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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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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 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. CH1205452688

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: 27.03.2024)

NAV: EUR 1'011.72 (26.03.2024)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I2-EUR
Benchmark

Rolling performance (26.03.2024)

I2-EURBenchmark
24.03.2023 - 26.03.20246.32%14.03%

Annualized performance (26.03.2024)

I2-EURBenchmark
1 year6.32%14.03%
Since Inception p.a.0.80%6.27%

Cumulative performance (26.03.2024)

I2-EURBenchmark
1M-0.07%-0.08%
YTD3.94%8.60%
1 year6.32%14.03%
Since Inception1.17%9.36%

Annual performance

I2-EURBenchmark
2023-5.30%0.45%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The Bellevue Healthcare Strategy fund actively 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. 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 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 Fee0.60%
Subscription Fee (max.)2.00%
ISIN numberCH1205452688
Valor number120545268
BloombergI2EURZZ SW

Legal Information

Legal formInvestment funds under Swiss law
SFDR categoryArticle 8

Key data (29.02.2024, base currency CHF)

Beta0.76
Volatility13.70
Tracking error9.84
Active share72.11
Correlation0.73
Sharpe ratio-0.09
Information ratio-0.82
Jensen's alpha-6.89
No. of positions40

Top 10 positions

Intuitive Surgical
Boston Scientific
Eli Lilly
Merck & Co
Cencora
UCB
Vertex Pharmaceuticals
Molina Healthcare
Lonza
Biomarin Pharmaceuticals
4.3%
4.1%
4.1%
3.9%
3.9%
3.5%
3.5%
3.5%
3.3%
3.2%

Geographic breakdown

United States
Japan
Switzerland
Denmark
Australia
China
Brazil
Belgium
India
Italy
South Korea
Hungary
Great Britain
France
Others
Cash
35.4%
11.1%
5.9%
5.5%
5.2%
5.2%
4.3%
3.5%
3.1%
2.7%
2.6%
2.4%
2.3%
2.1%
5.7%
3.0%

Breakdown by sector

Services
Pharma
Medtech
Biotechnology
Generics/Spec.Pharma
Cash
29.0%
24.6%
22.6%
16.2%
4.6%
3.0%

Benefits

  • 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 team – top-performing pioneer in the management of healthcare portfolios.

Risks

  • The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • 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.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses

MSCI World Healthcare underperformed MSCI World in February 2024 by 199 bps (MSCI World Healthcare +2.3% vs MSCI World +4.2%). The Bellevue Healthcare Strategy (CH) Fund (I-shares: +1.7%, in USD) trailed (by 59 bps) the result of its healthcare index benchmark.

From a macro perspective, US indicators through the month pointed towards a “soft-landing scenario” (weakening consumer confidence, declining durable goods orders, inflation-adjusted consumer spending declined, real-disposable income little changed, declining US home-buying demand, core PCE in line with estimates). Ultimately, this is a “Goldilocks” scenario for stocks, with investors/traders seeing the slowly weakening economic data as supportive of Fed rate cuts as soon as June 2024.

Turning to individual subsectors within the MSCI World Healthcare, life science tools (+5.5%) was the best performer in the month driven by a rebound in biotech funding and M&A activity, followed by pharma (+3.7%) which saw continued support from momentum in obesity theme stocks (Eli Lilly and Novo Nordisk). These two subsectors were followed by medtech (+3.1%; positive Q4 results), healthcare services (-0.6%; regulatory scrutiny on PBMs), and finally biotech (-2.7% within the MSCI World Healthcare Index, although the broader SMID-cap focused XBI performed strongly).

From a geographical point of view, the Asia (+3.9%) region within the MSCI World Healthcare Index performed best, driven by Japan. This was followed by another strong performance in the US (+3.1%), with Europe lagging (-0.2%). From a market-capitalization perspective, mega caps (>USD 200 bn) performed best in the month with a return of 5%, driven by Eli Lilly.

Within the fund, strong absolute performances (in USD) were reported during the month from UCB (21.5%; Bimzelx launch trajectory), Eli Lilly (+16.9%; obesity and strong FY2023 results), and Hygeia Healthcare (+16.0%; technical and sentiment rebound). On the other hand, negative absolute performances were seen for Wuxi Apptec (-10.0%; geopolitical risk increased with draft US Biosecure Act bill), Bumrungrad (-7.7%; mixed quarterly results), and Samsung Biologics (-7.7%; technical pullback after strong January).

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 700 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.

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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 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

  • Portfolio Manager

    Terence McManus

    Dr Terence McManus joined Bellevue Asset Management in 2022 and is portfolio manager of the Bellevue Diversified Healthcare fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.
  • Portfolio Manager

    Oliver Kubli

    Oliver Kubli has been Managing Director, Head Portfolio Management Healthcare Funds & Mandates since 2015. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.
  • 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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