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Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

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.rlich sind.

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 and Spain. 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 . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), 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. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, 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 („KIID“), 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, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), 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 (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, 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 (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, 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 (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, 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 Sustainable Healthcare (Lux)

Sustainability and health combined in a portfolio: First healthcare fund managed under consideration of ESG criteria

Investments in the 40 most attractive healthcare companies worldwide, regionally diversified and across sub sectors

The sustainability filter includes a "best-in-class" approach and the application of a strict exclusion process

Explained in 90 seconds

Bellevue Sustainable Healthcare explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU1819585370

The fund is based on the BB Healthcare Index and invests in healthcare companies worldwide. Alongside the established bottom-up process, companies are selected on the basis of the currently applicable sustainability criteria. We are assisted in this process by the sustainability specialist Sustainalytics.

Indexed performance (as at: 29.09.2022)

NAV: USD 142.17 (28.09.2022)


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

Rolling performance (28.09.2022)

I-USDBenchmark
28.09.2021 - 28.09.2022-25.64%-8.63%
28.09.2020 - 28.09.202122.93%19.80%
27.09.2019 - 28.09.202027.56%20.29%
28.09.2018 - 27.09.2019-8.19%-2.28%

Annualized performance (28.09.2022)

I-USDBenchmark
1 year-25.64%-8.63%
3 years5.25%9.59%
Since Inception p.a.3.07%8.86%

Cumulative performance (28.09.2022)

I-USDBenchmark
1M-11.96%-4.73%
YTD-24.81%-15.48%
1 year-25.64%-8.63%
3 years16.61%31.67%
Since Inception13.74%43.46%

Annual performance

I-USDBenchmark
20216.70%20.15%
202029.23%13.52%
201924.51%23.24%

Investment Focus

The Bellevue Sustainable Healthcare (Lux) fund is based on the same concept as the Bellevue Healthcare Index. Along with fundamental valuation criteria, sustainability criteria are applied as an additional process step. Thus reference is made to the generally accepted environmental, social and governance (ESG) criteria when assessing companies. Stock-picking thus takes account both of the exclusion criteria and the best-in-class approach to the selection of especially sustainable companies.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The aim of the fund is to achieve a good and competitive level of capital growth over the long term. It is especially suitable for investors who wish to focus on sustainability and have an investment horizon of at least five years. The fund exhibits the level of risk that is typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date29.06.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU1819585370
Valor number41666672
BloombergBBSHCIU LX
WKNA2JMRD
Total expense ratio (TER)1.47% (31.08.2022)

Legal Information

SFDR categoryArticle 8
Redemption periodDaily

Key data (31.08.2022, base currency USD)

Beta0.75
Volatility17.50
Tracking error12.04
Active share79.50
Correlation0.77
Sharpe ratio0.52
Information ratio-0.23
Jensen's alpha-0.03
No. of positions40

Top 10 positions

Vertex Pharmaceut.
Danaher
Molina Healthcare
Halozyme Therapeutics
Pfizer
Shandong Weigao
Iqvia
Intuitive Surgical
Jazz Pharmaceuticals
HCA Holdings
4.3%
4.1%
4.0%
3.9%
3.5%
3.4%
3.3%
3.2%
3.2%
3.2%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
2.5%
17.8%
23.7%
8.0%
46.6%
1.4%

Geographic breakdown

United States
China
Japan
Switzerland
Denmark
Australia
Germany
Great Britain
South Africa
Jordan
Cash
35.7%
21.1%
10.1%
9.3%
9.3%
4.9%
2.3%
2.3%
2.1%
2.0%
1.0%

Breakdown by sector

Medtech
Services
Biotechnology
Generics/Spec.Pharma
Pharma
Cash
30.8%
23.4%
18.0%
15.4%
11.5%
1.0%

Opportunities

  • Investments in the 40 most attractive healthcare stocks worldwide.
  • Proprietary investment process: Half-yearly company evaluation and rebalancing.
  • Underweighting of pharma and US stocks against the relevant healthcare indices.
  • Strong focus on quality mid-caps.
  • Healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.

Risks

  • Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • The fund may invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.
  • Investments in foreign currencies are subject to currency risks.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • Increased opportunities through possible derivative transactions go hand in hand with increased risk of loss

Stock markets in August gave up all the ground they'd gained during the month after Fed Chair Jerome Powell’s hawkish speech at the central bank's annual Jackson Hole Economic Symposium, which left no doubt that the Fed would stick to its more restrictive monetary policy until inflation was back at 2%. He pointed out that the past experience served as a strong warning not to revert to a loose policy stance too early. His words sent bond yields around the world sharply higher and put stock markets further under pressure.

