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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.

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.

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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 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

Explained in 90 seconds

Bellevue Medtech & Services Fund explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0415391514

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: 14.06.2024)

NAV: EUR 778.09 (13.06.2024)


01 Jan 2010 - 01 Jan 2010
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I-EUR
MSCI World IMI HC Equip. & Supllies
MSCI World HC Net Return

Rolling performance (13.06.2024)

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
13.06.2023 - 13.06.20246.87%4.83%12.03%
13.06.2022 - 13.06.202313.61%10.40%7.34%
11.06.2021 - 13.06.2022-4.62%-9.84%8.82%
12.06.2020 - 11.06.202123.79%25.91%16.61%

Annualized performance (13.06.2024)

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
1 year6.87%4.83%12.03%
3 years5.00%1.42%9.36%
5 years8.08%7.38%11.53%
10 years13.56%14.13%11.47%
Since Inception p.a.13.25%14.40%13.82%

Cumulative performance (13.06.2024)

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
1M2.27%1.57%2.34%
YTD9.72%7.30%11.04%
1 year6.87%4.83%12.03%
3 years15.81%4.34%30.87%
5 years47.54%42.79%72.67%
10 years257.04%275.54%196.58%
Since Inception524.12%623.39%571.52%

Annual performance

I-EURMSCI World IMI HC Equip. & SuplliesMSCI World HC Net Return
20231.60%5.08%0.45%
2022-11.34%-19.83%0.55%
202125.69%23.65%28.63%
20206.98%13.62%4.27%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. The fund actively 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.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.
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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
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPWC, Luxembourg
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0415391514
Valor number3882709
BloombergBFLBBIE LX
WKNA0RP25
Total expense ratio (TER)1.47% (31.05.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Top 10 positions

Intuitive Surgical
Boston Scientific
Abbott Laboratories
Stryker
Becton Dickinson
Edwards Lifesciences
Medtronic
Dexcom
Alcon
IDEXX
9.7%
9.7%
9.5%
8.8%
4.8%
4.7%
4.7%
4.0%
3.8%
2.7%

Market capitalization

2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
3.6%
5.4%
7.7%
82.9%
0.4%

Geographic breakdown

United States
Switzerland
Denmark
Germany
France
Japan
Others
Cash
86.3%
6.6%
2.6%
1.6%
1.5%
1.2%
0.1%
0.2%

Breakdown by sector

Cardiology
Surgery
Orthopedics
Life Science Supply
Ophthalmology
Diabetes
Imaging/Radiotherapy
Managed Care
Hospital/Nursing H.
Wound Closure/Lasers /OBGY
Dental
Others
Cash
29.8%
11.8%
11.5%
9.5%
7.9%
6.3%
5.0%
4.3%
4.1%
2.7%
2.6%
4.5%
0.2%

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 actively 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 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.
  • 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.

May was a good month for world stock markets (MSCI World Net Index +2.8%), European stocks (Euro Stoxx 50 +2.4%) as well as Germany’s leading equity index (DAX +3.2%) and it offset some of the weakness from the previous month. The Bellevue Medtech & Services Fund (+1.0%) also closed the month higher, in line with the all-share healthcare index (MSCI World Healthcare Net +1.1%) and ahead of the medtech index (MSCI World Healthcare Equipment & Supplies +0.4%). A weaker US dollar (DXY US dollar index -1.5%) had a slightly negative impact on the performance of the US-heavy healthcare sector index.

The first-quarter reporting season ended on a positive note in May. Earnings announcements from Alcon (+13.4%) and Coopers (+4.3%) pleased investors and confirmed the global contact lens market’s solid growth profile. Globus Medical (+32.7%) published a convincing set of results, but the news that the integration of recently acquired NuVasive was going better than expected attracted even more attention and erased investor fears that sales staff would quit in droves. The fast-growing companies TransMedics (+42.7%) and Procept BioRobotics (+23.4%) released excellent results and increased their guidance for 2024 as a whole. Both are making great strides in their corporate development; TransMedics has already entered the profit zone.

Large medtech companies Intuitive Surgical (+6.8%) and Boston Scientific (+3.5%) continued to perform well, while Abbott (-5.1%), Dexcom (-8.2%), Align (-10.3%) and Inspire (-35.3%) detracted from portfolio performance. Abbott was weak due to investor worries about ongoing litigation over recalled baby formula. Comments by Dexcom management regarding the reorganization of its field sales force were interpreted as a harbinger of disappointing second-quarter results. Dexcom clearly said, however, that this was not the case. Inspire’s quarterly results did not meet investors’ high expectations. A dip in utilization at its operating centers raised questions about the sustainability of the company’s growth trajectory.

Most of the healthcare services providers in the portfolio traded higher. HCA Healthcare (+8.0%), America’s largest hospital chain, rose after the CEO of UnitedHealth (+0.8%) said that healthcare use in the Medicaid side of the business had been higher than normal in recent months. His remarks led to selling in Centene (-3.5%), Molina (-9.5%) and other US health insurers with heavy Medicaid exposure but did not drag down insurers that are more focused on commercial insurance such as Elevance (+0.3%) or on Medicare Advantage plans such as Humana (+16.7%). Humana shares received an additional boost from the negative news about its rival Aetna (owned by CVS Health and not in the fund's portfolio). Aetna’s past calculations of health insurance premiums were too aggressive, so it will be recalibrating its premium rates during the next few years, which will present growth opportunities for its competitors (e.g., UnitedHealth and Humana) and generally ease competitive pressure. All performance data is in EUR / B shares.

Many of the medtech executives at Bank of America's Healthcare Conference 2024 were upbeat about the course of business in the first quarter and said that they expected high growth rates in surgical procedure volumes in 2024. Their forecast has been confirmed in the ongoing first-quarter reporting season. The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are Abbott’s TriClip, AVEIR and Libre products, Boston Scientific’s Farapulse PFA system and the new da Vinci 5 surgical robot from Intuitive Surgical. We believe company pricing power in the low single-digit percentage range is still intact. Margins are expected to widen due to the faster-than-average sales growth and further improvements in supply chains.

Hospitals stand to benefit from high patient volumes, higher prices, and only moderately higher labor costs. We expect health insurers to report rising premium income in the wake of solid membership growth and premium rate increases, although investors are currently most interested in insurers offering employer-sponsored health plans. Persisting high US government bond yields could have an accretive effect on earnings, too. Political risks are still low. We assume that the elections in November will not give either party a solid majority of seats in either chamber.

Unlike in 2023, we are anticipating tailwinds for our investment solution in 2024: Rate cuts by the Fed, attractive valuation levels (valued at a discount despite above-average earnings growth), a general repositioning as investors drop last year's outperformers and buy up high-quality stocks, plus a continued uncertain outlook for global economic growth (which in the past has been good for non-cyclical sectors). All of these factors argue for an investment in the Bellevue Medtech & Services (Lux) Fund.

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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

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).
  • Healthcare Analyst

    Catharina Claes

    Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.
  • Healthcare Analyst

    Annie Zeng

    Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.
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