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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 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 Medtech & Services (CH)

Medtech & Services is an investment in 10% of global gross domestic product: Healthcare sector excluding drugs

Bottom line: above-average and steady growth compared to the broad market

Focusing on profitable, liquid mid and large cap companies with an established product portfolio

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. CH0034334737

The Fund invests worldwide in companies active in the medical technology and healthcare services sector. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.

Indexed performance (as at: 02.10.2023)

NAV: CHF 3'286.21 (28.09.2023)


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

Rolling performance (28.09.2023)

AA-CHFBenchmark
28.09.2022 - 28.09.2023-4.69%-0.26%
28.09.2021 - 28.09.2022-10.44%-10.27%
28.09.2020 - 28.09.202127.85%28.96%
27.09.2019 - 28.09.202014.95%12.68%

Annualized performance (28.09.2023)

AA-CHFBenchmark
1 year-4.69%-0.26%
3 years2.96%4.89%
5 years2.58%5.15%
10 years11.46%11.94%
Since Inception p.a.7.94%7.86%

Cumulative performance (28.09.2023)

AA-CHFBenchmark
1M1.35%1.74%
YTD-7.86%-3.52%
1 year-4.69%-0.26%
3 years9.13%15.40%
5 years13.60%28.53%
10 years196.30%209.10%
Since Inception228.64%225.01%

Annual performance

AA-CHFBenchmark
2022-12.56%-11.48%
202125.45%24.57%
20206.56%9.32%
201922.01%24.44%

Investment Focus

The fund invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, liquid mid and large cap companies with an established product portfolio as well as fast growing small cap companies with leading-edge technology offering. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. 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 the medical technology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianZürcher Kantonalbank
Fund AdministratorSwisscanto Fondsleitung AG
AuditorErnst & Young AG
Launch date03.03.2008
Year end closing30. Sep
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.80%
Subscription Fee (max.)2.50%
Performance Fee10.00% (with High Water Mark)
ISIN numberCH0034334737
Valor number3433473
BloombergADAGMED SW
WKNA0RAUP

Legal Information

Legal formInvestment funds under Swiss law
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.07.2023, base currency CHF)

Beta1.19
Volatility20.10
Tracking error5.53
Active share32.14
Correlation0.97
Sharpe ratio0.33
Information ratio-0.21
Jensen's alpha-2.73
No. of positions33

Top 10 positions

UnitedHealth Group
Abbott Laboratories
Humana
Boston Scientific
Intuitive Surgical
Stryker
Elevance Health
HCA Holdings
Cigna
Becton Dickinson
22.2%
8.4%
6.6%
6.2%
6.0%
5.6%
4.7%
4.6%
4.4%
2.8%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
0.2%
0.4%
0.8%
5.6%
5.0%
88.1%

Geographic breakdown

United States
Switzerland
Cash
102.4%
3.8%
-6.3%

Breakdown by sector

Managed Care
Cardiology
Surgery
Life Science Supply
Orthopedics
Hospital/Nursing H.
Distributor
Healthcare IT
Ophthalmology
Diabetes
Others
Cash
41.6%
18.6%
9.6%
7.3%
7.2%
4.6%
4.5%
4.3%
3.4%
2.1%
3.1%
-6.3%

Benefits

  • Digitalization of the healthcare sector is boosting medtech companies’ growth and earnings.
  • Focusing on profitable, liquid mid and large-cap companies with an established product portfolio as well as on rapidly growing small-cap businesses delivering cutting-edge technology.
  • Managed care profits from the privatization of the health insurance sector and lower treatment costs.
  • Minimally invasive techniques gaining ground – shorter treatment times reduce healthcare costs.
  • 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 in financial instruments that might have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
  • 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.

The Bellevue Medtech & Services Fund CH retreated in July (-3.3%) and was unable to outperform its benchmark (-1.8%) and the broad healthcare sector index (-1.6%). Following their strong performance from the previous month, medtech stocks were primarily to blame for the fund's relative underperformance, while healthcare services exposure had an overall neutral impact.

Investments in medical technology stocks detracted from fund performance even though these companies increased their full-year guidance and published very good quarterly results that in most cases beat street expectations. These earnings announcements were impressive proof of the strong rebound in surgical procedure volumes, but it seems that short-term investors used the clearly positive announcements to take profits after the medtech sector's good performance in the previous month. A weaker US dollar versus the Swiss franc (-2.6%) also weighed on the fund's performance.

Among the medtech names that have already published their results, some showed constructive returns, such as Abbott (-0.3%) and Axonics (+16.2%), whereas others were a drag on monthly performance although their latest quarterly results were very solid. The latter include Boston Scientific (-6.8%), Dexcom (-5.8%), and Intuitive Surgical (-7.8%). Edwards Lifesciences (-15.4%) was the only medtech holding whose results were in line with expectations, i.e. not better than expected. Some medtech companies that have not yet published their quarterly results, Penumbra (-14.3%), Inspire Medical (-13.8%) and Shockwave (-11.3%) for example, also fell on profit-taking. Tandem Diabetes (+38.3%), IDEXX (+7.3%) and Align (+3.8%) had a positive impact on portfolio performance. Shares of the Life Sciences Tools companies Danaher (+3.3%) and Thermo Fisher (+2.2%) also performed well. Although both of these companies slashed their projections for the 2023 fiscal year, investors concluded that they have hit bottom. We share this assessment.

Healthcare services providers performed well overall in the face of the general environment. Although HCA Healthcare (-12.6%), the largest healthcare provider in the US, published a solid set of Q2 results that clearly confirmed the strong recovery in procedures and a declining trend in personnel costs, its shares were marked down. Reported medical costs at US health insurers Elevance (+3.2%), United Health (+0.4%) and Humana (-0.7%) came in at the upper end of expectations, but they were stable and did not show any deterioration during the past two months. Higher investment income and, above all, the optimistic statements about premium pricing developments and the confirmation of earnings per share (EPS) guidance for fiscal 2024 helped to ease investor concerns. Cigna (+2.2%) also benefited indirectly from this news, and two other US insurers that are more focused on Medicaid, Molina (-1.8%) and Centene (-1.9%), also mentioned that business was in line with expectations and that no additional challenges were discernible with respect to 2024. All performance data is in CHF; AA shares.

In the healthcare services segment, hospitals and US health insurance offer considerable upside potential. We believe hospitals will benefit from the ongoing recovery of procedure volumes and from a slower rise in costs for nursing staff. As for the health insurers, we expect premium volumes to show very good growth due to the steady increase in the number of insured people and the above-average premium growth in 2023. Higher short and mid-term interest rates could give their reported earnings an additional boost. Political risks remain muted in view of a divided Congress and Joe Biden's announcement that he would seek a second term of office.

For medtech companies, we expect procedure volumes will be back to normal levels by the end of 2023, supported by the expansion of treatment capacity at hospitals. Further upside potential is possible considering the current backlog of delayed procedures and could unfold over a period of several years. We assume pricing power will improve, i.e. prices are unlikely to change, whereas during the previous 10 years medtech companies experienced a price erosion of 1-2% p.a. Better cost management and strong sales growth are therefore likely to lead to better profit margins. Attractive catalysts ranging from new product launches (e.g. Pascal Precision, Dexcom G7, Omnipod 5) and groundbreaking clinical trial results (e.g. ADVENT) to first-time reimbursements (e.g. for CardioMEMS, CGM sensors for type 2 diabetes patients requiring basal insulin therapy) will provide additional upswing.

We think a recession is possible in 2023. Medtech & services stocks tend to outperform in a recessionary environment.

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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

    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).
  • 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.
  • 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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