
Bellevue Biotech (CH)
ISIN-No.: CH0113817065
YTD: -6.24%
Active share: 41.67
Anzahl Positionen: 62
Biotech sector with sustainable, strong sales and earnings growth thanks to high innovation level
Expiring patents of pharma companies lead to high M&A activity (patent cliff)
Valuations very attractive on historical average over the last 10 years
Indexed performance (as at: 10.07.2025)
NAV: CHF 3'097.80 (09.07.2025)
Rolling performance (10.07.2025)
AA-CHF | Benchmark | |
09.07.2024 - 09.07.2025 | -8.94% | -14.64% |
09.07.2023 - 09.07.2024 | 11.38% | 17.07% |
09.07.2022 - 09.07.2023 | -13.22% | -9.68% |
09.07.2021 - 09.07.2022 | -12.61% | -14.80% |
Annualized performance (10.07.2025)
AA-CHF | Benchmark | |
1 year | -8.94% | -14.64% |
3 years | -4.17% | -3.66% |
5 years | -3.03% | -3.17% |
10 years | -1.60% | -0.30% |
Since Inception p.a. | 8.00% | 9.85% |
Cumulative performance (10.07.2025)
AA-CHF | Benchmark | |
1M | 0.60% | 0.66% |
YTD | -6.24% | -9.74% |
1 year | -8.94% | -14.64% |
3 years | -11.98% | -10.58% |
5 years | -14.27% | -14.88% |
10 years | -14.86% | -3.00% |
Since Inception | 211.18% | 299.52% |
Annual performance
AA-CHF | Benchmark | |
2024 | 6.84% | 6.69% |
2023 | -9.12% | -5.57% |
2022 | -10.36% | -9.88% |
2021 | 4.39% | 2.31% |
Facts & Key figures
Investment Focus
The Bellevue Biotech fund focuses on the most promising companies in the biotechnology sector. The fund actively invests in 30 to 50 stocks that have met all of the stringent selection criteria applied by us. These are biotech companies that have specialized in areas such as immunology, virology, neurology, oncology, 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 | 15.10.2010 |
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 | CH0113817065 |
Valor number | 11381706 |
Bloomberg | ADGLBIA SW |
WKN | A1H7EV |
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 | 0.89 |
Volatility | 19.95 |
Tracking error | 7.00 |
Active share | 41.67 |
Correlation | 0.94 |
Sharpe ratio | -0.09 |
Information ratio | -0.26 |
Jensen's alpha | -1.82 |
No. of positions | 62 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- New innovative drugs are powering sustainable momentum in the biotech sector.
- Attractively valued large cap biotechs.
- Expiring pharmaceutical patents trigger a rise in M&A activity.
- Focus on US biotech companies with strong growth potential.
- Bellevue Healthcare team – top-performing pioneer in the management of healthcare portfolios.
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.
- Biotech equities can be subject to sudden substantial price movements owing to market, sector or company factors.
- 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 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.
Review / Outlook
US President Trump released an Executive Order (EO) calling for most-favored-nation (MFN) drug pricing on May 12. This called for the HHS to propose drug price targets within 30 days, with the industry being given 180 days to show signs of progress (deadline November 8, 2025). Alongside this, there remains the 232 investigation on pharmaceuticals related to national security and potential tariffs. We are therefore within the middle of these two processes, with a lack of clear direction at present. The potential for a pilot program around MFN appears to have waned. In addition, we have not seen MFN enter the reconciliation bill (big beautiful bill) negotiations in congress. This lack of information and slowing momentum has provided a support to pharmaceutical valuations.
Beyond US politics, June was a busy month of healthcare conferences. Early in the month we attended the American Society of Clinical Oncology (ASCO) annual meeting in Chicago. This is the largest medical conference on the calendar. During the meeting we gained a growing picture of the potential new modalities and mechanisms that are emerging in early/ mid-stage studies (ADCs, bispecifics etc.). Later in June, we attended the American Diabetes Association (ADA) conference (also in Chicago). This year ADA spotlighted the next generation of obesity and metabolic therapies. While nuanced differences exist across the pipeline, one thing is clear: the space is ripe for further innovation. Oral GLP-1 alternatives, muscle-sparing regimens, and combination hormone therapies all gained traction, pointing toward a maturing market still rich in unmet needs. Across both therapeutic areas, we have been impressed by the innovation now coming from China, including some of the stocks we hold in our portfolio.
The Bellevue Biotech (CH) Fund (AA-shares: 3.7%, in USD) performed inline with its biotech index benchmark, benefiting from positive clinical trial readouts and security selection. Among the portfolio holdings, the strongest relative performance came from Insmed (+39.9%, in CHF) based on successful Phase II results in PAH, as well as from Innovent (+22.6%, in CHF) in the context of broader performance strength of Chinese biotechs.
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