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Principles 

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The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

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.

Target group of the sites 

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.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

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 Obesity Solutions (Lux)

Obesity pandemic: unprecedented in scale, high unmet healthcare needs

Medical innovations (e.g. GLP-1 drugs) and public programs are raising awareness

Portfolio: «Best Ideas» across the entire value chain

Explained in 90 seconds

Bellevue Obesity Solutions Fund explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0415392751

The fund’s aim is to achieve capital growth in the long term and invests worldwide in listed companies focused on the prevention and treatment of severe overweight or obesity and its accompanying diseases. Experienced industry experts invest in companies in three areas: diagnostics and treatment, comorbidities as well as nutrition and physical activity – providing investors access to the entire obesity value chain. Stock selection is based on fundamental company analysis and is bottom-up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing its investment objectives.

Indexed performance (as at: 14.06.2024)

NAV: USD 588.98 (13.06.2024)


01 Jan 2010 - 01 Jan 2010
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I-USD
Benchmark

Cumulative performance (13.06.2024)

I-USDBenchmark
1M2.42%1.78%
YTD10.02%7.74%
1 yearn.a.n.a.
Since Inception12.47%12.50%

Investment Focus

The fund’s aim is to achieve capital growth in the long term and actively invests worldwide in listed companies focused on the prevention and treatment of severe overweight or obesity and its accompanying diseases. Experienced industry experts invest in companies in three areas: diagnostics and treatment, comorbidities as well as nutrition and physical activity – providing investors access to the entire obesity value chain. Stock selection is based on fundamental company analysis and is bottom-up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing its investment objectives. Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date30.11.2023
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU0415392751
Valor number3882833
BloombergBBBIOUI LX
WKNA0X8YS
Total expense ratio (TER)1.48% (31.05.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Top 10 positions

Eli Lilly
Novo Nordisk
UnitedHealth Group
Merck & Co
Astrazeneca
Boston Scientific
Thermo Fisher
Amgen
Danaher
Elevance Health
9.0%
7.9%
5.0%
4.7%
3.6%
3.3%
3.2%
3.0%
3.0%
2.9%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.7%
5.7%
6.6%
0.4%
84.1%
1.5%

Geographic breakdown

United States
Denmark
Switzerland
Great Britain
Japan
Sweden
France
Germany
Spain
Others
Cash
69.2%
9.6%
6.7%
2.3%
2.0%
1.5%
1.3%
1.2%
1.2%
3.1%
2.0%

Breakdown by sector

Pharma
Medtech
Services
Biotechnology
Nutrition & Exercise
Life Sciences Tools
Others
Cash
34.0%
18.2%
16.7%
15.4%
7.4%
3.2%
3.1%
2.0%

Benefits

  • The increasing prevalence of obesity, the numerous associated comorbidities and subsequent medical conditions, and its huge direct and indirect economic burden make obesity very attractive from an investment perspective.
  • This mega trend has gained a very visible profile thanks to medical progress (e.g. GLP-1 agonists), high social interest and public campaigns.
  • Companies active in this field have above-average growth potential for the above reasons.
  • Access to innovative companies across the entire value chain, in nutrition and physical activity-related markets, obesity diagnostics and treatment, and in the treatment of the comorbidities and subsequent medical conditions.
  • Bellevue – a pioneer in healthcare investing since 1993 and now one of the largest independent investors in the healthcare space in Europe.

Risks

  • The fund actively invests in equities. Stocks are subject to price fluctuations, so there is a risk of falling prices.
  • The investments the fund makes may be denominated in foreign currency, which can entail a foreign-exchange risk relative to the fund's base currency.
  • The fund may invest some of its assets in financial instruments that may have relatively low levels of liquidity under certain circumstances, which may then affect the liquidity of the fund’s own shares.
  • There are additional risks in the form of political and social unrest when investing in emerging markets.
  • The fund may use derivatives. Derivatives offer greater upside potential yet also carry greater downside risk.

Stocks delivered pleasing returns in May. The S&P rose 4.8%, the MSCI World Healthcare Index gained 2.5%, and the Bellevue Obesity Solutions (Lux) Fund closed 2.8% higher (in USD / I shares).

