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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 Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Ltd., SouthPoint, Herbert House, Harmony Row, Grand Canal Dock, Dublin 2, 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: 27.01.2023)

NAV: EUR 692.47 (26.01.2023)


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

Rolling performance (26.01.2023)

I-EURBenchmark
26.01.2022 - 26.01.20230.93%-5.54%
26.01.2021 - 26.01.20226.88%4.79%
24.01.2020 - 26.01.20215.54%10.83%
25.01.2019 - 24.01.202027.32%34.57%

Annualized performance (26.01.2023)

I-EURBenchmark
1 year0.93%-5.54%
3 years4.41%3.12%
5 years11.05%11.02%
10 years14.02%15.44%
Since Inception p.a.13.72%15.16%

Cumulative performance (26.01.2023)

I-EURBenchmark
1M-0.77%2.52%
YTD-0.79%2.33%
1 year0.93%-5.54%
3 years13.85%9.70%
5 years68.95%68.67%
10 years271.76%320.77%
Since Inception455.44%556.55%

Annual performance

I-EURBenchmark
2022-11.34%-19.83%
202125.69%23.65%
20206.98%13.62%
201929.35%34.08%

Investment Focus

The fund’s aim is to achieve capital growth in the long term. 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.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
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 Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0415391514
Valor number3882709
BloombergBFLBBIE LX
WKNA0RP25
Total expense ratio (TER)2.15% (30.12.2022)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.12.2022, base currency EUR)

Beta1.03
Volatility24.90
Tracking error9.63
Active share37.70
Correlation0.92
Sharpe ratio0.36
Information ratio0.19
Jensen's alpha1.77
No. of positions47

Top 10 positions

Boston Scientific
Abbott Laboratories
Intuitive Surgical
Stryker
Edwards Lifesciences
Becton Dickinson
Danaher
Dexcom
IDEXX
Insulet
9.9%
9.8%
7.2%
6.9%
4.6%
4.5%
3.4%
3.1%
2.9%
2.9%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.2%
1.1%
2.7%
7.2%
8.4%
79.6%
0.8%

Geographic breakdown

United States
Switzerland
Denmark
France
Others
Cash
91.3%
4.9%
1.2%
1.0%
1.6%
0.1%

Breakdown by sector

Cardiology
Life Science Supply
Managed Care
Surgery
Orthopedics
Diabetes
Ophthalmology
Hospital/Nursing H.
Neuromodulation
Others
Cash
27.9%
13.4%
12.5%
9.9%
9.6%
6.4%
4.4%
4.3%
3.1%
8.7%
0.1%

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 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 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.

After advancing for a couple months, stocks consolidated in the final month of the year. Global equities headed south in December (MSCI World Net -7.8%), as did the Euro Stoxx 50 (-4.0%) and Germany’s DAX index (-3.3%). The Bellevue Medtech & Services Fund (-4.4%) and its benchmark (MSCI World Healthcare Equipment & Supplies -4.2%) were unable to escape the market’s downward pull but they still performed relatively well despite some weakness in the US dollar (US Dollar Index DXY -2.3%). Downside support came from the healthcare sector’s traditionally favorable position in the face of a looming recession.

Looking back on a challenging investment year, the Bellevue Medtech & Services Fund
(-12.0%) clearly outperformed its benchmark (MSCI World Healthcare Equipment & Supplies -19.8%) in 2022 and was in line with global stocks (MSCI World Net -13.0%), Germany's blue-chip DAX (-12.7%), and the all-share Swiss equity index (-12.5%), but it did lag the Euro Stoxx 50 (-8.6%).

While it is pleasing to see that our investment strategy produced good results with its focus on commercially successful medtech companies that are also innovation leaders and on healthcare services providers such as US health insurance companies, we had hoped to beat the entire market given the fundamentals of the medical technology sector. Performance in the first half was held back on the one hand by macro factors such as the renewed wave of coronavirus infections in the spring and the resulting constraints that produced, also in the healthcare sector. On the other hand, the rapid rise in interest rates in the USA and the resulting sharp decline in the valuation multiples of innovative growth companies also prevented the fund from delivering a better performance.

We are confident that company-specific business developments will play a greater role in the performance of individual stocks in 2023. The significant progress that companies have achieved should attract more attention again as the macro environment becomes less unpredictable. Many companies are on the verge of receiving regulatory approvals and launching major new products and services, particularly in the areas of structural heart disease, diabetes, neurostimulation and surgical robotics. We expect a significant acceleration in M&A activity in 2023 too. Potential targets are trading on attractive valuations and large medtech companies have lots of cash to spend.

In contrast to most other industries, the current consensus that a recession lies ahead is a positive factor for medtech & services. Whereas companies in many sectors report weaker sales during recessions, historical data shows that the healthcare sector is largely unaffected by the cyclical fluctuations in overall economic activity. Even if demand in the medtech & services sector does ease a bit due to recessionary forces, the release of pent-up demand in the wake of the pandemic will provide some support. Investors will nevertheless keep a close eye on US interest rate developments. That said, compared to January 2022, we are already confronted with much higher interest rate levels.

The J.P. Morgan Healthcare Conference, the premiere investor event for healthcare stocks, is scheduled for early January. Many companies will present preliminary results for the fourth quarter of 2022 and give an initial outlook for the coming fiscal year. All in all, we believe the medtech & services sector is very well positioned for the coming investment year, both in relative and absolute terms. All performance data is in EUR / B shares.

Hospitalization rates in key medtech & services markets fell quickly and steeply. We believe that high immunity levels will enable a significant rebound in elective medical procedures in 2023. The sector’s risk-return profile is enticing for many investors. Regardless of when 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.

Moderate sector valuations spell opportunities, and not only for investors. We anticipate an increase in M&A activity because the valuation multiples of many promising, fast-growing companies have declined so much. The 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. This and the additional growth from non-emergency treatments that had to be postponed during the pandemic create attractive entry points for investors.

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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

    Teresa Vilanova

    Dr 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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