BB Adamant Digital Health (Lux)

Portfolio consisting of high-quality growth stocks showing double-digit revenue growth

Regulation and stringent quality requirements limit the technological risk

Demographic changes and an aging general population demand greater efficiency and cost-effectiveness 

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Investment Focus

ISIN-No. LU1811047593

The fund invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions. The selection of portfolio companies is bottom-up.

Indexed performance (as at: 24.09.2021)

NAV: USD 295.22 (23.09.2021)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (23.09.2021)

23.09.2020 - 23.09.202134.48%n.a.
23.09.2019 - 23.09.202035.01%n.a.
23.09.2018 - 23.09.2019-7.42%n.a.

Annualized performance (23.09.2021)

1 year34.48%n.a.
3 years18.84%n.a.
5 yearsn.a.n.a.
Since Inception p.a.28.73%n.a.

Cumulative performance (23.09.2021)

1 year34.48%n.a.
3 years68.09%n.a.
5 yearsn.a.n.a.
Since Inception136.18%n.a.

Annual performance


Investment Focus

The fund invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions and making investment decisions. The selection of portfolio companies is bottom-up.

Without limiting the scope of the term Digital Health, businesses in the digital health sector comprise companies that are in a good position in the segments of diagnostics, healthcare IT, life sciences tools, medical technology, healthcare service providers or wellness to be able to benefit from the advent of digital technologies. This allows for new innovative products, treatment methods and services, as well as broad improvement in efficiency across the entire healthcare sector, including in the research and development of medicines.
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Investment suitability & Risk

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 companies whose business activities have a strong focus on the digitalization of the healthcare sector and who are willing to accept the equity risk typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
Launch date30.04.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU1811047593
Valor number41450399

Legal Information

SFDR categoryArticle 8

Key data (31.08.2021, base currency USD)

Share ratio0.78
No. of positions50

Top 10 positions

Shockwave Medical
Inspire Medical Sys.
Intuitive Surgical
Axonics Modulation
Align Technology
Veeva Systems
Tandem Diabetes Care

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

United States

Breakdown by sector





  • Demographic changes and an aging general population demand greater efficiency and cost-effectiveness.
  • New technologies conquer the healthcare sector.
  • Portfolio consisting of high-quality growth stocks showing double-digit revenue growth.
  • Regulation and stringent quality requirements limit the technological risk.
  • Bellevue has been a Healthcare pioneer since 1993 and is one of the biggest independent investors in the sector in Europe today.


  • Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
  • Investments in foreign currencies are subject to currency risks.
  • The fund may invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.
  • Equities linked to technology or digitization can be subject to higher-than-average fluctuations in value.
  • Increased opportunities through possible derivative transactions go hand in hand with higher risk of loss.

The BB Adamant Digital Health Fund bounced back strongly from a bout of weakness (-5.8%) in the middle of the month and closed August in positive territory (+1.0%) thanks to good market momentum. Investors showed renewed interest in growth stocks and small and mid caps, as the Russell 2000 index of US small caps (+2.2%) and the broad health market (MSCI World Healthcare Net +2.8%) and the US technology sector (Nasdaq 100 +4.1%) all made gains.

