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

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Investment Focus

ISIN-No. LU0415391431

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: 20.01.2022)

NAV: EUR 655.12 (19.01.2022)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (19.01.2022)

19.01.2021 - 19.01.202210.02%9.49%
19.01.2020 - 19.01.20215.73%11.46%
19.01.2019 - 19.01.202028.38%34.99%
19.01.2018 - 19.01.201918.55%17.71%

Annualized performance (19.01.2022)

1 year10.02%9.49%
3 years13.69%17.56%
5 years14.85%17.15%
10 years15.45%18.54%
Since Inception p.a.14.43%17.46%

Cumulative performance (19.01.2022)

1 year10.02%9.49%
3 years47.04%62.60%
5 years99.91%120.74%
Since Inception425.48%625.62%

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 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 numberLU0415391431
Valor number3882623
BloombergBFLBBBE LX, M0U1 GF
Total expense ratio (TER)2.19% (31.12.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.12.2021, base currency EUR)

Tracking error7.57
Active share38.91
Share ratio1.03
Information ratio-0.36
Jensen's alpha-4.64
No. of positions54

Top 10 positions

Abbott Laboratories
Boston Scientific
Becton Dickinson
Intuitive Surgical
Edwards Lifesciences
United Health Group

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

United States

Breakdown by sector

Managed Care
Life Science Supply


  • 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.


  • 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.

Stocks showed a strong performance in December. The global stock market (MSCI World Net +3.6%) made good gains, while Germany's blue chip Dax (+5.2%) and the Euro Stoxx 50 index (+5.8%) climbed even higher month-on-month. The Bellevue Medtech & Services Fund (+7.1%) delivered a pleasing performance, as did the medical technology sector (MSCI World Healthcare Equipment & Supplies (+5.4%).

Looking at annual returns, the Bellevue Medtech & Services Fund performed well (+24.8%) in 2021, a challenging investment year. It came out ahead of its benchmark (+23.7%) and, despite some pandemic-related turbulence, the Euro Stoxx 50 (+24.1%) and the Dax (+15.8%).

Our investment strategy is focused on innovative, fast-growing and large cap medtech & services companies and, to a lesser extent, on mid cap stocks with exceptionally high growth potential. This combination of weakly correlated medtech & services stocks and the integration of life sciences tools companies enable us to build a portfolio with a strong diversification profile that generates stable returns even in an environment of quickly shifting sentiment. In 2021, for example, our investments in life sciences tool companies and US health insurers were crucial in offsetting the downside pressure that weighed on small and mid-sized growth stocks.

The outlook for the 2022 investment year is positive. Sector valuations are moderate and that offers opportunities not only for investors; we expect M&A activity to pick up too in the wake of the substantial valuation contraction many promising high-growth companies experienced in 2021. An example here was already seen early in 2022 when Stryker issued a takeover bid for Vocera, a leading provider of communication software and hardware for hospitals.

The long-term growth drivers in our investment universe are more relevant than ever: new products for diabetes therapy, minimally invasive heart valve replacement and repair procedures, and surgical robots are powerful examples of medtech innovation. In healthcare services, we believe the US health insurance industry offers the greatest upside potential. Key value drivers here are progressive privatization (Medicare Advantage, Medicaid) and the vertical integration of services providers (primary care doctors and outpatient care centers). Life science tools companies stand to benefit from the growing levels of R&D intensity in the biotech sector and from the strong demand from vaccine manufacturers. Revenues from COVID-19 testing products have also led to acquisitions and reinvestments on a massive scale. Hospitals as well as medtech companies should benefit from the expected normalization of elective procedures.

We expect the first positive earnings announcements for fourth quarter of 2021 to be published during JP Morgan’s annual Healthcare Investor Conference in January, the world's largest healthcare investment symposium. We managed to speak with the representatives of some 35 Medtech & Services companies during a research trip to the US in December and two virtual investor conferences that we participated in. A majority of them were positive in their statements regarding the fourth quarter and the 2022 fiscal year, which makes us very confident, also from a short-term perspective. All performance data is in EUR / B shares.

Even without a normalization of the coronavirus situation, 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 holds a degree in medicine from the University of Zurich.

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