BB Adamant Global Medtech & Services (CH)

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

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Investment Focus

ISIN-No. CH0113817040

The Fund invests worldwide in companies active in the medical technology and healthcare services sector. 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.

Indexed performance (as at: 24.09.2021)

NAV: CHF 4'119.78 (23.09.2021)

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

23.09.2020 - 23.09.202137.95%36.37%
23.09.2019 - 23.09.20207.34%6.74%
23.09.2018 - 23.09.2019-1.04%4.81%
23.09.2017 - 23.09.201839.55%25.64%

Annualized performance (23.09.2021)

1 year37.95%36.37%
3 years13.54%15.08%
5 years18.30%16.89%
Since Inception p.a.13.48%12.29%

Cumulative performance (23.09.2021)

1 year37.95%36.37%
3 years46.53%52.57%
5 years131.80%118.27%
Since Inception311.98%266.18%

Annual performance


Investment Focus

The Fund 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. A global network of experts spanning scientific and industrial fields supports the Management Team in forming opinions and making investment decisions. The selection of the portfolio companies is entirely bottom-up, independent of benchmark weightings.Show moreShow less

Investment suitability & Risk

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianZürcher Kantonalbank
Fund AdministratorSwisscanto Fondsleitung AG
AuditorErnst & Young AG
Launch date03.03.2008
Year end closing30. Sep
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.20%
Subscription Fee (max.)2.50%
Performance Fee10.00% (with High Water Mark)
ISIN numberCH0113817040
Valor number11381704

Key data (31.08.2021, base currency CHF)

Tracking error9.45
Active share35.29
Share ratio0.64
Information ratio-0.11
Jensen's alpha-4.55
No. of positions45

Top 10 positions

Abbott Laboratories
Intuitive Surgical
Edwards Lifesciences
Boston Scientific
HCA Holdings

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

Managed Care
Healthcare IT
Life Science Supply
Hospital/Nursing H.




  • 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.


  • 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.
  • Increased opportunities through possible derivative transactions go hand in hand with increased risk of loss

The BB Adamant Global Medtech & Services Fund ended August in positive territory (+2.3%), but did not outperform its benchmark (+2.9%), the broader healthcare sector (+3.9%) or the broad stock market (+3.6%). Medtech companies contributed +2.3% to the fund's monthly performance while the services companies had a neutral effect.

The “Digital Health” company Inspire Medical (+23.4%), 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%. It did so by strengthening its sales force on the one hand and by expanding its presence at new treatment centers on the other. Management consequently increased its sales guidance for 2021.

US health insurers showed another mixed performance. While CVS Health (+6.0%), United Health (+2.1%) and Molina (-0.5%) traded higher or only slightly lower, Centene (-7.2%), Cigna (-6.8%) and Humana (-3.8%) had a negative impact on the fund's monthly performance. United Health and CVS Health are both broadly diversified and their full-year profit forecast for 2021 is somewhat conservative. These two factors had a positive impact on their performance given the increase in new coronavirus infections in the US last month.

In the medtech space, Alcon (+14.5%), Axonics (+11.5%), Dexcom (+10.1%), Insulet (+7.6%), Intuitive Surgical (+7.4%), Abbott (+5.6%) and Edwards Lifesciences (+5.5%) made a positive contribution to the fund's absolute and relative performance.

A key, general driver of the positive performance of medtech stocks was Medtronic's quarterly earnings announcement, which came out as of the end of July – a month later than most of its competitors. Medtronic operates in many different segments of the medical technology market and it reported solid sales figures despite the increase in hospitalized COVID-19 patients.

Alcon, dedicated to eye care, handily beat sales and profit estimates for the second quarter and increased its guidance for 2021 as a whole. Axonics, which produces nerve stimulation systems to treat chronic urinary dysfunction and fecal incontinence, also beat the consensus sales figure by a hefty margin. Diabetes treatment specialists Dexcom and Insulet benefited from the resilience of their business models in the face of increasing new COVID-19 cases.

Eargo (-43.8%) and Ambu (-13.6%) were performance detractors. Eargo announced that its largest customer for its hearing aids, a health insurer for government employees, had initiated an investigation. Ambu announced that its next-generation disposable bronchoscope aScope 5 was running behind schedule.

Vaccination rates in key Medtech & Services markets (North America, Europe and Japan) were still trending higher at the end of August. Between 65% and 78% of the population in major Western European countries have already received at least one dose of a coronavirus vaccine. In the US, 61% of the total population is vaccinated and in Japan 57%.

This is an important prerequisite for achieving herd immunity in these countries without experiencing high rates of hospitalizations. A conclusive evaluation of new virus variants (e.g. the Delta variant) is not yet possible, but developments in the UK, Spain and Portugal recently revealed that new COVID-19 cases increase only briefly before falling back quickly and that the rate of hospitalization was much lower compared to previous waves of infection. If this trend holds and is also observed in other countries, the current backlog of postponed surgical procedures will continue to normalize over the course of 2021 and 2022.

In the healthcare services segment, we believe US health insurers offer the most upside potential. Major value drivers are progressive privatization (Medicare Advantage, Medicaid), a larger pool of insured persons (commercial), the vertical integration of services providers, and efficiency gains (digitalization reduces administrative costs). Hospitals stand to benefit from the normalization of elective procedures.

We see substantial upside potential in medtech stocks thanks to their strong innovation, which is particularly evident in the latest products for diabetes therapy, minimally invasive heart valve repair and replacement procedures, and surgical robots. We expect many medtech companies to increase their full-year forecasts for 2021 when they report their results for the second quarter.

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 1,000 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

  • 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).
  • Portfolio Manager

    Cyrill Zimmermann

    Dr. Cyrill Zimmerman is Head of Healthcare Funds & Mandates and a member of the Executive Board of Bellevue Asset Management. He founded Adamant Biomedical Investments in 2001 and managed the investment boutique until its acquisition by Bellevue in 2014. Cyrill Zimmerman holds a PhD from the University of Zurich.
  • 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.