It was a positive month for equities despite high inflation readings in the US and the signs of economic weakness in the US for the first quarter. At second glance, the data showed that consumer spending was holding up well, which, however, pushed the likelihood of an interest rate cut further into the future. Novo Nordisk presented full data from the FLOW that it had halted early at the European Renal Association's (ERA) annual congress. The data confirmed the interim results showing that treatment with Ozempic reduced the risk of severe kidney disease-related events by 24%. The diabetes drug also reduced the risk of cardiac death by 29% and all-cause mortality by 20%. Ozempic, a GLP-1 drug that is already widely prescribed to treat type 2 diabetes, could become the new standard of care for patients with kidney disease, which occurs in 40% of the type 2 diabetes patient population.
 
The following stocks made the best contributions to portfolio performance in May: Ypsomed reported sharply higher EBIT for fiscal 2023/24 and nearly 40% sales growth in its pens and autoinjectors business. The company announced that it was establishing two independent business areas, delivery systems and diabetes care, and was currently examining strategic options for the latter. Vertex reported strong quarterly sales for its cystic fibrosis franchise and is making good progress with the development of its new pipeline products. Garmin reported solid earnings growth during the first quarter of 2024 and better-than-expected sales and margins in most of its business segments, particularly in fitness and marine. It also highlighted the strong momentum of its top-of-the-line products in the wearables/health segment.
 
The following stocks detracted from fund performance: Scholar Rock traded lower for no apparent reason. At its investor day, management pointed out that the ultimate goal of obesity treatment was to improve overall patient health and that preserving lean muscle mass was crucial in this regard because of the positive impact lean mass has on basal metabolic rate, insulin sensitivity, metabolic profile and on total body fat percentage. Brazilian gym operator Smart Fit also traded lower, although its first-quarter results for 2024 with solid EPS growth of 13% were in line with expectations. Management made some encouraging remarks about its fitness center expansion efforts and membership growth.

The companies in the fund's portfolio are working on technologies or products for novel treatment solutions and holistic treatment approaches. Selected healthcare companies with relevant exposure to the obesity care market can also be found in the portfolio, and up to 20% of the fund's assets can be invested in fitness and nutrition companies that have a strong growth profile and a modest valuation. The Bellevue Obesity Solutions (Lux) Fund is well-positioned to profit from the milestones likely to be reached in 2024. Policy frameworks are supportive of solutions that will help to alleviate the obesity crisis. Besides trial readouts and attractive valuation metrics, M&A activity, especially in the drug discovery and development space, will be a relevant factor going forward.

We expect 2024 to be a positive year for our investment strategy. Supportive factors include anticipated interest rate cuts in the US, which would favor growth stocks in particular, attractive stock valuations with price-to-sales multiples approaching historical lows (especially in the biotech sector), forecasts of continued high M&A activity, and growing investor interest in the healthcare sector. 2024 promises to be an exciting year in obesity therapeutics with several significant trial readouts on the agenda. Zealand Pharma is expected to publish initial data from a Phase I trial of its amylin analog by the end of the first half. Structure Therapeutics will also present new data from a Phase II trial of its oral GLP-1 drug candidate. Updates on experimental treatments that preserve muscle mass are also anticipated, for instance from Eli Lilly, Regeneron and Scholar Rock to name a few. There will also be important readouts from Zealand and Eli Lilly, both portfolio companies, at the International Liver Conference in early June organized by European Association for the Study of the Liver (EASL). In view of the current levels of demand in the GLP-1 market, which far exceed available supply, an increase in production capacity is crucial. We are also closely monitoring whether this class of therapeutics could be approved for the treatment of other diseases such as cardiovascular disorders, obstructive sleep apnea or chronic kidney disease.

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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 1000 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

  • Portfolio Manager

    Christian Lach

    After working as a member of the Management Team BB Biotech/ BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was Senior Portfolio Manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as Senior Portfolio Manager Healthcare Funds & Mandates. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).
  • Portfolio Manager

    Lukas Leu

    Lukas Leu has been a Portfolio Manager at Bellevue Asset Management since 2021. He holds a PhD in biochemistry from the Swiss Federal Institute of Technology in Zurich. He previously worked as a research assistant at his alma mater and as an equity research analyst in the healthcare sector at Julius Baer.
  • Portfolio Manager

    Remo Krauer

    Remo Krauer has been a Senior Portfolio Manager Healthcare Funds & Mandates at Bellevue Asset Management since 2018. Previously, he worked at Zürcher Kantonalbank, first as Senior Portfolio Manager, then as Head Portfolio Construction for Private Asset Management. He holds a Bachelors degree in Business Administration from the Zurich University of Applied Sciences.
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