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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 information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

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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 Medtech & Services (Lux)

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. LU0415391605

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: 20.05.2022)

NAV: CHF 417.67 (19.05.2022)


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

Rolling performance (19.05.2022)

B-CHFBenchmark
19.05.2021 - 19.05.2022-4.20%-7.92%
19.05.2020 - 19.05.202117.91%22.02%
17.05.2019 - 19.05.20205.50%10.35%
18.05.2018 - 17.05.20199.93%11.69%

Annualized performance (19.05.2022)

B-CHFBenchmark
1 year-4.20%-7.92%
3 years6.00%7.41%
5 years10.65%12.08%
10 years12.65%15.33%
Since Inception p.a.10.01%12.59%

Cumulative performance (19.05.2022)

B-CHFBenchmark
1M-12.99%-11.39%
YTD-15.24%-18.11%
1 year-4.20%-7.92%
3 years19.17%23.98%
5 years65.89%76.90%
Since Inception233.95%347.76%

Annual performance

B-CHFBenchmark
202119.58%18.46%
20205.71%13.06%
201923.90%29.33%
201813.09%12.04%

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

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
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPWC, Luxembourg
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0415391605
Valor number3882711
BloombergBFLBBBC LX
WKNA0RP24
Total expense ratio (TER)2.18% (29.04.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (29.04.2022, base currency EUR)

Beta1.04
Volatility23.30
Tracking error7.89
Active share38.93
Correlation0.94
Sharpe ratio0.63
Information ratio-0.10
Jensen's alpha-1.58
No. of positions50

Top 10 positions

Abbott Laboratories
Boston Scientific
Stryker
Intuitive Surgical
Edwards Lifesciences
Becton Dickinson
Medtronic
United Health Group
Humana
Danaher
9.9%
8.5%
6.2%
5.3%
5.2%
4.7%
3.6%
3.4%
3.3%
3.1%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.4%
0.6%
3.0%
7.0%
8.7%
79.7%
0.7%

Geographic breakdown

United States
Switzerland
Others
Cash
93.1%
5.1%
1.4%
0.4%

Breakdown by sector

Cardiology
Managed Care
Life Science Supply
Surgery
Orthopedics
Diabetes
Ophthalmology
Hospital/Nursing H.
Neuromodulation
Dental
Others
Cash
28.7%
16.3%
13.2%
8.8%
8.6%
4.7%
4.2%
3.3%
2.6%
2.3%
6.9%
0.4%

Opportunities

  • 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 cuttingedge 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

  • Equities are subject to strong 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 losses.

April was a very weak month for equities worldwide (MSCI World Net -3.7%). After trading sideways during the first three weeks of the month, stocks came under pressure after Fed Chairman Powell said that the US central bank was prepared to raise the federal funds rate more quickly and decisively to battle inflation. The Euro Stoxx 50 (-2.0%) and Germany’s blue-chip Dax index (-2.2%) closed lower as well. The medtech sector (MSCI World Healthcare Equipment & Supplies -6.3%) held its ground till mid-month, when it turned sharply lower, mirroring its higher structural growth trend. Thanks to its dual focus on healthcare services providers and medtech companies, the Bellevue Medtech & Services Fund (-5.6%) beat its benchmark, despite the higher weighting of growth stocks in its portfolio.

US health insurance stocks continued to march higher in April. Cigna (+8.2%), Humana (+7.3%), Anthem (+7.3%), UnitedHealth (+4.8%) and Centene (+0.5%) all made positive contributions to the fund's performance. Their impressive performance in today's choppy market was driven by various factors. UnitedHealth, Humana and Anthem beat investor expectations for the first quarter thanks to lower medical cost trends and they all raised their earnings guidance for 2022. Second, yields at both the short and of the curve climbed higher, as already seen in March. Two-year US Treasury yields, for example, rose 40 bps to 2.7% in April and this should have a positive impact on the interest income from health insurers’ investment portfolios. Third, given the tense geopolitical situation, investors continue to favor companies that generate all of their revenues and earnings in the United States, which is the case for the US health insurance industry.

The largest hospital chain operator in the US – HCA Healthcare (-10.1%) – detracted from the fund's performance after publishing lower-than-expected revenues and profits for the first quarter and lowering its full-year earnings outlook. Revenues were lower than forecast because COVID-19 patients generally had more mild forms of the disease, which led to a drop in treatment costs. Meanwhile, higher-than-expected costs for temporary or traveling nurses squeezed the company’s profit margins. The contracts US hospital operators have with health insurers give them little leeway to pass through higher expenses. But HCA's good management has proven before that it can quickly and efficiently lower the company’s costs.

As for the medtech investments, Procept BioRobotics (+6.8%), Terumo (+2.3%), Abbott (+1.1%), and Becton Dickinson (+0.1%) were the only medtech stocks that made a positive contribution to portfolio performance. Dexcom (-20.1%), Omnicell (-15.7%) and Abiomed (-13.5%) published good quarterly results, but their stock prices were still weighed down by macro factors. As were the stock prices of Shockwave Medical (-27.1%), Inspire Medical (-23.4%), Axonics (-13.0%), Tandem Diabetes (-12.8%) and Insulet (-5.8%), companies which have not yet published their latest quarterly results.

Quarterly results from Align (-33.5%) confirmed that consumers (even in China) are reining in their spending on Invisalign teeth straightening solutions, on top of problems in the company’s supply chain. Early indicators that the capital investment cycle might lose some momentum led Intuitive Surgical (-20.7%) shares lower. At the same time, Intuitive reported that the upturn in treatments/procedures observed in March continued in April. This prompted Intuitive to raise its forecast for full-year procedure growth in 2022 to 12-16% yoy. All performance data is in EUR / B shares.

The outlook for the 2022 investment year in the medtech & services sector is attractive. New cases and hospitalizations in key medtech & services markets (North America, Europe and Japan) have plunged as Omicron became the dominant strain of COVID-19. We believe that high immunity levels will enable a significant rebound in elective medical procedures in 2022. The sector’s risk-return profile is enticing for many investors.

Sector valuations are moderate and that offers opportunities, not just for investors; we also expect takeover activity to pick up because the valuation multiples of many small, fast-growing companies declined so much in 2021. Regardless of when the situation surrounding the pandemic and the geopolitical situation returns to normal, the sector-specific structural growth factors such as rising life expectancy and high rates of innovation will sustain the medtech & services sector's above-average growth versus the overall economy and power its high rates of profit growth.

The Bellevue Medtech & Services Fund invests in the entire healthcare market except for the drug developers. As a fully adequate healthcare investment vehicle, the fund aims to generate a significantly higher return than a traditional healthcare fund but with a comparable risk profile. The medtech & services sector is one of the stock market's most defensive sectors with sustainable outperformance potential and that is one reason for the unqualified success of our investment strategy. This and the additional growth from non-emergency treatments that had to be postponed during the pandemic create attractive entry points for investors.

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 & Awards

  • Lead 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).
  • 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 earned a doctorate in medicine from the University of Zurich.
  • Healthcare Analyst

    Teresa Vilanova

    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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