BB Adamant Medtech & Services (Lux)

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. LU2194372426

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: EUR 171.33 (23.09.2021)

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

23.09.2020 - 23.09.202134.76%36.35%

Annualized performance (23.09.2021)

1 year34.76%36.35%
3 yearsn.a.20.05%
5 yearsn.a.19.71%
Since Inception p.a.29.14%32.68%

Cumulative performance (23.09.2021)

1 year34.76%36.35%
3 yearsn.a.73.27%
5 yearsn.a.145.95%
Since Inception37.06%41.71%

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 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 the medical technology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.70%
Subscription Fee (max.)5.00%
ISIN numberLU2194372426
Valor number55589713
BloombergBBAMU2E LX
Total expense ratio (TER)2.23% (31.08.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.08.2021, base currency EUR)

Tracking error8.61
Active share38.35
Share ratio0.75
Information ratio-0.50
Jensen's alpha-6.05
No. of positions57

Top 10 positions

Abbott Laboratories
Intuitive Surgical
Boston Scientific
Becton Dickinson
Edwards Lifesciences

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
Life Science Supply




  • 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 cuttingedge 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 strong 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 losses.

Global stocks advanced in August (MSCI World Net +2.9%), as did the Euro Stoxx 50 (+2.6%) and Germany’s DAX index (+1.9%). The medtech sector MSCI World Healthcare Equipment & Supplies (+3.5%) and the BB Adamant Medtech & Services Fund (+1.6%) also ended the month in positive territory.

A key, general driver behind the medtech sector's positive performance was Medtronic's quarterly earnings report, which came out at 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 rising number of hospitalized COVID-19 patients. It gave a guardedly positive business outlook too, which clearly buoyed sentiment for the medtech sector and lifted the share prices of other large medical technology companies such as Alcon (+13.8%), Abiomed (+11.7%), Intuitive Surgical (+6.7%), Abbott (+4.9%) and Edwards Lifesciences (+4.8%).

Mid- and small-cap companies in the portfolio showed a mixed performance. The “Digital Health” company Inspire Medical (+22.6%), 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 increased its sales guidance for 2021. Shockwave (+18.2%), Guardant Health (+16.4%), TransMedics (+15.1%) and Axonics (+10.8%) also made strong gains, while Sight Sciences (-22.9%), Nevro (-20.9%), Ambu (-14.2%) and GN Store Nord (-13.8%) were performance detractors.

US health insurers had a negative impact on the fund's performance in August: Centene (-7.8%), Cigna (-7.4%) Humana (-4.4%) and Anthem (-1.9%) ended the month in the red. While the upturn in hospitalized COVID-19 patients didn't put a dent in treatments offered by medical technology companies, the health insurance companies faced a double whammy of COVID-19-driven higher costs and the resumption of postponed medical treatments. Healthcare services also weighed on performance. Amedisys (-29.3%), Privia Health (-27.9%) and Bright Health (-16.1%) are not growing their newer businesses as fast as initially expected. All performance data is in EUR / B shares.

Even without a normalization of the coronavirus situation, the sector-specific structural growth factors such as rising life expectancy and high rates of innovation will sustain the Medtech & Services sector's above average growth versus the overall economy and power its high rates of profit growth.

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.

The Medtech & Services Fund invests in the entire healthcare market except for the drug developers. As a fully adequate healthcare investment vehicle, the fund aims to generate a significantly higher return than a traditional healthcare fund but with a comparable risk profile. The Medtech & Services sector is one of the stock market's most defensive sectors with sustainable outperformance potential and that is one reason for the unqualified success of our investment strategy. This and the additional growth from non-emergency treatments that had to be postponed during the pandemic create attractive entry points for investors.

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

  • 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.