Bellevue Digital Health (Lux)

Portfolio consisting of high-quality growth stocks showing double-digit revenue growth

Regulation and stringent quality requirements limit the technological risk

Demographic changes and an aging general population demand greater efficiency and cost-effectiveness 

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Investment Focus

ISIN-No. LU1916264945

The fund invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions. The selection of portfolio companies is bottom-up.

Indexed performance (as at: 27.01.2022)

NAV: USD 153.56 (26.01.2022)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (26.01.2022)

26.01.2021 - 26.01.2022-39.32%n.a.
26.01.2020 - 26.01.202180.88%n.a.
26.01.2019 - 26.01.202015.54%n.a.

Annualized performance (26.01.2022)

1 year-39.32%n.a.
3 years7.80%n.a.
Since Inception p.a.7.42%n.a.

Cumulative performance (26.01.2022)

1 year-39.32%n.a.
3 years25.32%n.a.
Since Inception25.36%n.a.

Annual performance


Investment Focus

The fund invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions and making investment decisions. The selection of portfolio companies is bottom-up.

Without limiting the scope of the term Digital Health, businesses in the digital health sector comprise companies that are in a good position in the segments of diagnostics, healthcare IT, life sciences tools, medical technology, healthcare service providers or wellness to be able to benefit from the advent of digital technologies. This allows for new innovative products, treatment methods and services, as well as broad improvement in efficiency across the entire healthcare sector, including in the research and development of medicines.
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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 companies whose business activities have a strong focus on the digitalization of the healthcare sector and who are willing to accept the equity risk typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
Launch date30.04.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.80%
Subscription Fee (max.)5.00%
ISIN numberLU1916264945
Valor number45074611
BloombergBBDHA2U LX
Total expense ratio (TER)1.36% (31.12.2021)

Legal Information

SFDR categoryArticle 8
Redemption periodDaily

Top 10 positions

Inspire Medical Sys.
Intuitive Surgical
Shockwave Medical
Tandem Diabetes Care
Globus Medical
Axonics Modulation

Market capitalization

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

Geographic breakdown

United States


  • Demographic changes and an aging general population demand greater efficiency and cost-effectiveness.
  • New technologies conquer the healthcare sector.
  • Portfolio consisting of high-quality growth stocks showing double-digit revenue growth.
  • Regulation and stringent quality requirements limit the technological risk.
  • 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 price fluctuations and so are also exposed to the risk of price losses.
  • Investments in foreign currencies are subject to currency risks.
  • 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.
  • Equities linked to technology or digitization can be subject to higher-than-average fluctuations in value.
  • Increased opportunities through possible derivative transactions go hand in hand with higher risk of loss.

The Bellevue Digital Health Fund ended December almost unchanged (-0.4%). It was unable to repeat its strong performance of +67.2% in 2020 and ended 2021 10.7% lower year-on-year. The appreciation of the US dollar led to a slightly better performance of -8.0% in Swiss francs and -4.0% in euros. 2021 was generally a very challenging year for small and mid-sized growth stocks. This is reflected in the significantly better performance of large-cap healthcare companies as tracked by the Russell 1000 Healthcare Index (+23.3%) compared to the performance of the Russell 2000 Healthcare Index (-17.6%), which focuses on small and mid-cap companies.
Valuations in the Digital Health sector are now much lower than they were at the beginning of the year. The EV/Sales multiple of the Digital Health fund portfolio is currently at the lower end of the long-term range of 6-10x, and about 30% lower than it was at the beginning of the year.
This historically low valuation base is likely to attract not only investors but also companies interested in M&A. In December, Oracle, a sector outsider, issued a USD 29 bn takeover bid for Cerner, one of the two major providers of hospital software in the US. We assume that large healthcare companies are also eyeing deals with disruptive, fast-growing digital health companies. An example here was seen early in 2022 when Stryker issued a takeover bid for Vocera, a leading provider of communication software and hardware for hospitals.
We expect the first positive earnings announcements for fourth quarter of 2021 to be published in January during JP Morgan’s annual Healthcare Investor Conference, the world's largest healthcare investment symposium. During our research trip to the US in December, we gained the impression that the growth trajectory of disruptive digital health companies will continue unhindered even in an environment dominated by the pandemic, thanks to the innovative strength of these companies. In addition, many of these companies are now at a much more advanced stage of business maturity, their business models have been firmly established, and their path to profitability has gained visibility. Even at companies where investors generally want to see more proof that their strategies will work, we see very good return potential, and levels of risk that are tolerable in view of their significant corrections and the investment community’s modest expectations.
All things considered, we believe the outlook for the 2022 investment year is extremely attractive. We expect investors will eventually shift their focus back to company fundamentals. Some macro factors such as rising input costs, supply chain challenges and labor shortages might even have a positive impact on the course of business at digital health companies in view of their efficiency-enhancing solutions.

We don’t rule out short-term market fluctuations, especially in reaction to news about the vaccination rates and the effectiveness of vaccines against coronavirus variants, or as a result of short-term tactical shifts in the flow of investment capital (sector rotation). However, we believe that a highly selective portfolio of fast-growing, transformative and disruptive companies offering digital technologies that improve healthcare services and systems while lowering costs can quickly bounce back from short-term stock market trends. In addition, the Digital Health Fund's portfolio, with its estimated average multi-year sales growth of 35%-plus and good visibility, can experience a very quick re-rating, as this year has clearly shown.

The growing acceptance of digital solutions in the wake of the pandemic has pushed up the potential growth trajectory of the Digital Health investment case. We also expect M&A activity to pick up significantly. Strong growth momentum and non-cyclical demand put Digital Health stocks in an excellent position to deliver a pleasing performance.

The fund aims to maintain a high double-digit annual sales growth rate at the aggregated portfolio level. Equity capital investors have already invested about USD 77 bn in 3 500 privately held digital health firms since 2011, so we expect a steady stream of attractive IPOs in the coming years – another reason, and an important one, for investing in this sector.

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 1000 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

    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).
  • Equity 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.

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