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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, 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.

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. 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 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: 27.01.2023)

NAV: USD 195.22 (26.01.2023)


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

Rolling performance (26.01.2023)

I-USDBenchmark
26.01.2022 - 26.01.2023-1.55%n.a.
26.01.2021 - 26.01.2022-38.73%n.a.
24.01.2020 - 26.01.202180.60%n.a.
25.01.2019 - 24.01.202013.99%n.a.

Annualized performance (26.01.2023)

I-USDBenchmark
1 year-1.55%n.a.
3 years2.89%n.a.
Since Inception p.a.9.85%n.a.

Cumulative performance (26.01.2023)

I-USDBenchmark
1M4.62%n.a.
YTD4.26%n.a.
1 year-1.55%n.a.
3 years8.95%n.a.
Since Inception56.18%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
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)2.14% (30.12.2022)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (30.12.2022, base currency USD)

Volatility34.20
Sharpe ratio0.23
No. of positions39

Top 10 positions

Inspire Medical Sys.
Dexcom
Intuitive Surgical
Insulet
Transmedics
Globus Medical
Penumbra
Axonics
Shockwave Medical
Veeva Systems
8.0%
6.4%
6.3%
6.2%
5.0%
4.7%
4.5%
4.5%
4.2%
4.1%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.9%
18.7%
21.7%
25.8%
2.6%
28.1%
1.2%

Geographic breakdown

United States
China
Denmark
Japan
Cash
91.3%
3.1%
2.8%
1.6%
1.2%

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 – 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.

After advancing for a couple months, stocks consolidated in the final month of the year. Global stock markets (MSCI World Net -4.2%) and the US tech sector (Nasdaq 100 -9.0%) closed sharply lower in December. Digital health stocks and the Bellevue Digital Health Fund (-3.1%) were not completely shielded from the widespread selling pressure, but they still performed better than the overall market, a trend that can now be traced back over the past 6 months as the Digital Health Fund (+17.4%) clearly outperformed US tech stocks (Nasdaq 100 -4.5%) and global stocks (MSCI World Net -3.0%) during the second half of 2022. This can be traced on the one hand to the fund's consistent focus on fast-growing, commercially successful innovation leaders that are not reliant on external sources of capital, which paid off, and, on the other hand, to the favorable position that the healthcare sector and thus also digital health companies are in relative to other industries with a recession looming on the horizon, which is what the market is currently expecting.
 
However, the impact of macro factors, first and foremost the rapid rise in US interest rates, which led to a steep drop in the valuation multiples of growth companies, during the first half of the year proved to be too strong and good earnings results and positive fundamentals in the digital health space were unable to offset it over the entire year.
 
The Bellevue Digital Health Fund (-28.2%) thus closed 2022 with a clearly negative return, better than US tech stocks (Nasdaq 100 -32.4%) but lagging the world stock market (MSCI World Net -18.1%). The average performance of the companies in our digital health investment universe (equal weighted) stood at -36.9%, the median performance was -42.1%.
 
We are optimistic that the above-mentioned trend from the past 6 months will continue into 2023 and that company-specific business developments will play a greater role in the performance of individual stocks. The significant progress that digital health companies have achieved is expected to attract more attention again as the macro environment becomes less volatile. Investors will nevertheless keep a close eye on US interest rate developments. That said, interest rates are already significantly higher, and the valuations of digital health companies are at more attractive, lower levels than they were at the beginning of 2022.
 
Although the stocks of many companies experienced sharp corrections in 2022 (-50% and more), we will continue to focus on commercially successful companies rather than betting on the “dogs of 2022” or on companies whose potential business success could be years away. We are confident that in today’s challenging economic environment, the manifest market leaders will pull even further ahead of me-too rivals. There are a number of attractive companies whose shares corrected sharply in 2022 but that could make a quantum leap in their business development thanks to the launch of major new products and services. We also expect M&A activity to pick up significantly. Valuations of digital health companies are at attractive levels and potential buyers in the tech or medtech industry are sitting on piles of cash.
 
The J.P. Morgan Healthcare Conference, the premiere investor event for healthcare stocks, is scheduled for early January. Many companies will present preliminary results for the fourth quarter of 2022 and give an initial outlook for the coming fiscal year. Overall we believe the digital health sector is very well positioned for the coming investment year, both in relative and absolute terms. All performance data is in USD / B shares.

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. We also expect M&A activity to pick up significantly. Equity capital investors have invested about USD 97 bn in 4400 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.
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