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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. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, 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.

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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

Please select a share class.

Please find a more detailed description of share classes here.

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: 08.02.2023)

NAV: USD 599.14 (06.02.2023)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I-USD
Benchmark

Rolling performance (07.02.2023)

I-USDBenchmark
07.02.2022 - 07.02.20231.46%4.34%
05.02.2021 - 07.02.2022-18.47%-21.95%
07.02.2020 - 05.02.202135.79%39.27%
07.02.2019 - 07.02.202016.48%13.27%

Annualized performance (07.02.2023)

I-USDBenchmark
1 year1.46%4.34%
3 years3.94%4.28%
5 years3.80%4.69%
10 years10.28%11.05%
Since Inception p.a.11.98%14.25%

Cumulative performance (07.02.2023)

I-USDBenchmark
1M-0.01%0.94%
YTD0.98%2.74%
1 year1.46%4.34%
3 years12.31%13.42%
5 years20.52%25.75%
10 years166.15%185.45%
Since Inception379.94%533.92%

Annual performance

I-USDBenchmark
2022-11.50%-10.91%
20211.57%-0.63%
202023.88%25.69%
201928.76%24.41%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. 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. 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 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
AuditorPriceWaterhouseCoopers
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
BloombergBBBIOUI LX
WKNA0X8YS
Total expense ratio (TER)2.17% (31.01.2023)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.01.2023, base currency USD)

Beta0.89
Volatility26.30
Tracking error8.41
Active share34.15
Correlation0.96
Sharpe ratio0.31
Information ratio-0.30
Jensen's alpha-1.63
No. of positions54

Top 10 positions

Gilead Sciences
Vertex Pharmaceut.
Regeneron Pharma
Moderna
Amgen
Biogen
Biomarin Pharmaceuticals
Astrazeneca
Illumina
Alnylam Pharmaceuticals
7.9%
7.1%
6.7%
6.5%
5.6%
4.4%
3.7%
3.2%
3.0%
2.8%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
3.9%
3.6%
15.8%
11.7%
2.1%
62.6%
0.4%

Geographic breakdown

United States
China
Netherlands
Denmark
Germany
Great Britain
Others
Cash
84.6%
5.2%
3.0%
2.0%
1.5%
1.3%
2.1%
0.2%

Breakdown by sector

Oncology
Orphan Drugs
Infectious Diseases
Neurolog. Disorders
Pulmonary Diseases
Life Science Supply
Others
Cash
35.1%
16.5%
15.9%
13.3%
7.1%
3.0%
8.8%
0.2%

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

Risks

  • The fund invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • Biotech equities can be subject to sudden substantial price movements owing to market, sector or company factors.
  • 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 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.

January was a pleasing month for equity investors. The S&P 500 advanced 6.2%, the Nasdaq Biotech Index 3.5% and the Bellevue Biotech (Lux) Fund 2.1% (USD / B shares).

Markets took their cue from a brighter inflation outlook and the relatively quick economic recovery in China, where economic activity had initially dropped after the government abandoned its zero-COVID policy. Most biotech firms have presented a positive outlook for 2023. Drug makers were also able to increase their prices in 2022 for the first time since 2015, and more price increases also took affect early in 2023. In 2022, the US FDA approved a total of 37 new drugs, less than in the preceding record-breaking years, but still more than the historical average annual new drug approvals. In early January the FDA granted lecanemab, an antibody for the treatment of early Alzheimer’s disease developed by Eisai/ Bioarctic/Biogen, accelerated approval. It is the first drug ever that has been shown to slow the rate of cognitive decline associated with Alzheimer disease by 27% compared to placebo. The last time regulators approved a drug for patients with Alzheimer was 25 years ago, namely for Aricept , a medication that was also developed by Eisai. The biotech sector was also boosted by a resurgence in M&A in January. Among the deals that made the headlines were Astra’s USD 1.14 bn bid for Cincor, a mark-up of 121%; the Italian biotech Chiesi bid USD 1.48 bn for Amryt, a premium of 107%; and Ipsen offered USD 600 mn for Albireo, a premium of 103%.

The following stocks were the portfolio's top performers in January: Viridian Therapeutics shares rose on positive results from a Phase I/II trial evaluating low-dose VRDN-001, an antibody treatment (antagonist antibody to IGF-1R) for patients with active thyroid eye disease (TED); Relay Therapeutics surged on a positive outlook regarding clinical data for its investigational drugs RLY-4008 (selective FGFR2 inhibitor) and RLY-2608 (first known allosteric, pan-mutant PI3Kalpha inhibitor); and Beigene Pharmaceuticals advanced on data for Brukinsa (zanubrutinib) at the ASH Conference and the FDA’s approval of the drug in chronic lymphocytic leukemia (CLL) in January.

The following positions were performance detractors in November: Harmony Biosciences sold off on the surprising news that its CEO John Jacobs was leaving the company; Genmab corrected after giving an update on its clinical trial pipeline for 2023 that was lacking in detail for many investors; and Akero traded lower for no apparent reason.

Our stance towards the biotech sector remains positive in view of its strong fundamentals and enticing valuations (average 2023 P/E of 15x and PEG of 1.2 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 20x, PEG 2.5) and the S&P Index (P/E 18x, PEG 1.8).

 

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 2023. 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.

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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

Ratings & Awards

  • 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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