Explained in 90 seconds
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
Digitalization and the use of GenAI is boosting sales and earnings growth
Indexed performance (as at: 10.07.2025)
NAV: EUR 754.93 (09.07.2025)
Rolling performance (10.07.2025)
I-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
09.07.2024 - 09.07.2025 | -1.05% | 1.73% | -12.08% |
09.07.2023 - 09.07.2024 | 5.00% | 3.02% | 15.93% |
09.07.2022 - 09.07.2023 | 4.18% | 4.32% | -6.20% |
09.07.2021 - 09.07.2022 | -2.99% | -10.96% | 14.59% |
Annualized performance (10.07.2025)
I-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
1 year | -1.05% | 1.73% | -12.08% |
3 years | 2.67% | 3.01% | -1.50% |
5 years | 6.18% | 4.64% | 5.20% |
10 years | 9.36% | 9.91% | 5.77% |
Since Inception p.a. | 12.09% | 13.35% | 11.85% |
Cumulative performance (10.07.2025)
I-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
1M | -3.13% | -1.64% | -1.82% |
YTD | -8.29% | -7.04% | -10.46% |
1 year | -1.05% | 1.73% | -12.08% |
3 years | 8.24% | 9.29% | -4.42% |
5 years | 34.98% | 25.44% | 28.87% |
10 years | 144.63% | 157.22% | 75.26% |
Since Inception | 505.54% | 622.63% | 485.49% |
Annual performance
I-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
2024 | 16.08% | 15.30% | 8.12% |
2023 | 1.60% | 5.08% | 0.45% |
2022 | -11.34% | -19.83% | 0.55% |
2021 | 25.69% | 23.65% | 28.63% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests worldwide in companies active in the medical technology and healthcare services sector. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
Auditor | PriceWaterhouseCoopers |
Launch date | 28.09.2009 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU0415391514 |
Valor number | 3882709 |
Bloomberg | BFLBBIE LX |
WKN | A0RP25 |
Total expense ratio (TER) | 1.46% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2025, base currency EUR)
Beta | 0.99 |
Volatility | 16.40 |
Tracking error | 5.20 |
Active share | 22.52 |
Correlation | 0.95 |
Sharpe ratio | 0.17 |
Information ratio | -0.20 |
Jensen's alpha | -1.03 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
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.
Review / Outlook
There was hardly any relevant news flow during the month of June, given that the latest quarterly reporting season had just ended in the preceding month. Stocks mainly took their cue from macro factors, with the exception of the diabetes space. The annual American Diabetes Association (ADA) conference in Chicago provided further evidence of the tremendous clinical benefits that sensor-based continuous glucose monitoring (CGM) systems can bring. This is evident in both type 1 and type 2 diabetes and in particular for prevention purposes in the case of individuals with prediabetes, where the typical progression toward insulin treatment can be halted by using a CGM device. Companies offering diabetes treatment solutions received an additional boost when US Health Secretary Robert F. Kennedy Jr. (HHS Secretary) emphasized the important role wearable sensor technology can play in preventing diabetes. This could lead to faster-than-expected broad expansion of health insurance coverage for wearables. An announcement from the CMS (Centers for Medicare & Medicaid Services) led to some volatility at the end of the month though. The CMS said that insulin pumps and CGMs would be subject to its competitive bidding program in the future. We assume that this rule change is intended to reduce the profit margins of distributors (“middlemen”), as already seen in China. The shares of the major diabetes players Medtronic (+2.2%), Abbott (-1.8%), Dexcom (-1.8%) and Insulet (-6.7%) showed a mixed performance but, with the exception of Insulet, they still performed in line with or better than the broader medtech segment. Resmed (+1.7%), Siemens Healthineers (+1.4%), GE Healthcare (+1.3%), Align (+1.0%), Idexx (+0.8%) and Cooper (+0.6%) also made positive contributions.
Performance detractors in the portfolio included Intuitive Surgical (-5.1%), EssilorLuxottica (-4.8%), Edwards (-3.5%), Becton Dickinson (-3.1%) and Boston Scientific (-1.5%). Intuitive Surgical shares came under pressure after Restore Robotics announced the commercial launch of remanufactured robotic instruments (scissors) for da Vinci surgical robotic systems (FDA clearance received in March 2025). We believe the risks associated with remanufactured instruments are currently low and should be well-contained over the long term. This is because the remanufactured instruments approved by the FDA are for use with Intuitive Surgical’s older systems such as Xi and Si. Intuitive Surgical is already marketing newer-generation systems (da Vinci 5) with enhanced features that are much more complex, such as Force Feedback technology.
The performance of healthcare services providers (5.1% weighting) was mixed. Shares of HCA (-2.7%), the leading US hospital chain, closed slightly lower after gaining 10.6% in the preceding month. Stocks of US health insurers Humana (+1.5%), Cigna (+1.2%), UnitedHealth (+0.4%) advanced, while Elevance (-1.8%), Molina (-5.8%) and Centene (-7.2%) headed south. All performance data is in EUR / B shares.
Furthermore, there are already signs of considerable M&A momentum and large-cap companies are obviously willing to use their cash-rich balance sheets to drive external growth. Today’s attractive valuations are another argument for investing in the Bellevue Medtech & Services (LUX) Fund.
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