager outlook for global economic growth (which in the past has been good for non-cyclical sectors). All of these factors argue for an investment in the Bellevue Medtech & Services (Lux) Fund.

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Ratings & Awards

  • Co-Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health. Prior to joining Bellevue Asset Management, he spent 4 years as head of investor relations at Sonova. As a financial analyst at Bank Sarasin, he covered medical technology and high tech stocks. After that he served as CFO of Obtree Technologies Inc. Stefan Blum obtained a degree in business administration from the University of St. Gallen and is CEFA charterholder.
  • Co-Lead Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
  • Healthcare Analyst

    Catharina Claes

    Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.
  • Healthcare Analyst

    Annie Zeng

    Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.
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