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. CH0269987407

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: 16.12.2021)

NAV: CHF 182.58 (12.03.2019)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display

Rolling performance (12.03.2019)

12.03.2018 - 12.03.201922.23%14.35%
12.03.2017 - 12.03.201820.46%14.84%
12.03.2016 - 12.03.201717.28%20.44%
12.03.2015 - 12.03.2016-3.92%-0.43%

Annualized performance (12.03.2019)

1 year22.23%14.35%
3 years19.21%15.76%
Since Inception p.a.15.89%14.04%

Cumulative performance (12.03.2019)

1 year22.23%14.35%
3 years69.48%55.20%
Since Inception82.58%70.94%

Annual performance


Investment Focus

The Fund invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive Healthcare Fund 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. A global network of experts spanning scientific and industrial fields supports the Management Team in forming opinions and making investment decisions. The selection of the portfolio companies is entirely bottom-up, independent of benchmark weightings.Show moreShow less

Investment suitability & Risk


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. 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 date03.03.2008
Year end closing30. Sep
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.05%
Subscription Fee (max.)2.50%
Performance Fee10.00% (with High Water Mark)
ISIN numberCH0269987407
Valor number26998740

Key data (31.12.2021, base currency CHF)

Tracking error8.64
Active share33.92
Share ratio0.85
Information ratio0.01
Jensen's alpha-4.45
No. of positions45

Top 10 positions

United Health Group
Abbott Laboratories
Intuitive Surgical
Boston Scientific
Edwards Lifesciences
Thermo Fisher

Market capitalization

2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

United States

Breakdown by sector

Managed Care
Life Science Supply
Healthcare IT
Hospital/Nursing H.


  • 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.


  • 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.
  • Increased opportunities through possible derivative transactions go hand in hand with increased risk of loss

The Bellevue Medtech & Services Fund (CH) returned 7.3% in December. The fund lagged its benchmark (+8.2%) but clearly outperformed the broader healthcare sector (+6.3%) and the overall stock market (+3.3%). Healthcare services providers contributed 3.7% to the fund's monthly performance, medtech stocks 3.6%.

The past month was dominated by developments related to the Omicron variant of the coronavirus that is spreading at lightning speed but, according to data from South Africa and England, causes less severe disease.

US health insurers Cigna (+19.1%), Centene (+14.3%), Anthem (+13.3%), UnitedHealth (12.3%) and Molina (+10.5%) were strong performers last month. UnitedHealth and Centene pleased investors with their annual capital market presentations and upgraded guidance for 2022, which buoyed investor sentiment towards the entire US health insurance industry. Investors also assume that the milder symptoms associated with Omicron and the rising levels of population immunity will lead to fewer hospital admissions percentage-wise than during previous waves of infection. This means hospitalization costs related to coronavirus infections should also be lower. Rising bond yields and higher inflation expectations are also known to be a very constructive environment for US health insurers. Higher yields should lift their investment income, while higher inflation expectations should have a positive impact on premium.

HCA Healthcare (+13.0%), the largest operator of healthcare facilities in the US and which is also led by excellent management, should likewise benefit from the less severe course of COVID-19 associated with Omicron.

Although the Digital Health company Phreesia (-28.5%) met investor expectations regarding third-quarter sales growth, its guidance for 2022 fell short of expectations due to sharply higher operating expenses.

In the medtech space, our positions in Edwards Lifesciences (+19.6%), Tandem Diabetes (+16.0%), Abbott (+10.8%) and Boston Scientific (+10.5%) delivered a positive contribution to portfolio performance in relative and absolute terms. On its investor day, Edwards Lifesciences’ forecast of strong sales in 2022 and a promising product pipeline update surprised investors. Diabetes pump manufacturer Tandem presented its ambitious but realistic product pipeline at its investor event and plans to increase the number of patients using its products to one million over the next 5 years, which is more than triple its current global customer base. Tandem's share price was also marked up after Insulet (-8.6%) announced an unexpected delay in the FDA approval of its Omnipod 5 insulin pump and after Medtronic (-3.4%) received an FDA warning letter that will very likely delay the approval of its new 780G insulin pump. Very strong demand for Abbott's (+11.9%) highly profitable COVID-19 tests is expected due to Omicron.

Vaccination rates in key medtech & ervices markets (North America, Europe and Japan) showed further increases at the end of December. In major Western European countries and in the US, 21% to 50% of the eligible population has already received a booster shot.

The widespread availability of COVID-19 vaccines, the rapidly growing number of people who have recovered from a coronavirus infection and the availability of oral antiviral drugs that will reduce the need for emergency or hospital care are important prerequisites for an upturn in elective interventions in 2022. We believe the astonishing spread of the Omicron variant will speed up progress towards herd immunity on a global scale. Whether that means the pandemic will end more quickly remains to be seen.

We spoke with executives from approximately 35 Medtech & Services companies in December during the course of two virtual conferences and a research trip to the US. A majority of them were positive in their statements regarding the fourth quarter and the 2022 fiscal year, which makes us very confident about 2022.

In the healthcare services segment, we believe US health insurers offer the most upside potential. Major value drivers are progressive privatization (Medicare Advantage, Medicaid), a larger pool of insured persons (commercial), the vertical integration of services providers, and efficiency gains (digitalization reduces administrative costs). Hospitals stand to benefit from the normalization of elective procedures. We see substantial upside potential in medtech stocks thanks to their strong innovation, which is particularly evident in the latest products for diabetes therapy, minimally invasive heart valve repair and replacement procedures, and surgical robots.

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.
  • 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.