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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.

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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, Spain and Portugal. 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.

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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. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, 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 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 

Explained in 90 seconds

Bellevue Digital Health Fund explained in 90 seconds

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: 23.05.2024)

NAV: USD 183.68 (22.05.2024)


01 Jan 2010 - 01 Jan 2010
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I-USD
Benchmark

Rolling performance (22.05.2024)

I-USDBenchmark
22.05.2023 - 22.05.2024-9.88%n.a.
20.05.2022 - 22.05.202329.47%n.a.
21.05.2021 - 20.05.2022-43.63%n.a.
22.05.2020 - 21.05.202147.19%n.a.

Annualized performance (22.05.2024)

I-USDBenchmark
1 year-9.88%n.a.
3 years-13.02%n.a.
5 years2.55%n.a.
Since Inception p.a.6.55%n.a.

Cumulative performance (22.05.2024)

I-USDBenchmark
1M7.82%n.a.
YTD2.33%n.a.
1 year-9.88%n.a.
3 years-34.24%n.a.
5 years13.43%n.a.
Since Inception46.94%n.a.

Annual performance

I-USDBenchmark
2023-4.14%n.a.
2022-27.67%n.a.
2021-10.10%n.a.
202068.37%n.a.

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The fund actively 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. 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 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
CustodianCACEIS Investor Services Bank, Luxembourg
Fund AdministratorCACEIS Investor Services Bank, 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)1.47% (30.04.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (30.04.2024, base currency USD)

Volatility32.10
Sharpe ratio-0.56
No. of positions34

Top 10 positions

Intuitive Surgical
Procept BioRobotics
Natera
Dexcom
Ambu
Globus Medical
Insulet
TransMedics
Veeva Systems
Align Technology
9.0%
8.9%
7.0%
6.6%
5.2%
5.0%
5.0%
4.6%
4.6%
4.3%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
2.4%
5.8%
30.4%
32.9%
1.3%
26.8%
0.4%

Geographic breakdown

United States
Denmark
China
Cash
89.8%
6.6%
2.1%
1.5%

Benefits

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

Risks

  • The fund actively invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • 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.
  • Equities linked to technology and/or digitization can be subject to higher-than-average fluctuations in value.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.

Global stocks (MSCI World Net Index -3.7%), the healthcare sector’s MSCI World Healthcare Index (-4.0%), and the US tech sector (Nasdaq 100 -4.4%) lost considerable ground in April. A combination of stubbornly high inflation and robust consumer spending in the US weighed on investor sentiment in April and pushed 10-year US Treasury yields up half a percent to 4.7%. Not surprisingly, small caps as measured by the Russell 2000 (-7.0%) showed a relatively weaker performance. The Bellevue Digital Health Fund (-6.3%) ended the month only slightly ahead of the Russell 2000, but it did display obvious signs of a recovery during the second half of the month.

Nine of the 33 stocks in the portfolio made a positive contribution to performance in April. The core positions TransMedics (+27.3%) and Procept BioRobotics (+7.2%) made the best contributions to portfolio performance. Investors are very optimistic that these two companies will publish excellent first-quarter results in the coming month of May, which explains their strong gains. Inspire Medical (+12.5%) got a boost after Eli Lilly published data from its SURMOUNT-OSA trial. While that data did show a significant improvement in sleep apnea severity, investors do not expect the drug to have a significantly negative impact on the market potential of Inspire Medical’s product or on the company’s financial results. Positive performance contributions were also made by Insulet (+0.3%), Shockwave (+1.4%), Natera (+1.6%), GN Store Nord (+3.0%) and Outset Medical (+14.0%).

Rumors that Shockwave was a takeover target were confirmed in the month under review when Johnson & Johnson launched a public takeover bid for Shockwave. After Boston Scientific’s acquisition of Axonics in January, this latest deal already marks the second acquisition of a company in the Digital Health portfolio this year and confirms our stance that acquisition activity is likely to gain momentum in 2024.

The fund's performance in April was negatively impacted by the core portfolio positions Intuitive Surgical (-7.1%), Dexcom (-8.2%), Penumbra (-12.0%), Align Technology (-13.9%), Exact Sciences (-14.1%) and Veeva (-14.3%) as well as by several smaller positions such as 10X Genomics (-22.0%) and Accolade (-27.2%). Investors showed very strong reactions to company news. Some stocks experienced profit-taking after publishing very good first-quarter earnings (e.g. Intuitive Surgical); others were marked down on even the slightest indication of uncertainty about consumer sentiment in the US (e.g. Align) or after announcing an unexpected change in management (e.g. Veeva) or giving a guarded full-year outlook (e.g. Accolade) or publishing quarterly results that did not beat expectations by a big enough margin (e.g. Dexcom). There were also disappointing first-quarter results (e.g. 10X Genomics). Pacific Biosciences (-56.0%) belonged to this category, which announced disappointing sales of its flagship gene sequencer Revio. This can be partly attributed to industry factors such as more cautious investment spending at biopharma companies and budget cuts at the National Institutes of Health (NIH, a US medical research agency). Due to the unpredictable market situation and the company’s high burn rate, we completely exited our position in Pacific Biosciences. All performance data is in USD / B shares.

From a fundamental point of view, digital health companies have reported stable above-average growth and that is expected to continue in 2024.

In their discussions with investors, the executives of many companies made positive remarks about business in the first quarter and for 2024 as a whole. The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Inspire Medical's new Inspire 5 device for obstructive sleep apnea, Dexcom's Stelo and G7 blood glucose sensors, Intuitive Surgical's new da Vinci 5 surgical robot, and Insulet's Omnipod 5 patch pump.

As witnessed during the last two years, even outstanding sector-specific fundamentals can be overridden by macroeconomic developments and shifting investor preferences. In 2024, we expect our investment solution to benefit from several factors: Cuts in US interest rates (which usually benefits growth stocks the most), attractive valuation levels (price/sales multiples close to historical lows), an expected increase in M&A and IPO activity, a general repositioning as investors drop last year's outperforming stocks and buy high-quality stocks, and the uncertain outlook for the world economy (which in the past has been a relatively good setting for non-cyclical subsectors such as the digital health) underpin our optimism and make a good case for investing in the Bellevue Digital Health (Lux) Fund.

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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 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).
  • Healthcare Analyst

    Catharina Claes

    Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.
  • Healthcare Analyst

    Annie Zeng

    Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.
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