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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.

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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.

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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 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 

Explained in 90 seconds

Bellevue Digital Health Fund explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU1811047320

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: 27.03.2024)

NAV: USD 180.14 (26.03.2024)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I2-USD
Benchmark

Rolling performance (26.03.2024)

I2-USDBenchmark
24.03.2023 - 26.03.2024-6.16%n.a.
25.03.2022 - 24.03.2023-8.16%n.a.
26.03.2021 - 25.03.2022-27.10%n.a.
26.03.2020 - 26.03.202187.03%n.a.

Annualized performance (26.03.2024)

I2-USDBenchmark
1 year-6.16%n.a.
3 years-14.34%n.a.
5 years1.25%n.a.
Since Inception p.a.6.38%n.a.

Cumulative performance (26.03.2024)

I2-USDBenchmark
1M-0.08%n.a.
YTD-0.50%n.a.
1 year-6.16%n.a.
3 years-37.17%n.a.
5 years6.42%n.a.
Since Inception44.11%n.a.

Annual performance

I2-USDBenchmark
2023-4.01%n.a.
2022-27.57%n.a.
2021-9.97%n.a.
202068.63%n.a.

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The fund actively 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. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRRI

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
CustodianCACEIS Investor Services Bank, Luxembourg
Fund AdministratorCACEIS Investor Services Bank, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date30.04.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.80%
Subscription Fee (max.)5.00%
ISIN numberLU1811047320
Valor number41449395
BloombergBBDHI2U LX
WKNA2JJA6
Total expense ratio (TER)1.32% (29.02.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (29.02.2024, base currency USD)

Volatility32.70
Sharpe ratio-0.49
No. of positions33

Top 10 positions

Intuitive Surgical
Dexcom
Procept BioRobotics
Natera
Align Technology
Shockwave Medical
Veeva Systems
Globus Medical
Ambu
TransMedics
9.4%
7.0%
6.7%
6.3%
6.0%
5.4%
4.9%
4.7%
4.6%
4.6%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
> 20 bn
Others
3.0%
7.4%
27.6%
36.2%
25.7%
0.1%

Geographic breakdown

United States
Denmark
China
Cash
91.9%
5.9%
2.0%
0.2%

Benefits

  • 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 – 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.
  • Equities linked to technology and/or digitization can be subject to higher-than-average fluctuations in value.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

Global stocks (MSCI World Net Index +4.2%) and the US tech sector (Nasdaq 100 +5.4%) delivered a positive performance in February. The broader healthcare sector also gained ground (MSCI World Healthcare Net +2.3%), as did the Bellevue Digital Health Fund (+1.7%).

February was distinguished by the positive fourth-quarter reporting season and the optimistic outlook companies gave for 2024. This underpins our forecast that many digital health companies will benefit in 2024 not only from the many new, market-expanding products with blockbuster potential, but also from all the procedures that had to be postponed during the pandemic and can be performed this year, which will clearly boost growth rates in 2024.

19 of the 33 companies in the fund's portfolio delivered a positive performance in February. The best performers in February came from top 10 portfolio positions – Natera (+31.2%), Shockwave (+15.3%), Align (+13.1%), and Veeva (+8.7%) – and from Recursion (+43.0%), a smaller position. Natera received extended reimbursement coverage from the Centers for Medicare & Medicaid Services (CMS) for its Signatera diagnostic test for ovarian cancer (in post-surgery and surveillance settings) and for breast cancer (now also in the presurgical therapy setting). The use of Natera’s test in breast cancer surveillance could reduce the number of unnecessary operations, and Signatera is gradually replacing existing prognostic approaches. What's more, its results for the fourth quarter of 2023 and management's outlook for 2024 came in well above investor expectations. Shockwave, Align and Veeva also traded higher after publishing good results. Veeva gave a more cautious sales outlook for 2024/25 but its forecast profitability was higher than expected. Recursion announced that it had developed a proprietary AI model for drug discovery on BioNeMo, a generative AI platform from Nvidia.

Insulet (-14.1%), Pacific Biosciences (-15.1%), Exact Sciences (-12.0%), Inspire (-15.1%) and Omnicell (-18.4%) led the list of decliners.  Share prices of insulin pump manufacturer Insulet were marked sharply lower on investor fears that it would face increasing competition from Medtronic and Tandem Diabetes as well as from Ypsomed in Europe. The management of Pacific Biosciences mentioned a challenging capex environment that could slow the market launch of its Revio sequencer. Inspire Medical’s stock dropped on investor fears surrounding the publication of Eli Lilly's SURMOUNT-OSA trial data (key figures without details). Exact Sciences shareholders are assessing what impact a potentially competitive situation would have in the early detection of colorectal cancer in connection with Guardant Health’s blood screening test. Screening with Exact Sciences’ Cologuard has produced superior results in terms of the key metrics “life-years gained” and “number of unnecessary colonoscopies”, which is why we expect a restrictive recommendation from the U.S. Preventive Services Task Force (USPSTF). Although the recommendations of the USPSTF are not binding, they are referenced by many doctors and healthcare organizations in the US when making decisions about preventive health services. Omnicell released a good set of results but slashed its outlook for 2024. The company has initiated a strategic review of its business activities due to its persisting business difficulties. All performance data is in USD / B shares.

From a fundamental point of view, digital health companies have reported stable above-average growth and that is expected to continue in 2024. Many companies have published positive earnings reports for 2023 and issued optimistic guidance for 2024, thanks in large part to the approval and launch of major new products. Examples here are Insulet’s Omnipod 5 patch insulin pump, Dexcom's G7 continuous glucose monitor, and Intuitive Surgical’s announcement of its next-generation da Vinci 5 robot.

As the 2023 investment year has clearly shown, outstanding sector fundamentals can be overridden by macroeconomic developments and shifting investor tastes. Unlike in 2023, we are anticipating tailwinds for our investment solution in 2024: Lower interest rates in the US (which will benefit growth stocks the most), attractive valuation levels (sales multiples close to historical lows), a projected upturn in M&A and IPO activity, a general repositioning as investors drop last year's outperforming stocks and buy high-quality stocks, and the underwhelming growth outlook for the world economy (which in the past has been a relatively good setting for non-cyclical sectors such as the digital health sector). All of these factors argue for an investment in the Bellevue Digital Health (Lux) Fund.

Our investment strategy is focused on innovative market leaders and companies with solid finances. More than 95% of the companies in the portfolio have no immediate financing needs. Companies in the highly regulated and non-cyclical healthcare market also benefit from the industry’s high entry barriers. The portfolio is focused on fast-growing companies that are using digital technology to improve healthcare delivery and outcomes and make healthcare systems more cost-effective. Average sales growth for the digital health portfolio over the coming years is in the high double-digits and visibility is good.

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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

Ratings & Awards

  • Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is portfolio manager of the funds Bellevue Medtech & Services and Bellevue 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 Bellevue Medtech & Services and Bellevue 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).
  • Healthcare Analyst

    Teresa Vilanova

    Dr Teresa Vilanova joined Bellevue Asset Management in 2022 as a Healthcare Analyst. Prior to this, Teresa completed her PhD on the topic of "Nanomedicine in the Treatment of Infertility" at the University of Oxford. Alongside her studies, she gained her first practical experience in the clinic as well as in private equity. Teresa holds a degree in Biotechnology and a Master in Clinical Embryology from the University of Valencia.
  • 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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