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Bellevue Medtech & Services

Explained in 90 seconds

Bellevue Medtech & Services Fund 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: 07.10.2026)

NAV: EUR 155.63 (05.10.2026)


01 Jan 2010 - 01 Jan 2010
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Bellevue Medtech & Services
MSCI World IMI HC Equip. & Supplies
MSCI World HC Net Return

Rolling performance (07.10.2026)

Bellevue Medtech & ServicesMSCI World IMI HC Equip. & SuppliesMSCI World HC Net Return
04.10.2025 - 04.10.2026-12.06%-13.83%14.15%
04.10.2024 - 04.10.2025-4.89%-4.81%-8.53%
04.10.2023 - 04.10.202419.16%20.18%15.22%
04.10.2022 - 04.10.2023-4.83%-3.69%-0.44%

Annualized performance (07.10.2026)

Bellevue Medtech & ServicesMSCI World IMI HC Equip. & SuppliesMSCI World HC Net Return
1 year-12.06%-13.83%14.15%
3 years-0.11%-0.48%6.35%
5 years-1.23%-3.98%5.86%
Since Inception p.a.3.14%1.26%7.58%

Cumulative performance (07.10.2026)

Bellevue Medtech & ServicesMSCI World IMI HC Equip. & SuppliesMSCI World HC Net Return
1M-2.57%-2.90%-0.87%
YTD-13.08%-14.98%7.93%
1 year-12.06%-13.83%14.15%
3 years-0.33%-1.42%20.29%
5 years-6.00%-18.37%32.96%
Since Inception21.39%8.19%58.03%

Annual performance

Bellevue Medtech & ServicesMSCI World IMI HC Equip. & SuppliesMSCI World HC Net Return
2025-7.54%-6.86%1.26%
202416.66%15.30%8.12%
20232.10%5.08%0.45%
2022-10.94%-19.83%0.55%

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. 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

SRI

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
AuditorPriceWaterhouseCoopers
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.70%
Subscription Fee (max.)5.00%
ISIN numberLU2194372426
Valor number55589713
BloombergBBAMU2E LX
WKNA2P68J

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.09.2026, base currency EUR)

Beta0.94
Volatility15.88
Tracking error6.13
Active share76.27
Correlation0.92
Sharpe ratio-0.16
Information ratio-0.10
Jensen's alpha-0.75
No. of positions43

Top 10 positions

Abbott Laboratories
Intuitive Surgical
Medtronic
Stryker
Dexcom
Edwards Lifesciences
Becton Dickinson
Hoya
Boston Scientific
EssilorLuxottica
9.6%
9.5%
9.1%
5.1%
4.9%
4.9%
4.2%
3.9%
3.8%
3.7%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.4%
0.4%
2.5%
5.6%
5.1%
85.7%
0.3%

Geographic breakdown

United States
Japan
Switzerland
France
Germany
Denmark
Great Britain
Cash
82.8%
4.7%
4.4%
3.7%
1.7%
1.5%
1.0%
0.4%

Breakdown by sector

Cardiology
Life Science Supply
Surgery
Managed Care
Other
Ophthalmology
Orthopedics
Diabetes
Hospital/Nursing H.
Imaging/Radiotherapy
Wound Closure/Lasers /OBGY
Dental
Cash
28.1%
12.3%
9.9%
8.2%
8.2%
7.6%
7.2%
4.9%
4.5%
4.1%
2.8%
2.1%
0.4%

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.

The broad equity market (+1.2%) closed the month under review in positive territory, while the US technology sector (Nasdaq 100 +5.8%) performed significantly better. The broad healthcare sector (+0.6%) also posted a positive return, with higher-growth market segments such as biotech (NBI +2.3%) outperforming more defensive areas such as medtech (-3.9%). The Bellevue Medtech & Services Fund (-3.6%) was unable to escape this trend, but outperformed its benchmark. In the third quarter of 2026, the medtech sector (+2.2%) posted a positive return, outperforming the US technology sector (+1.2%) and keeping pace with the broad equity market (+2.6%). The long-awaited rotation back into the medtech sector appears to be taking place, supported by historically low valuation levels and the sector’s relative underperformance over the past 18 months. Investors are beginning to recognize the investment opportunities in the medtech sector.

Medtech companies Intuitive Surgical (+10.5%) and Sonova (+7.4%) made positive contributions to fund performance. Following a prolonged period of underperformance, the share price gains were primarily driven by multiple expansion. In addition, Intuitive Surgical plans to offer customers extended use of its surgical instruments from 2027, combined with a below-average price increase. This should, first, accelerate procedure volume growth, as lower instrument costs per procedure should stimulate demand; second, improve profitability thanks to the price increase; and third, help keep new competitors such as Medtronic at bay. Sonova benefited from accelerating market demand and the successful launch of new AI-based hearing systems that are significantly smaller and offer longer battery life than the previous model. Stryker (-12.6%), EssilorLuxottica (-9.2%), Zimmer Biomet (-8.8%), Abbott (-8.6%), Boston Scientific (-7.4%) and Cooper (-17.4%) weighed on fund performance. Stryker did not lower its full-year guidance but reported production issues at recently acquired Inari and stronger competition in hip implants. Cooper conducted a strategic review of its business activities. Investors were disappointed that, contrary to expectations, the CooperSurgical business will not be divested and that the outlook for CooperVision was lowered.

Life science tools companies Thermo Fisher (+12.2%) and Danaher (+6.5%) performed very well as their end markets continued to recover. At an investor conference, Thermo Fisher CEO Marc Casper said that the Chinese market had returned to growth.

US health insurers mostly performed well during the month under review: Humana (+2.0%), Elevance (+1.9%) and Cigna (+1.4%) closed higher, while UnitedHealth (-2.8%) corrected. US hospital operator HCA (+5.7%) also performed well, while Tenet Healthcare (-1.5%) experienced some profit taking following its strong performance.

All performance data in EUR/B shares.

Innovative medtech companies continue to demonstrate that leading market positions and high-margin product pipelines can contribute to positive earnings surprises and guidance upgrades even in a more challenging market environment. This also applies amid shifts in the payer mix at hospitals and changes in insurance coverage.

There are also strong signs that M&A activity is accelerating significantly again and that large-cap companies will use their strong balance sheets to generate an additional boost to external growth. The approval and launch of relevant new products remains the most important factor for long-term success and will continue to support strong sales growth.

For US health insurers in particular, we expect a significant margin recovery in 2026 and subsequent years, especially in the Medicare Advantage segment. Persistently high market interest rates could provide additional support for earnings growth.

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Ratings & Awards

  • Co-Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI 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.
  • Co-Lead Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
  • Senior Equity 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.
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