Investments in the 40 - 60 most attractive healthcare stocks worldwide, regionally diversified and across sub sectors
Profiting from pent-up demand in Emerging Markets as well as from innovation in industrialized countries
Strong focus on quality mid caps and underweight in blue chip pharma stocks
Indexed performance (as at: 05.11.2026)
NAV: EUR 140.69 (04.11.2026)
Rolling performance (05.11.2026)
| Bellevue Healthcare Strategy | MSCI World Healthcare NR | |
| 04.11.2025 - 04.11.2026 | 14.96% | 29.11% |
| 04.11.2024 - 04.11.2025 | -3.66% | -5.46% |
| 04.11.2023 - 04.11.2024 | 10.60% | 15.56% |
| 03.11.2022 - 03.11.2023 | -9.18% | -7.08% |
Annualized performance (05.11.2026)
| Bellevue Healthcare Strategy | MSCI World Healthcare NR | |
| 1 year | 14.96% | 29.11% |
| 3 years | 7.00% | 12.15% |
| 5 years | 1.16% | 7.17% |
| Since Inception p.a. | 2.17% | 9.50% |
Cumulative performance (05.11.2026)
| Bellevue Healthcare Strategy | MSCI World Healthcare NR | |
| 1M | 11.13% | 14.25% |
| YTD | 12.73% | 23.32% |
| 1 year | 14.96% | 29.11% |
| 3 years | 22.49% | 41.05% |
| 5 years | 5.96% | 41.34% |
| Since Inception | 12.55% | 65.01% |
Annual performance
| Bellevue Healthcare Strategy | MSCI World Healthcare NR | |
| 2025 | -1.04% | 1.26% |
| 2024 | 6.02% | 8.12% |
| 2023 | -5.74% | 0.45% |
| 2022 | -5.18% | 0.55% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| Auditor | PriceWaterhouseCoopers |
| Launch date | 31.10.2016 |
| Year end closing | 30. Jun |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 0.60% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU2334253387 |
| Valor number | 111276258 |
| Bloomberg | BVBAU2E LX |
| WKN | A3CNBB |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (31.10.2026, base currency USD)
| Beta | 0.76 |
| Volatility | 12.04 |
| Tracking error | 7.38 |
| Active share | 44.88 |
| Correlation | 0.83 |
| Sharpe ratio | 0.31 |
| Information ratio | -0.82 |
| Jensen's alpha | -4.32 |
| No. of positions | 58 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 40 - 60 most attractive healthcare stocks worldwide.
- Proprietary investment process: Quarterly company evaluation and rebalancing.
- Underweighting of blue chip pharma and US stocks against the relevant healthcare indices.
- Strong focus on quality mid-caps.
- 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 strong price fluctuations and so are also exposed to the risk of price losses.
- 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.
- 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 engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
Global equities continued to be mixed in October, with MSCI World Index down 0.8% in USD on a net return basis. The S&P500 returned -0.9% in USD while the NASDAQ Composite returned -5.3% in CHF, weighed down by a selloff in the tech and AI space.
Healthcare strongly outperformed, with the MSCI World Health Care Index up 9.9% in USD on a net return basis during the month of October.
October was a challenging month for markets, with the broad market finishing slightly in the red. The primary headwind was a broad selloff in the tech and AI space, which weighed on sentiment across risk assets. This was further compounded by a risk-off tone ahead of the early November midterm elections, persistently elevated yields, and continued market expectations of at least one additional interest rate hike by the Federal Reserve before year-end.
In the healthcare space, the month's main events centered on the first wave of Q3 earnings from many of the sector's larger constituents. Results were broadly constructive and helped support healthcare despite the wider market weakness.
Large-cap biopharma was the largest contributor to sector performance during the month, underpinned by solid earnings beats and guidance raises. The segment also benefitted from a rotation into defensive names, both from investors moving out of tech and from within the sector itself.
Managed care performed well, supported by a favorable reimbursement environment and positioning ahead of potential Democratic gains in the midterms.
Overall, end-market demand across the sector remains robust, driven by a combination of ongoing therapeutic innovation and structurally increasing healthcare consumption across key demographics.
The Bellevue Healthcare Strategy (Lux) Fund – I shares returned 6.2%, underperforming its benchmark by 371bp.
Top absolute performers in the fund included Glaukos (+44.7%; Q3 beat on Epioxa, 2027 revenue guided to around USD 1 bn), Eli Lilly (+22.5%; Q3 beat and third guidance raise of the year to USD 91-92 bn), and Galderma (+18.0%; Q3 beat and guidance raise, ZO Skin Health acquisition).
Top relative positive contributors included Glaukos (overweight; +59 bp; Q3 beat on Epioxa, 2027 revenue guided to around USD 1 bn), Sandoz (overweight; +39 bp; record high after core EBITDA margin guidance upgrade despite Q3 sales miss), and Galderma (overweight; +30 bp; Q3 beat and guidance raise, ZO Skin Health acquisition).
Top relative negative contributors included AbbVie (not invested; -80 bp; minor Q3 beat and raised guidance on Skyrizi and Rinvoq), Eli Lilly (underweight; -42 bp; Q3 beat and third guidance raise of the year to USD 91-92 bn), and Roche (underweight; -34 bp; giredestrant Phase III evERA trial success, Q3 sales beat and Deutsche Bank upgrade).
The near-term backdrop remains uncertain, with elevated oil prices, higher-for-longer interest rates, and unresolved geopolitical tensions. The approaching US midterms as well as shifting interest rate expectations may lead to increased volatility.
Despite this, equity markets have been resilient. Rate sensitivity and supply chain complexity warrant vigilance, though healthcare's defensive characteristics could support relative performance if conditions deteriorate further.
The structural case for healthcare remains intact in our view. Regulatory uncertainty has materially eased, valuations remain near decade lows, and biopharma fundamentals continue to stabilize.
At current valuations, medtech looks increasingly attractive, with strong fundamentals driven by innovation in new therapeutic areas such as renal denervation and pulsed-field ablation. Healthcare contributes approximately 18% of US GDP yet represents only around 6% of the S&P 500, close to 20-year low.
Biotechnology continues to transition toward cash-generative, launch-driven business models, while large-cap pharma faces a biologic patent cliff between 2029 and 2032 and holds over USD 200 bn in acquisition capacity, which could support a multi-year M&A cycle.
The fund maintains a high-conviction, global approach, seeking to benefit from structural recovery and near-term catalyst-driven opportunities.
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