Your browser is out-of-date!

Update your browser to view this website correctly.

Disclaimer
To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

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.

Target group of the sites 

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.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

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.

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

By clicking on "Accept", you confirm that you agree to the legal provisions. 

Bellevue AI Health (Lux)

Healthcare systems will benefit from the huge pools of data that have been built up over decades

GenAI will be a relevant driver of shareholder value

Sweet spot: Well-capitalized companies with strong AI capabilities 

Explained in 90 seconds

Bellevue AI 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. LU2721086507

The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. Its focus is on liquid mega and large caps, with modest allocation to mid cap stocks. In addition to fundamental aspects ranging from valuation and growth profiles to profitability, a proprietary «AI Affinity Score» is used to determine how attractive a company is from an AI perspective. The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.

Indexed performance (as at: 11.04.2024)

NAV: USD 134.77 (10.04.2024)


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

Cumulative performance (10.04.2024)

I2-USDBenchmark
1M-3.55%-3.42%
YTD4.07%3.42%
1 yearn.a.n.a.
Since Inception7.82%7.99%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. Its focus is on liquid mega and large caps, with modest allocation to mid cap stocks. In addition to fundamental aspects ranging from valuation and growth profiles to profitability, a proprietary «AI Affinity Score» is used to determine how attractive a company is from an AI perspective. The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. 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 long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS Investor Services Bank, Luxembourg
Fund AdministratorCACEIS Investor Services Bank, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date30.11.2023
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.80%
Subscription Fee (max.)5.00%
ISIN numberLU2721086507
Valor number130852207
BloombergBAIHI2U LX
WKNA3E1ZX
Total expense ratio (TER)1.30% (31.03.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Top 10 positions

Eli Lilly
UnitedHealth Group
Novo Nordisk
Merck & Co
AbbVie
Amgen
AstraZeneca
Roche
Johnson & Johnson
Novartis
9.7%
6.7%
6.2%
4.9%
4.0%
3.7%
3.1%
3.0%
3.0%
2.9%

Geographic breakdown

United States
Denmark
Switzerland
Japan
Great Britain
France
Germany
Australia
Cash
73.2%
6.5%
6.2%
4.6%
4.2%
1.9%
1.2%
0.7%
1.6%

Benefits

  • GenAI is speeding up the process of digitization and automation across the healthcare system.
  • GenAI can enhance patient care, simplify processes and procedures, and lead to better decisions.
  • Companies that use or provide GenAI tools for healthcare-relevant purposes will gain a sustainable competitive advantage.
  • Shareholder value creation will largely be determined by a company’s AI strategy and its execution.
  • Bellevue – a pioneer in healthcare investing since 1993 and now one of the largest independent investors in the healthcare space in Europe.

Risks

  • The fund actively invests in equities. Stocks are subject to price fluctuations, so there is a risk of falling prices.
  • The investments the fund makes may be denominated in foreign currency, which can entail a foreign-exchange risk relative to the fund's base currency.
  • The fund may invest some of its assets in financial instruments that may have relatively low levels of liquidity under certain circumstances, which may then affect the liquidity of the fund’s own shares.
  • There are additional risks in the form of political and social unrest when investing in emerging markets.
  • The fund may use derivatives. Derivatives offer greater upside potential yet also carry greater downside risk.

A strong jobs report in March and increasing consumer spending indicated that the US economy remains on solid ground. Investors continue to expect the Fed to announce three rate cuts in 2024 and engineer a soft landing without triggering a recession, which will have a positive impact on company earnings.

Major large-cap stock indexes advanced in March, with the S&P 500 (+3.2%), MSCI World (+3.2%) and NASDAQ 100 (+1.2%) showing roughly similar returns as the small-cap Russell 2000 Index (+3.6%).

The broad healthcare sector as measured by the MSCI World Healthcare Index (+2.4%) also delivered a positive return in March, slightly below that of the total market and slightly better than the tech sector. The Bellevue AI Health Fund (+2.2%) showed another good performance in March. It returned 8.0% in the first quarter of 2024, which was better than its benchmark’s quarterly performance (+7.5%).

