Bellevue Biotech (Lux)

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

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Investment Focus

ISIN-No. LU0415392751

The Fund invests worldwide in companies active in the biotechnology sector. Experienced sector specialists focus on profitable mid- and large-cap companies with an established product portfolio. Stock selection is based on fundamental analysis. The selection of portfolio companies is entirely bottom-up, independent of benchmark weightings.

Indexed performance (as at: 20.01.2022)

NAV: USD 589.57 (19.01.2022)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (19.01.2022)

19.01.2021 - 19.01.2022-16.83%-19.32%
19.01.2020 - 19.01.202130.94%35.30%
19.01.2019 - 19.01.202015.48%10.84%
19.01.2018 - 19.01.2019-7.07%-0.73%

Annualized performance (19.01.2022)

1 year-16.83%-19.32%
3 years7.64%6.32%
5 years7.30%7.77%
10 years12.88%13.43%
Since Inception p.a.12.87%15.18%

Cumulative performance (19.01.2022)

1 year-16.83%-19.32%
3 years24.77%20.21%
5 years42.27%45.43%
Since Inception371.66%511.84%

Annual performance


Investment Focus

The Fund invests worldwide in companies active in the biotechnology sector. Experienced sector specialists focus on profitable mid- and large-cap companies with an established product portfolio. Stock selection is based on fundamental analysis, in particular of the medical indications addressed, the means of efficacy and the market potential. A global network of experts spanning scientific and industrial fields supports the Management Team in forming opinions and making investment decisions. The selection of 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 biotechnology 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
Launch date02.04.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0415392751
Valor number3882833
Total expense ratio (TER)1.50% (31.12.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Top 10 positions

Gilead Sciences
Regeneron Pharma.
Vertex Pharmaceut.
Biogen Idec
Biomarin Pharmaceuticals

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

United States
Great Britain

Breakdown by sector

Infectious Diseases
Orphan Drugs
Neurolog. Disorders
Pulmonary Diseases
Life Science Supply
Specialty Pharma
Central Nervous Syst.


  • 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.
  • Bellevue has been a Healthcare pioneer since 1993 and is one of the biggest independent investors in the sector in Europe today.


  • 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
  • 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 invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.

December was a somewhat mixed month for stocks. The S&P Index closed the month with a gain of 4.5%, the Nasdaq Biotech Index retreated 1.2% and the Bellevue Biotech (Lux) Fund inched 0.3% higher (USD / B shares).

The pandemic continued to move the stock market as the year came to an end. Rising case numbers and the rapid spread of the Omicron variant filled the headlines. While a booster shot appears to be critical to prevent or stop an infection with Omicron, initial data indicates traditional vaccines are less effective against the Omicron variant, but they still provide a good level of protection against severe COVID-19 disease. A double dose of Biontech’s Comirnaty vaccine afforded 33% protection against a COVID-19 infection with Omicron (initially 80% protection) and 70% protection against severe cases. A booster shot lifted the protection against symptomatic infection back up to a good level of 70%. In addition, Pfizer's antiviral Paxlovid was granted emergency use authorization as an oral treatment of mild to moderate COVID-19. The pill perfectly complements the instruments currently in use to battle the virus. Looking beyond the pandemic-related news, the spotlight in the biotech sector was clearly on oncology at the beginning of the month. Three major scientific conferences took place: the San Antonio Breast Cancer Symposium, the ESMO Immuno-Oncology Congress and the ASH Annual Meeting (hematology). Most of clinical trial updates presented at these meetings were positive: In breast cancer, oral SERDs (selective estrogen receptor degraders) and antibody-drug conjugate, and especially the data on bispecific antibodies and cell therapies for the treatment of hematological and solid tumors. The encouraging progress heralds convincing improvements in patient treatment that should become more tangible in 2022 with the next scheduled data updates.

The following stocks made the best contribution to the portfolio's performance in December: Shares of the biotech company Biohaven Pharmaceutical, which specializes in neurological diseases, moved sharply higher again in mid-December thanks to the improved outlook for its migraine drug Nurtec (rimegepant) and its R&D pipeline. Harmony Biosciences was also a strong performer, but without any major triggers. The FDA expanded its approval of Intra-Cellular Therapies’ Caplyta to include treatment of depressive episodes associated with bipolar disorder. Caplyta was approved to treat depressive disorders associated with bipolar I or bipolar II as both monotherapy and adjunctive therapy.

Oncology specialist Innovent was a weak portfolio performer. Its shares sold off because of negative sentiment regarding the prospects of its Tyvyt checkpoint inhibitor receiving FDA approval given a growing chorus of criticism of “China only“ trials. Bavarian Nordic, a vaccine manufacturer, was also weak in a volatile environment.

Our stance towards the biotech sector remains positive in view of its strong fundamentals and very attractive valuations (average 2022 P/E of 13x and PEG of 1.3 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 1.8) and the S&P Index (P/E 21x, PEG 2.0).

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 (Lux) 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


  • 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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