Exactly half of the 52 stocks in the fund's portfolio delivered a positive performance in August. Inspire Medical (+22.1%), which specializes in the treatment of obstructive sleep apnea, reported excellent sales again, beating the top-line consensus forecast for the second quarter by more than 25%, and management increased its sales guidance for 2021 as a whole. In addition, an advisory panel of the CMS (Centers for Medicare & Medicaid Services) recommended increasing reimbursement rates for Inspire's “pacemaker for the tongue” in outpatient settings. Shares of Glaukos (+16.9%) regained some of the ground lost in July (-39.9%) after the CMS proposed sharply lower physician fees for the company’s products. Resurgent optimism also lifted Shockwave (+17.7%) shares, while Axonics (+10.3%) reported second-quarter sales that were well above the consensus forecast. TransMedics (+14.6%) was marked up in anticipation of a positive FDA decision on the company’s Organ Care System for donor organs. SEER (+25.2%) recovered after a prolonged period of weakness, as did Outset Medical (+20.3%). Intersect ENT (+16.5%) received a takeover offer from Medtronic, after which we sold our entire position.
Eargo (-44.4%), Inogen (-25.8%) and Ambu (-14.5%) were performance detractors. Eargo announced that its largest customer for its hearing aids, a health insurer for government employees, was investigating its business relationship with the company. Inogen has experienced difficulties sourcing an important component for its portable oxygen concentrators, which resulted in production constraints. Ambu announced that its next-generation disposable bronchoscope aScope 5 was running behind schedule.
The situation regarding the Chinese stocks in the portfolio has not yet changed for the better. Despite the steep declines in the previous month, which had a negative impact of -1.3% on the overall portfolio performance, Ping An Healthcare and Technology (-20.9%), Burning Rock (-18.2%), JD Health (-13.4%) and Genetron (-6.4%) traded sharply lower again. Ali Health (+5.6%) and Yidu Tech (+2.9%) were the only Chinese stocks in the portfolio that ended the month with a positive return. We expect China's Digital Health stocks to stage a strong recovery, but we are not yet increasing our exposure here until the broader market has clearly stabilized and a rebound sets in. All performance data is in USD / B shares.

We don't rule out short-term market fluctuations, especially in reaction to news about the vaccination rates and the effectiveness of vaccines against coronavirus variants, or as a result of short-term tactical shifts in the flow of investment capital (sector rotation). However, we believe that a highly selective portfolio of fast-growing, transformative and disruptive companies offering digital technologies that improve healthcare services and systems while lowering costs can quickly bounce back from short-term stock market trends. In addition, the Digital Health Fund's portfolio, with its estimated average multi-year sales growth of 35%-plus and good visibility, can experience a very quick re-rating.

The growing acceptance of digital solutions in the wake of the pandemic has pushed up the potential growth trajectory of the digital health investment case. We also expect M&A activity to pick up significantly in 2021. This strong growth momentum and non-cyclical demand will put digital health stocks in an excellent position to deliver another pleasing performance in the current year. Companies with disruptive technologies involving sensors, wireless connectivity or cloud computing are bringing new or improved products and services to the marketplace. This is having a positive effect on treatment quality and on overall costs. The BB Adamant Digital Health (Lux) Fund offers investors access to a global portfolio of fast-growing tech-heavy stocks that are additionally benefiting from the healthcare sector’s attractive fundamental drivers, such as demographic aging and the spread of lifestyle-related diseases. Digital health is subject to stricter regulatory regimes, which wards off potential new competitors, makes the related technology risk more predictable and gives the fund a distinctive profile.

The fund aims to maintain a high double-digit annual sales growth rate at the aggregated portfolio level. Venture capital funds have already invested about USD 70 bn in 3300 privately held digital health firms since 2011, so we expect a steady stream of attractive IPOs in the coming years – another reason, and an important one, for investing in this sector.

Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a negative impact on the performance. With an investment amount of EUR 1000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base currency in %, calculated by the total return / BVI method.Show moreShow less

  • Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is portfolio manager of the funds BB Adamant Medtech & Services and BB Adamant Digital 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.
  • Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch joined Bellevue Asset Management in 2008 as portfolio manager of the BB Adamant Medtech & Services and BB Adamant Digital Health Fund. Prior to that, he spent more than 3 years as a consultant with Deloitte & Touche. Formulating company strategy, evaluating organizational structures and valuing companies prior to corporate transactions were among his duties in this function. Marcel Fritsch holds a degree in business economics from the University of St. Gallen (HSG).
  • Analyst

    Mateusz Niedzwiecki

    Mateusz Niedzwiecki has been a Healthcare Analyst at Bellevue Asset Management since 2021. Before joining Bellevue Asset Management, he worked in general and trauma surgery at the Horgen Hospital and most recently at the department of Urology at the University Hospital Zurich. He holds a degree in medicine from the University of Zurich.