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 and Spain. 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 . 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

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. Alternatively, you can select "I don't accept" if you wish to leave the website.

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 

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU1811047247

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: 20.05.2022)

NAV: USD 156.42 (19.05.2022)


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

Rolling performance (19.05.2022)

I-USDBenchmark
19.05.2021 - 19.05.2022-42.47%n.a.
19.05.2020 - 19.05.202146.51%n.a.
17.05.2019 - 19.05.202014.70%n.a.
18.05.2018 - 17.05.201915.53%n.a.

Annualized performance (19.05.2022)

I-USDBenchmark
1 year-42.47%n.a.
3 years-1.11%n.a.
Since Inception p.a.5.69%n.a.

Cumulative performance (19.05.2022)

I-USDBenchmark
1M-26.63%n.a.
YTD-39.58%n.a.
1 year-42.47%n.a.
3 years-3.31%n.a.
Since Inception25.14%n.a.

Annual performance

I-USDBenchmark
2021-10.10%n.a.
202068.37%n.a.
201918.13%n.a.

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.
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 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
AuditorPriceWaterhouseCoopers
Launch date30.04.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU1811047247
Valor number41449386
BloombergBBDIGIU LX
WKNA2JJA5
Total expense ratio (TER)2.20% (29.04.2022)

Legal Information

SFDR categoryArticle 8
Redemption periodDaily

Key data (29.04.2022, base currency USD)

Volatility29.50
Sharpe ratio0.16
No. of positions42

Top 10 positions

Shockwave Medical
Insulet
Inspire Medical Sys.
Intuitive Surgical
Axonics Modulation
Dexcom
Globus Medical
Omnicell
Abiomed
Tandem Diabetes Care
7.2%
6.6%
6.3%
6.0%
5.9%
5.3%
4.7%
4.6%
4.4%
4.2%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
4.8%
9.7%
18.4%
37.0%
7.1%
22.7%
0.4%

Geographic breakdown

United States
Denmark
China
Japan
Cash
92.7%
3.1%
2.5%
1.1%
0.6%

Opportunities

  • 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.

Risks

  • 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.

Stock markets closed sharply lower in April. After trading sideways during the first three weeks of the month, equities were pressured by Fed Chairman Powell’s comments that the US central bank was prepared to raise the federal funds rate more quickly and decisively to battle inflation. The appreciation of the dollar (+5.0% to the euro, +5.3% to the Swiss franc) was the only factor that brought some relief for the fund's investors last month. Growth stocks experienced another wave of heavy selling that led to a significant correction in the US tech sector (Nasdaq 100 -13.3%). The broad healthcare sector (MSCI World Healthcare Net -4.6%) gave up less ground, but there was a considerable divergence between the performance of large cap healthcare stocks (Russell 1000 Healthcare -5.2%) and the high-growth small and mid caps (Russell 2000 Healthcare -18.0%). The Digital Health Fund (-20.4%) was unable to escape the general trend and it slipped even deeper into the red at the end of the month when a few companies in its portfolio released disappointing quarterly earnings announcements.

Of the 44 stocks in the portfolio, only JD Health (+4.9%) and Procept BioRobotics (+1.6%) made a positive contribution to the fund's performance. Only a few companies in the portfolio had released their first-quarter results by the end of April. The good results reported by digital medtech companies Dexcom (-20.1%), Omnicell (-15.7%) and Abiomed (-13.5%) were overshadowed by negative macro factors.

Globus Medical (-10.2%) announced a change in CEO (internal CEO successor) and reported slightly weaker-than-expected first-quarter results but it did not revise its previous guidance for 2022 sales and profits. Early indicators that the capital investment cycle might lose some momentum led Intuitive Surgical (-20.7%) shares lower. At the same time, both of these companies reported that the upturn in treatments/surgical procedures seen in March continued into April. This prompted Intuitive to raise its forecast range for full-year procedure growth in 2022 to 12-16%. Quarterly results from Align (-33.5%) confirmed that consumers plan to tighten their purse strings (incl. China), on top of the problems in the supply chain.

Most of the core positions in the digital health portfolio, for example Insulet (-10.3%), Inspire Medical (-19.8%), Shockwave Medical (-27.1%), Axonics (-17.2%), Tandem Diabetes (-17.0%) and Outset Medical (-23.2%), have yet to publish their first-quarter results, but they are not exposed to capital investment or consumer spending cycles. Meanwhile they stand to benefit greatly as they enter new markets, launch new products, and gain market share at the expense of non-digital rivals, plus treatment/procedure volumes are rebounding now that the Omicron surge is winding down.

The outlooks from Teladoc Health (-53.2%) and Accolade (-68.3%) were disappointing, and these two stocks had a combined negative impact of -2.6% on portfolio performance in April. The two companies met expectations with their reported first-quarter revenues, but they had to cut their revenue growth guidance because of customer uncertainty in the face of the current economic environment (recession angst), which made customers reluctant to sign longer-term agreements. Besides that, many small, unprofitable providers of silo solutions are aggressively fighting for market share (e.g. through higher marketing spend, lower prices), which has made the sales process more complicated and costly. In this market environment, providers like Accolade that offer a high-quality personalized healthcare approach must work harder to win over potential customers and existing customers can still suddenly opt for a simpler solution. In our opinion, there’s no doubt that comprehensive solutions like the ones Teladoc Health offers (whole person care) will win out in the long run. In contrast to Teladoc Health (positive operating results), most of its competitors are still deep in the red and will need a steady infusion of capital to stay afloat. Some companies have based their business models on the highly profitable business of selling (prescribing) regulated substances and seem to view patient consultations primarily as a means to an end. We do not think this is a sustainable strategy, and actually rather risky from a legal standpoint. We also see little value added in the simplified healthcare navigation platforms some companies are offering in Accolade's target market. The rise and fall of Castlight is a good example of this. That said, investors will need more than a little patience during this period of transition until the right business models have been established. After the significant correction in digital health valuations, the potential returns have become much more attractive, and we already observed investors entering the Digital Health sector or adding to existing exposure in February and March. All perfromance data is in USD / B shares).

Our investment strategy focuses on innovative market leaders and well-financed companies. Over 90% of the portfolio companies have no immediate funding needs. 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.

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 earned a doctorate in medicine from the University of Zurich.
  • Healthcare Analyst

    Teresa Vilanova

    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.
1

These insights might interest you