The broad MSCI World Index measured in USD ended the month 4.2% lower. In the US, the enactment of the Inflation Reduction Act, which also includes some changes to drug prices, created additional headwinds for individual stocks. In particular, those drug manufacturers that have significant US exposure and own drugs with significant Medicare Part D standard benefits.

Against this backdrop, the healthcare sector gave up more ground than the overall market and closed the month 6% lower. The Bellevue Sustainable Healthcare Fund ended August with a negative return of 6.4% (USD, I shares). Looking at individual positions in the portfolio, Tecan Group (+4.8%, total return in USD) made a solid contribution to the fund performance. The Swiss lab equipment manufacturer presented exceptionally good results for the first half of the year thanks to positive business developments and momentum. Tecan's management expressed optimism and raised its guidance for 2022, citing the continued high order backlog and strong demand. Health insurer Molina Healthcare (+2.9%) also made a positive contribution to performance. The California State Department of Health Care Services awarded five-year contracts under a competitive procurement scheme for commercial managed care plans beginning in 2024. Molina Healthcare scored particularly well in the procurement process, as it was selected to deliver health services in major counties, including Los Angeles. The contracts are part of Medi-Cal, California’s Medicaid program that provides health coverage to low-income households using state and federal funds. Halozyme Therapeutics (-16.7%) led the list of declining stocks. The US biotech company is specialized in recombinant human hyaluronidase-based drug delivery technology that enables and optimizes subcutaneous drug delivery of biologics. Halozyme Therapeutics reported good quarterly results and raised its guidance for 2022, but profit-taking led its shares lower.

Bellevue's rule-based investment approach, which has been successfully implemented since 2007 and is also mapped by the Adamant Global Healthcare Index, serves as the basis for the fund. A universe with around 600 stocks? ?is compiled from a global pool with over 4000 listed healthcare stocks based on a preselection. As an additional step compared to the conventional methodology, ESG risks of these 600 investable stocks are identified, which could affect the economic value of a company. Here we rely on the longstanding expertise of our research partner Sustainalytics.

In order to get into the fund portfolio, the companies must meet the following criteria: Appropriate ESG risk profile (best-in-class approach), not involved in severe ESG-relevant controversies and comply with the ten principles of the UN Global Compact. In the case of controversial business areas and practices, revenue thresholds are defined for inclusion. The results of the ESG filter application demonstrate that around 40-50% of the titles meet our strict sustainability requirements. The proven factor analysis is then carried out according to four quantitative and four qualitative parameters. The objective here is to select companies that are inexpensive, have strong growth and have an exceptional competitive position so that they can maintain their leading position also in the future.

The analysis results in a portfolio structure consisting of the 40 most sustainable stocks in the healthcare industry, ten of them per region (Western Europe, North America, Japan / Oceania, emerging markets). The application of the eight factors in the past has typically led to a focus on mid cap stocks and an underweight position in pharma and the North America region relative to the MSCI World Healthcare Index. The rebalancing takes place every six months.

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

  • Österreichisches Umweltzeichen

  • Eurosif Transparenzkodex

Rating

  • Portfolio Manager

    Samuel Stursberg

    After receiving his Master of Science in Biochemistry from the University of Basel and a degree in Economics from the University of St. Gallen (lic. oec. HSG), Samuel Stursberg conducted stock analysis at Bank Sarasin among others and was Head Research at Adamant Biomedical Investments AG before joining Bellevue Asset Management as Head Research health Care Funds & Mandates in 2015.
  • Portfolio Manager

    Zahide Donat

    Joined Bellevue in 2015 as Portfolio Manager. Prior to joining Bellevue she spent one year at Credit Suisse AG as banking operations specialist and from 2010 to 2013 as client advisor in the customer center (e-banking Hotline, as of 2012 also Service Line) at Migros Bank AG.
  • Portfolio Manager

    Cyrill Zimmermann

    Dr. Cyrill Zimmerman is Head of Healthcare Funds & Mandates and a member of the Executive Board of Bellevue Asset Management. He founded Adamant Biomedical Investments in 2001 and managed the investment boutique until its acquisition by Bellevue in 2014. Cyrill Zimmerman holds a PhD from the University of Zurich.
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