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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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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.

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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 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: 01.12.2023)

NAV: USD 157.24 (30.11.2023)


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

Rolling performance (30.11.2023)

I-USDBenchmark
30.11.2022 - 30.11.2023-18.60%n.a.
30.11.2021 - 30.11.2022-25.63%n.a.
30.11.2020 - 30.11.2021-1.35%n.a.
30.11.2019 - 30.11.202052.44%n.a.

Annualized performance (30.11.2023)

I-USDBenchmark
1 year-18.60%n.a.
3 years-15.79%n.a.
5 years0.01%n.a.
Since Inception p.a.4.19%n.a.

Cumulative performance (30.11.2023)

I-USDBenchmark
1M18.64%n.a.
YTD-16.03%n.a.
1 year-18.60%n.a.
3 years-40.28%n.a.
5 years0.04%n.a.
Since Inception25.79%n.a.

Annual performance

I-USDBenchmark
2022-27.67%n.a.
2021-10.10%n.a.
202068.37%n.a.
201918.13%n.a.

Investment Focus

The fund’s aim is to achieve capital growth in the long term. 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. 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% (31.10.2023)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.10.2023, base currency USD)

Volatility32.40
Sharpe ratio-0.47
No. of positions36

Top 10 positions

Intuitive Surgical
Axonics
Transmedics
Penumbra
Dexcom
Procept Biorobot
Veeva Systems
Insulet
Pacific Biosciences of California
Globus Medical
9.9%
7.3%
7.1%
6.6%
5.6%
4.9%
4.7%
4.5%
4.1%
4.0%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
4.6%
13.8%
28.6%
30.2%
1.6%
20.9%
0.4%

Geographic breakdown

United States
Denmark
China
Cash
92.4%
4.5%
2.6%
0.4%

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 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 markets traded lower in October (-2.9%), as did the US tech sector (Nasdaq 100 -2.0%) and the healthcare sector as a whole (-4.1%). Fast-growing pockets within the healthcare industry represented, for example, by the Russell 2000 Healthcare Index (-9.9%) and the S&P Biotechnology Index (-9.3%) gave up even more ground, as did the Bellevue Digital Health Fund (-15.1%).

Ten-year US Treasury yields extended their upward trend from the previous month and closed October at a multi-year high of 4.93%, up 36 basis points. We think this is the main reason for the negative performance of growth stocks and, by extension, of the Digital Health Fund portfolio. Many investors use discounted cash flows (DCF) to determine the valuation of small and mid-cap stocks and rising bond yields lead to lower valuations in these models.

Of the 39 portfolio companies, Olink (+68.9%), Yidu Tech (+4.3%), Shockwave (+3.6%) and Ping An Healthcare and Technology (+0.2%) made positive contributions to portfolio performance. Thermo Fisher announced the acquisition of Olink, a leading provider of proteomics solutions, in October. It offered Olink shareholders USD 26 per share in cash, a premium of 74% vs the previous close. Shockwave, a company specializing in intravascular lithotripsy for the treatment of cardiovascular diseases, announced new groundbreaking products at its investor day. Shockwave’s sales forecast for 2026 and its addressable market projection, which was almost doubled from USD 8.5 to USD 15 bn, were also positive surprises.

After an interim analysis, Novo Nordisk decided to stop its “FLOW” trial of semaglutide in patients with type 2 diabetes and chronic kidney disease study ahead of schedule because the results were so positive. This news triggered heavy selling in the shares of dialysis companies such as Outset Medical (-67.6%) and even across the broader medical technology sector, for instance in TransMedics (-31.9%), Inspire Medical (-25.8%), Penumbra (-21.0%), Procept BioRobotics (-18.3%), Insulet (-16.9%), Axonics (-8.7%) and Globus Medical (-7.9%). We think the market has overreacted to this news and doubt that the correction will be long-lasting.

Although Dexcom’s (-5.3%) third-quarter sales and earnings beat expectations and management increased its guidance for 2023, the stock was unable to make a positive contribution to the fund’s performance. Intuitive Surgical (-10.8%) also surprised investors by reporting higher-than-expected procedure volumes and an increase in robotic surgery system sales for the third quarter, but it detracted from portfolio performance, too. Axonics also beat consensus estimates for Q3 and raised its guidance for the full year 2023.

Reported sales at Teladoc Health (-11.5%) topped its management’s forecast but not investor expectations. Accolade (-38.9%) likewise reported better-than-expected sales and earnings but it didn’t raise its full-year forecast.

There were also some negative company-specific news flow in October. Outset Medical’s third-quarter sales missed street expectations and management lowered its forecast for 2023, disappointing investors. Align Technology (-39.9%) also fell short of investor expectations for the third quarter, which it blamed on deteriorating consumer sentiment in the US. All performance data is in USD / B shares.

Most of the companies in the fund's portfolio will publish their results for the third quarter in November. Judging by the results reported so far and by our many discussions with executives during the past two months, we expect most of our portfolio companies to present a solid set of quarterly results. Earnings estimates revisions are likely to remain on an upward trend too. In view of the historically low valuations, we would not be surprised if more healthcare and tech giants take advantage of the current market environment and snap up fast-growing digital health companies. Meanwhile the downward pressure on growth stock valuations is likely to ease as soon as a broad market consensus regarding the timing of initial rate cuts by the US central bank in 2024 emerges.

The fund's investment strategy is focused on innovative market leaders and solidly financed companies. More than 95% of the companies in the portfolio have no immediate financing needs. Companies in the highly regulated and non-cyclical healthcare market also benefit from the industry’s high entry barriers. The portfolio contains fast-growing, disruptive companies that are applying digital technology to improve healthcare delivery and outcomes while making healthcare more cost-effective. In addition, the companies in the Digital Health Fund's portfolio are expected to generate high double-digit sales growth rates over the coming years and visibility is good.

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. Equity capital investors have invested about USD 109 bn in more than 4 700 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.

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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

    Teresa Vilanova

    Dr 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.
  • 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

    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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