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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.

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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

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Bellevue Healthcare Strategy (CH)

Investments in the 40 most attractive healthcare stocks worldwide, regionally diversified and across sub sectors

 Profiting from pent-up demand in Emerging Markets as well as from innovation in industrialized countries

Strong focus on quality mid caps and underweight in pharma stocks

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. CH0137596661

The Bellevue Healthcare Strategy Fund invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, medical technology and services companies as well as generics producers that are involved in the development, manufacturing or sale of products and services.

Indexed performance (as at: 20.05.2022)

NAV: CHF 3'666.80 (19.05.2022)


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

Rolling performance (19.05.2022)

I-CHFBenchmark
19.05.2021 - 19.05.2022-8.79%9.82%
19.05.2020 - 19.05.202122.93%11.23%
17.05.2019 - 19.05.202012.89%13.43%
18.05.2018 - 17.05.2019-4.03%7.17%

Annualized performance (19.05.2022)

I-CHFBenchmark
1 year-8.79%9.82%
3 years8.15%11.45%
5 years10.03%10.52%
10 years12.91%13.28%
Since Inception p.a.13.09%13.86%

Cumulative performance (19.05.2022)

I-CHFBenchmark
1M-9.69%-5.55%
YTD-9.75%-4.27%
1 year-8.79%9.82%
3 years26.57%38.56%
5 years61.29%64.95%
Since Inception267.74%295.35%

Annual performance

I-CHFBenchmark
202110.11%23.35%
202016.98%3.98%
201921.92%21.19%
20180.37%3.48%

Investment Focus

The Bellevue Healthcare Strategy Fund invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, medical technology and services companies as well as generics producers that are involved in the development, manufacturing or sale of products and services. Experienced sector specialists focus on profitable companies that have a well-established product portfolio. The fund invests top down in the four regions North America, Western Europe, Emerging Markets and Japan/Oceania. For each of these regions, the most attractive companies are determined based on quantitative and qualitative criteria. The fund seeks to outperform the MSCI World Healthcare Index.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianZürcher Kantonalbank
Fund AdministratorSwisscanto Fondsleitung AG
AuditorErnst & Young AG
Launch date19.10.2011
Year end closing30. Sep
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.80%
Subscription Fee (max.)2.00%
ISIN numberCH0137596661
Valor number13759666
BloombergADGHCII SW
WKNA1JYG8

Legal Information

Redemption periodDaily

Key data (29.04.2022, base currency CHF)

Beta0.79
Volatility17.60
Tracking error10.98
Active share80.51
Correlation0.81
Sharpe ratio0.64
Information ratio-0.30
Jensen's alpha-0.48
No. of positions40

Top 10 positions

Halozyme Therapeutics
Pfizer
Molina Healthcare
Danaher
Jazz Pharmaceuticals
Iqvia
HCA Holdings
Horizon Therapeutics
Harmony Biosciences
Biontech
4.1%
4.0%
3.6%
3.6%
3.5%
3.4%
3.1%
3.0%
3.0%
3.0%

Geographic breakdown

United States
China
Japan
Switzerland
Denmark
India
Australia
Germany
Hungary
Great Britain
Brazil
Cash
34.2%
12.3%
11.0%
9.7%
9.4%
7.4%
4.5%
3.0%
2.7%
2.6%
2.2%
1.1%

Breakdown by sector

Services
Medtech
Biotechnology
Pharma
Generics/Spec.Pharma
Cash
27.3%
26.1%
23.4%
13.2%
8.8%
1.1%

Opportunities

  • Investments in the 40 most attractive healthcare equities worldwide.
  • Proprietary investment process: Half-yearly company evaluation and rebalancing.
  • Underweighting of pharma and US stocks compared with the relevant healthcare indices.
  • Strong focus on quality mid-caps.
  • Bellevue - Healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.

Risks

  • Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • 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.
  • Investments in foreign currencies are subject to currency risks.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • Increased opportunities through possible derivative transactions go hand in hand with increased risk of losses.

