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
Indexed performance (as at: 06.10.2026)
NAV: USD 176.32 (05.10.2026)
Rolling performance (06.10.2026)
| Bellevue Sustainable Healthcare | MSCI World Healthcare NR | |
| 18.06.2025 - 18.06.2026 | 1.62% | 10.57% |
| 18.06.2024 - 18.06.2025 | 0.23% | -6.28% |
| 18.06.2023 - 18.06.2024 | 0.38% | 10.36% |
| 18.06.2022 - 18.06.2023 | 10.17% | 13.62% |
Annualized performance (06.10.2026)
| Bellevue Sustainable Healthcare | MSCI World Healthcare NR | |
| 1 year | 1.62% | 11.19% |
| 3 years | 0.74% | 4.76% |
| 5 years | -3.06% | 3.72% |
| Since Inception p.a. | 3.67% | 8.01% |
Cumulative performance (06.10.2026)
| Bellevue Sustainable Healthcare | MSCI World Healthcare NR | |
| 1M | 1.17% | -0.31% |
| YTD | -5.81% | -4.11% |
| 1 year | 1.62% | 11.19% |
| 3 years | 2.23% | 14.98% |
| 5 years | -14.41% | 20.02% |
| Since Inception | 33.34% | 84.96% |
Annual performance
| Bellevue Sustainable Healthcare | MSCI World Healthcare NR | |
| 2025 | 11.30% | 14.83% |
| 2024 | -1.00% | 1.13% |
| 2023 | -1.42% | 3.76% |
| 2022 | -13.85% | -5.41% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in healthcare firms with strong sustainability credentials and innovative business models. Examples of sustainability in the healthcare industry are environmentally sound procurement policies for drug makers, 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 | 29.06.2018 |
| 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 | LU1819585370 |
| Valor number | 41666672 |
| Bloomberg | BBSHCIU LX |
| WKN | A2JMRD |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (31.05.2026, base currency USD)
| Beta | 0.80 |
| Volatility | 11.67 |
| Tracking error | 6.83 |
| Active share | 43.37 |
| Correlation | 0.84 |
| Sharpe ratio | -0.19 |
| Information ratio | -0.60 |
| Jensen's alpha | -3.93 |
| No. of positions | 51 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 45 most attractive healthcare stocks worldwide with due account taken of current sustainability criteria.
- Many years of recognized bottom up expertise coupled with comprehensive sustainability research from Sustainalytics.
- The sustainability filter combines a best-in-class approach with the application of a strict exclusion procedure.
- Proprietary investement process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices, and a strong focus on mid caps.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- 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.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- 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
Global equities were mixed in September, with MSCI World Index down 1.19% (in USD) on a net return basis. The S&P500 returned -0.45% (in USD) in September, while the NASDAQ Composite returned 1.86% (in USD).
Healthcare underperformed over the month, with the MSCI World Health Care Index down 1.79% (in USD) on a net return basis.
The Bellevue Sustainable Healthcare (Lux) Fund - I shares returned -2% (in USD), underperforming its benchmark by 24bp. An overweight allocation and security selection in Europe and Asia and Emerging Markets contributed positively, but was offset by security selection in the USA.
September was a tougher month for the sector after a strong summer. The Fed raised rates by 25 bp to 3.75-4.00% on 16 September.
The biggest clinical setback came on 4 September, when Novartis and Ionis reported that pelacarsen failed to reduce cardiovascular events in the Phase 3 Lp(a)HORIZON outcomes trial despite lowering Lp(a). The first dedicated Lp(a) outcomes failure casts doubt over the class, including Amgen's olpasiran and Lilly's lepodisiran. Novo Nordisk was the weakest large cap, down about 14%, after a capital markets day on 21 September that lacked a concrete turnaround plan.
Chinese pharma and CDMO names rallied after Beijing's 15th Five-Year Plan set ambitious targets for domestic drug innovation. Managed care sold off after CVS flagged persistently high medical costs.
On policy, the administration added nine companies to its most-favored-nation Medicaid pricing deals, bringing the total to 26, and on 30 September finalized the GLOBE model applying international reference pricing to Medicare Part B drugs from 1 January, with companies holding earlier White House deals expected to be exempt.
Top absolute performers in the fund included WuXi XDC (+17.1%; China pharma rally on Beijing's 15th Five-Year Plan), WuXi Biologics (+14.6%; passed unannounced FDA inspection, China pharma tailwind), and WuXi AppTec (+13.6%; China pharma rally on Beijing's 15th Five-Year Plan).
Top relative positive contributors included Novo Nordisk (not invested; +27 bp; disappointing Capital Markets Day), UnitedHealth Group (not invested; +22 bp; managed care selloff after CVS flagged high medical costs), and WuXi XDC (overweight; +19 bp; China pharma rally on Beijing's 15th Five-Year Plan).
Top relative negative contributors included Stryker overweight; -28 bp; persistent peripheral vascular supply constraints and joint replacement softness), Abbott Laboratories (overweight; -22 bp; negative commentary), and Otsuka Holdings (overweight; -15 bp; competitive pressure on Voyxact after strong two-year ORIGIN 3 data for Vera's atacicept in IgAN).
The near-term backdrop remains uncertain, with elevated oil prices, higher-for-longer interest rates, and unresolved geopolitical tensions. The approaching US midterms as well as unstable interest rate expectations. may lead to increased volatility.
Despite this, equity markets have been resilient. Rate sensitivity and supply chain complexity warrant vigilance, though healthcare's defensive characteristics should provide relative stability if conditions deteriorate further.
The structural case for healthcare remains intact and increasingly compelling. Regulatory uncertainty has materially eased, valuations remain near decade lows, and biopharma fundamentals continue to stabilize.
At current valuations, Medtech looks increasingly attractive, with strong fundamentals driven by innovation in new therapeutic areas such as renal denervation and pulse-field ablation. Healthcare contributes approximately 18% of US GDP yet represents only around 6% of the S&P 500, close to 20-year lows.
Biotechnology continues to transition toward cash-generative, launch-driven business models, while large-cap pharma faces a biologic patent cliff between 2029 and 2032 and holds over USD 200 bn in acquisition capacity, underpinning a multi-year M&A cycle.
The fund maintains a sustainable, high-conviction, diversified approach, positioned to capture the structural recovery and near-term catalyst-driven opportunities.
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