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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.

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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 . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), 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. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, 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 BB Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB securities fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents BB Adamant Funds and BB Adamant Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB Adamant Global 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

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Bellevue Biotech (CH)

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

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. CH0113817123

The Bellevue Biotech fund focuses on the most promising companies in the biotechnology sector. The fund invests in 30 to 50 stocks that have met all of the stringent selection criteria applied by us.

Indexed performance (as at: 20.05.2022)

NAV: CHF 3'450.82 (19.05.2022)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
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DT-CHF
Benchmark

Rolling performance (19.05.2022)

DT-CHFBenchmark
19.05.2021 - 19.05.2022-11.52%-15.57%
19.05.2020 - 19.05.20218.05%5.33%
17.05.2019 - 19.05.202019.71%21.50%
18.05.2018 - 17.05.2019-4.47%-2.44%

Annualized performance (19.05.2022)

DT-CHFBenchmark
1 year-11.52%-15.57%
3 years4.59%2.61%
5 years3.68%3.73%
10 years10.69%11.66%
Since Inception p.a.11.27%12.75%

Cumulative performance (19.05.2022)

DT-CHFBenchmark
1M-9.61%-9.44%
YTD-15.36%-17.44%
1 year-11.52%-15.57%
3 years14.45%8.06%
5 years19.82%20.13%
Since Inception245.08%302.48%

Annual performance

DT-CHFBenchmark
20215.02%2.31%
202014.04%15.12%
201926.60%22.33%
2018-13.12%-8.47%

Investment Focus

The Bellevue Biotech fund focuses on the most promising companies in the biotechnology sector. The fund invests in 30 to 50 stocks that have met all of the stringent selection criteria appliedby us. These are biotech companies that have specialized in areas such as immunology, virology, neurology, oncology, cardiology, endocrinology, etc. Geographically, the fund’s investments are concentrated in North America, Europe and Asia.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. 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 date15.10.2010
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 numberCH0113817123
Valor number11381712
BloombergADGLBII SW
WKNA1H8PS

Legal Information

Redemption periodDaily

Key data (29.04.2022, base currency CHF)

Beta0.89
Volatility25.50
Tracking error8.21
Active share39.42
Correlation0.95
Sharpe ratio0.36
Information ratio0.15
Jensen's alpha2.14
No. of positions56

Top 10 positions

Regeneron Pharma.
Vertex Pharmaceut.
Amgen
Astrazeneca
Moderna
Gilead Sciences
Seagen
Illumina
argenx
Ionis Pharmaceuticals
7.8%
7.0%
5.8%
4.2%
3.5%
3.4%
3.4%
3.3%
3.2%
3.1%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
3.4%
4.2%
14.5%
12.6%
10.5%
52.3%
2.5%

Geographic breakdown

United States
Denmark
Netherlands
China
Others
Cash
79.4%
4.1%
3.2%
2.3%
8.9%
2.2%

Breakdown by sector

Oncology
Orphan Drugs
Infectious Diseases
Neurolog. Disorders
Pulmonary Diseases
Specialty Pharma
Life Science Supply
Others
Cash
41.2%
15.9%
11.0%
8.1%
7.0%
3.4%
3.3%
8.1%
2.2%

Opportunities

  • 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.
  • Healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.

Risks

  • Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • Market, industry or company factors can lead to strong short-term price fluctuations.
  • Investments in foreign currencies are subject to currency risks.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • The fund may invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.

Stock markets were very weak in April. The S&P index declined 8.7% and the Nasdaq Biotech Index 9.7%.

Tighter US monetary policy, no end in sight to the war in Ukraine, and the ultra strict anti-COVID policy in China weighed on investor sentiment during the past month. The US central bank is now expected to increase its overnight lending rate in 50 bps increments at each of its next three policy meetings in its effort to rein in inflation. Europe meanwhile is grappling with the repercussions of the Ukraine war rippling through its energy markets and working on solutions for ending its dependency on Russian fossil fuels. In positive news, unemployment in the euro area dropped to a record low. The currently attractive valuations in the biotech sector have not yet triggered a wave of acquisitions as anticipated. Since many of the larger biopharma players will be confronted with patent expirations in the near future, it is only a matter of time before the first transaction is announced. Besides clinical trial news, takeover activity is a major market-moving driver for the biotech sector. ASCO, the world's largest oncology conference, will soon take place in Chicago. The latest clinical data on cellular therapies and immunotherapies that will be presented there is keenly awaited, following the recent publication of encouraging data.

Below is an overview of the portfolio's top performers in April: Genmab profited from strong sales of its monoclonal antibody Darzalex, which are initially published by its partner J&J. The drug has proven to be a key treatment for multiple myeloma and it has been successfully administered in subcutaneous form for almost two years now. Cytokinetics rose on news of the approval of Bristol’s mavacamten for treating patients with hypertrophic obstructive cardiomyopathy. Mavacamten was originally developed by Cytokinetics, which is testing its own cardiac myosin inhibitor in Phase III trials. Ono Pharmaceutical was marked up on strong sales of its outlicensed oncology products and the related royalties.

Performance detractors were Bicycle Therapeutics, after it presented further data from a Phase I trial of its novel alternative to antibody drug conjugates for treating different tumors at the AACR conference. Despite initial indications of anti-tumor activity, some questions remained regarding the drug candidate’s safety. Shares of C4 Therapeutics were also weak after it presented data at the AACR.

We sold positions in C4 Therapeutics and Ideaya Biosciences and other stocks and used the proceeds to buy Legend Biotech and Ono Pharmaceuticals shares.

Our stance towards the biotech sector remains positive in view of its strong fundamentals and very attractive valuations (average 2023 P/E of 13x and PEG of 1.5 for large caps). These are still very attractive multiples compared to the biotech sector's historical valuations and the current ratios for the pharma sector (P/E 16x, PEG 1.9) and the S&P Index (P/E 17x, PEG 1.5).

The companies in our portfolio are working on technologies or products for novel treatment solutions. We are also invested in selected specialty pharma companies that offer high growth rates and moderate valuations. The Bellevue Biotech (CH) Fund is well-positioned to profit from the milestones that are expected to be reached in 2022. The regulatory environment favors the innovation coming out of biotech labs and the coronavirus crisis has improved the image of drug developers. In addition to the growing piles of cash that the larger biopharmaceutical companies are accumulating, we also believe low valuations and the attractive pipeline candidates of biotech companies in the small and mid cap space could trigger M&A activity going forward.

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

Rating

  • Lead Portfolio Manager

    Christian Lach

    After working as a member of the Management Team BB Biotech/ BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was Senior Portfolio Manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as Senior Portfolio Manager Healthcare Funds & Mandates. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).
  • Portfolio Manager

    Samuel Stursberg

    After receiving his Master of Science in Biochemistry from the University of Basel and a degree in Economics from the University of St. Gallen (lic. oec. HSG), Samuel Stursberg conducted stock analysis at Bank Sarasin among others and was Head Research at Adamant Biomedical Investments AG before joining Bellevue Asset Management as Head Research health Care Funds & Mandates in 2015.
  • Analyst

    Lukas Leu

    Lukas Leu has been a Healthcare Analyst at Bellevue Asset Management since 2021. He holds a PhD in biochemistry from the Swiss Federal Institute of Technology in Zurich. He previously worked as a research assistant at his alma mater and as an equity research analyst in the healthcare sector at Julius Baer.
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