Stock market volatility remained high in April, especially towards the end of the month. The MSCI World Equity Index declined 3.3% during the period (in CHF). Healthcare stocks generally fared somewhat better and the broad MSCI World Health Care Index even closed the month in the green (+0.5%), but the Bellevue Healthcare Strategy Fund (CH) headed south too (-2.8%, I shares). Rate worries and the Russian-Ukraine conflict continued to weigh on investor sentiment, as did a new round of COVID-19 lockdowns in China. Nevertheless, the 15 companies in the Bellevue Healthcare Strategy’s portfolio that released their latest quarterly results during April painted an overall positive picture. In contrast to the tech sector, for example, we have yet to detect any noteworthy decline in the growth momentum of our portfolio companies. Most of the companies that released results surprised to the upside – Novo Nordisk (+8.9%), AstraZeneca (+6.5%) and Biocon (+14.8%) for example. Good results did not always lead to a positive performance, though, as was the case with Swiss dental implant specialist Straumann (-21.2%) or the Chinese CDMO Wuxi Apptec (-12.7%). And, in the current market environment, any company that fell short of expectations was swiftly punished. That happened to two companies in the fund's portfolio – the US hospital chain operator HCA Holdings (-9.8%) and Intuitive Surgical (-16.4%), the world leader for robot-assisted surgical systems.
The semi-annual rebalancing of the portfolio took place in April. Thirteen of the 40 stocks in the portfolio were replaced, which is within the historical range. The rebalanced portfolio maintains a strong element of diversification across different countries and sub-sectors, and this will continue to set it apart from its benchmark index, the MSCI World Health Care Index.

The investment process for the Bellevue Healthcare Strategy Fund resembles the rules-based investment process that Bellevue has successfully applied since 2007. In this approach, the 40 most attractive stocks in the healthcare sector worldwide are selected every six months. The Bellevue Healthcare team screens about 600 of the 4000 listed companies in the healthcare sector worldwide based on four quantitative criteria (PEG valuation, price/sales, sales growth and EBITDA/sales) and four qualitative criteria (assessing the company's management, product pipeline, operating risks and country-related risks). The ten most promising stocks from four different regions – Western Europe, North America, Japan/Australia and emerging markets – are selected. The maximum weighting of the region with the highest overall score, which is usually North America, is capped at 35% during the periodic rebalancing, which increases the emphasis given to emerging markets. Companies with rich valuations and low growth rates will rarely be selected for the portfolio. Mid cap stocks have typically represented 60-80% and the Asia region approximately one-third of the portfolio. Pharmaceutical stocks are clearly underweighted compared to the MSCI World Healthcare Index. Bellevue has applied this investment approach since April of 2007 and it is used to compile the Adamant Global Healthcare Index.

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 1,000 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

  • Portfolio Manager

    Samuel Stursberg

    After receiving his Master of Science in Biochemistry from the University of Basel and a degree in Economics from the University of St. Gallen (lic. oec. HSG), Samuel Stursberg conducted stock analysis at Bank Sarasin among others and was Head Research at Adamant Biomedical Investments AG before joining Bellevue Asset Management as Head Research health Care Funds & Mandates in 2015.
  • Portfolio Manager

    Zahide Donat

    Joined Bellevue in 2015 as Portfolio Manager. Prior to joining Bellevue she spent one year at Credit Suisse AG as banking operations specialist and from 2010 to 2013 as client advisor in the customer center (e-banking Hotline, as of 2012 also Service Line) at Migros Bank AG.
  • Portfolio Manager

    Cyrill Zimmermann

    Dr. Cyrill Zimmerman is Head of Healthcare Funds & Mandates and a member of the Executive Board of Bellevue Asset Management. He founded Adamant Biomedical Investments in 2001 and managed the investment boutique until its acquisition by Bellevue in 2014. Cyrill Zimmerman holds a PhD from the University of Zurich.
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