Biopharma (58.1% weighting at the end of the month) contributed 1.3% to the fund’s absolute performance. Novo Nordisk (+8.4%), Astra Zeneca (+7.0%), Merck & Co. (+4.4%) and Eli Lilly (+3.2%) made positive contributions to performance, while Recursion Pharmaceuticals (-25.9%) and Zoetis (-14.7%) were performance detractors. Phase I data for amycretin, an oral weight loss drug from Novo Nordisk, showed a very competitive efficacy profile, having led to a 13% reduction in body weight after just 12 weeks of treatment with a similar side effect profile as the products already in the market. AstraZeneca announced the acquisition of Fusion Pharmaceuticals for USD 2 bn. Fusion is a developer of radioconjugates to treat cancer and AstraZeneca believes that Fusion's approach has many advantages compared to traditional radiotherapy, such as less damage to healthy cells. Recursion Pharmaceuticals, which specializes in proprietary AI-enabled tools to accelerate drug discovery processes, fell short of consensus sales expectations because of a delayed milestone payment.

Investments in medtech stocks (24.0%) delivered another good performance and contributed 0.7% to absolute performance, driven by positive management commentary at investor conferences and by new product approvals. Large-cap names such as Dexcom (+20.5%), Intuitive Surgical (+3.5%), Boston Scientific (+3.4%) and Stryker (+2.7%) made positive contributions. The FDA approved Dexcom's Stelo, an innovative wearable glucose biosensor designed for people living with type 2 diabetes not on insulin, a market that numbers 25 million people in the US alone. It is the first over-the-counter glucose sensor to reach the market and can be worn for up to 15 days before requiring a replacement. Abbott (-4.2%) detracted from performance on news that a court ordered Reckitt Benckiser to pay USD 60 mn to the mother of a premature baby who died after being fed the company's baby formula.

Healthcare services (11.1%) contributed 0.2% to absolute performance but had a negative impact of 0.3% on relative performance. Health insurer Elevance (+3.8%), an overweight stock in the portfolio, made positive comments about business during the first quarter at an investor conference and confirmed its profit guidance for 2024. The fund's relative performance was hurt by Cigna (+8.5%) and HCA Healthcare (+7.0%), which are not in its portfolio.

Tech exposure (5.8%), which includes tech companies from both the healthcare and IT industries, contributed 0.4% to absolute and relative performance. Nvidia (+14.2%), Oracle (+12.5%) and Qualcomm (+7.3%) were the best performers. At Nvidia's 2024 GTC (GPU Technology Conference) for AI developers, Nvidia unveiled its latest Blackwell chip architecture, which is four times faster, uses four times less power and is less than twice as expensive as its predecessor, the “Grace Hopper” superchip. This new chip will enable biopharma companies, for example, to train their AI models even faster and more efficiently. All performance data in USD / B shares.

The rapid development of generative artificial intelligence (GenAI) is ushering in an unprecedented technology-driven transformation that ranks right next to other key milestones such as the Internet, cloud computing and the smartphone. GenAI is creating tremendous opportunities for businesses and investors, especially in the health sector. According to a number of studies, the health sector will be one of the industries that will benefit the most from the deployment of GenAI. This forecast is mainly based on the considerable potential for efficiency gains in healthcare systems, on the large, readily available amounts of data in healthcare systems, and on the considerable financial resources available for healthcare needs.

Already today medications are being developed more quickly and with better rates of success, for example, new diagnostic and treatment methods are producing better clinical outcomes, and GenAI is helping medical professionals make better and more informed decisions. We focus on healthcare companies that have made GenAI a core element of their business strategy and that are investing substantial resources in this technology to gain a lasting competitive advantage and achieve superior value growth. The technology risk here is more calculable than in other industries because healthcare is such a heavily regulated industry.

Loading...

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 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.
1

These insights might interest you