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. LU1811047320

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: 26.11.2021)

NAV: USD 274.75 (24.11.2021)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (24.11.2021)

24.11.2020 - 24.11.20216.28%n.a.
24.11.2019 - 24.11.202052.01%n.a.
24.11.2018 - 24.11.201913.80%n.a.

Annualized performance (24.11.2021)

1 year6.28%n.a.
3 years21.95%n.a.
Since Inception p.a.24.66%n.a.

Cumulative performance (24.11.2021)

1 year6.28%n.a.
3 years81.56%n.a.
Since Inception119.80%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 numberLU1811047320
Valor number41449395
BloombergBBDHI2U LX

Legal Information

SFDR categoryArticle 8

Key data (29.10.2021, base currency USD)

Share ratio1.00
No. of positions47

Top 10 positions

Inspire Medical Sys.
Shockwave Medical
Intuitive Surgical
Tandem Diabetes Care
Veeva Systems
Axonics Modulation
Align Technology

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 (-6.6%) closed lower in September, mirroring the negative trend in global equity markets. Macro developments such as rising US bond yields and uncertainties in China were the main negative factors, and they took a toll on growth stocks in particular. Considerable losses were thus also observed in US tech stocks (Nasdaq 100 -5.7%), the broad healthcare market (MSCI World Healthcare Net -5.2%) and the Russell 2000 small cap index (-2.9%). Rising input costs, supply chain challenges or a shortage of labor are less relevant to the digital health sector, though, and such circumstances can actually accelerate the adoption of efficiency-enhancing digital health solutions.
Only 11 of the 52 stocks in the fund's portfolio delivered a positive performance in September. Evolent Health (+26.2%) benefited from rumors that it might be taken over by Walgreens Boots Alliance. The company has successfully turned itself around and is now in a good position to thrive and grow its business even on its own. Diabetes specialists Dexcom (+3.3%) and Tandem Diabetes Care (+6.4%) also made good gains. Dexcom expects that almost all type 1 diabetics will be using a continuous glucose monitoring device by 2025. This would also benefit Tandem Diabetes Care, an insulin pump manufacturer that offers the most advanced sensor-augmented insulin pump for automated insulin delivery. In addition, their business models have proven to be very crisis-resistant in the past.. M3 (+6.6%) and Inspire Medical (+4.2%) also made positive contributions to the fund's monthly performance. Shares of Procept BioRobotics (+52.6%), which we acquired during the company’s IPO in September, soared. The company offers AquaBeam, a surgical robot that is used to treat benign prostate gland enlargement by removing parts of the prostate in a precise, targeted, and controlled fashion, in a procedure that is performed almost automatically by means of a waterjet controlled by ultrasound imaging. Compared to the standard TURP method (transurethral resection of the prostate), the actual procedure time is significantly shorter and tissue destruction and damage is minimal, thus resulting in better levels of urinary retention and ejaculatory function.
Eargo (-66.4%) had a negative impact of -0.4% on overall portfolio performance. The US Department of Justice (DoJ) opened a criminal investigation against Eargo in September. The DoJ is investigating reimbursement claims Eargo employees filed with a health insurance provider for government employees. Health insurers are Eargo's most important customers and the insurance business represents the company’s fastest growing segment, which has now been axed. As a result of this news we closed our position in Eargo. Berkeley Lights (-45.0%) also had a negative impact on portfolio performance (-0.4%). A short seller’s report caused the company’s shares to tank. The allegations raised in the report are largely unfounded, but given the early stage of development that the company is in, it will take some time before they can be definitely debunked. We have therefore decided to hold off on purchasing more of these shares. At an investor conference, Axonics' (-13.2%) management was cautious in its statements regarding the recovery in the number of implant procedures during the third quarter. Intuitive Surgical (-5.6%) also mentioned that COVID-related hospitalizations in July and August had a negative impact on its business. Pacific Biosciences (-18.4%), 10X Genomics (-17.2%), Phreesia (-13.8%) and Veeva (-13.2%) came under heavy selling pressure too. All performance data is in USD / B shares.

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. Companies with disruptive technologies involving sensors, wireless connectivity or cloud computing are bringing new or improved products and services to the marketplace. This is having a positive effect on treatment quality and on overall costs. The Bellevue Digital Health (Lux) Fund offers investors access to a global portfolio of fast-growing tech-heavy stocks that are additionally benefiting from the healthcare sector’s attractive fundamental drivers, such as demographic aging and the spread of lifestyle-related diseases. Digital health is subject to stricter regulatory regimes, which wards off potential new competitors, makes the related technology risk more predictable and gives the fund a distinctive profile. Venture capital funds have already invested about USD 77 bn in 3500 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 BB Adamant Medtech & Services and BB Adamant 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 BB Adamant Medtech & Services and BB Adamant 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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