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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.

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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.

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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 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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WS Bellevue Healthcare Fund

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. GB00BN0ZBH90

The investment objective is to provide Shareholders with capital growth and income over the long term, through investment in listed or quoted global healthcare companies.

Indexed performance (as at: 02.06.2023)

NAV: GBP 0.84 (01.06.2023)


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

Rolling performance (02.06.2023)

Acc-GBPBenchmark
01.06.2022 - 02.06.20238.26%1.50%

Annualized performance (02.06.2023)

Acc-GBPBenchmark
1 year8.26%1.50%
Since Inception p.a.-9.06%2.56%

Cumulative performance (02.06.2023)

Acc-GBPBenchmark
1M-4.86%-3.92%
YTD-4.66%-4.91%
1 year8.26%1.50%
Since Inception-15.34%4.53%

Annual performance

Acc-GBPBenchmark
2022-10.13%5.82%

Investment Focus

The fund is an open-ended, high conviction, unconstrained, long-only vehicle invested in global healthcare equities, focusing on companies at the forefront of the rapid evolution of the healthcare sector. WS Bellevue Healthcare fund is managed by the same team as the closed-end Bellevue Healthcare Trust and follows the same investment strategy. The fund invests in the global healthcare industry including pharmaceuticals, biotechnology, medical devices and equipment, healthcare insurers, facility operators, information technology (where the product or service supports, supplies or services the delivery of healthcare), drug retail, consumer healthcare, distribution services and research tools. At least 90% is invested in listed shares of healthcare companies based anywhere in the world. UCITS rules aside, there are no restrictions on constituents of the fund’s portfolio by index benchmark, geography, market capitalisation or healthcare industry sub-sector. The fund is generally invested in shares listed in the US. The fund is concentrated as it has a maximum of 40 holdings.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

General Information

Investment ManagerBellevue Asset Management (UK) Ltd
CustodianCACEIS Bank, UK Branch
Fund AdministratorCACEIS Bank, UK Branch
AuditorGrant Thornton UK LLP
Launch date30.08.2021
Year end closing30. Nov
NAV CalculationDaily "Forward Pricing"
Cut of time17:00 UK time
Management Fee0.95%
ISIN numberGB00BN0ZBH90
BloombergWBHECGX LN
Total expense ratio (TER)1.15% (31.05.2023)

Legal Information

Legal formUK OEIC
SFDR categoryArticle 8

Key data (31.05.2023, base currency GBP)

Beta1.37
Volatility28.95
Tracking error20.31
Active share90.42
Correlation0.74
Sharpe ratio0.37
Information ratio0.51
Jensen's alpha10.56
No. of positions28

Top 10 positions

Exact Sciences
Option Care Health
Axonics
Insmed
Pacific Biosciences of California
Charles River Laboratories
Evolent Health
Apellis Pharmaceuticals
Bio-Rad Laboratories
UnitedHealth Group
6.9%
6.1%
5.7%
5.6%
5.4%
5.1%
5.1%
4.5%
4.3%
4.3%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
11.3%
6.8%
38.7%
29.3%
1.1%
12.3%
0.5%

Geographic breakdown

United States
China
Great Britain
Switzerland
Cash
95.2%
2.5%
1.1%
1.1%
0.1%

Breakdown by sector

Focused Therapeutics
Med-Tech
Services
Diagnostics
Tools
Healthcare IT
Managed Care
Diversified Therapeutics
Health Tech
Dental
Cash
21.3%
18.8%
14.8%
11.4%
9.6%
8.8%
7.0%
4.0%
3.0%
1.1%
0.1%

Currency

USD
CHF
HKD
Others
98.2%
1.1%
0.6%
0.1%

Opportunities

  • Healthcare has a strong, fundamental demographic-driven growth outlook
  • The fund has a global and unconstrained investment remit
  • It is a concentrated high conviction portfolio
  • The fund is managed by the same portfolio management team that has been running Bellevue Healthcare Investment Trust since 2016

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.
  • Investing in emerging markets entails the additional risk of political and social instability.
  • 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 portfolio managers write a more extensive monthly commentary that can be found on the blog section of the website via this Link

What a bizarre month! Echoes of the 2008/9 financial crisis intermingled with the usual “will they/won’t they” narrative around the Federal Reserve, every word being over-interpreted and analysed for hidden meaning, when there clearly isn’t any. Never have central bankers seemed to be winging it as much as they are now; surely it is no surprise that they fomented a banking crisis.

Amidst this kerfuffle, everyone decided that it was okay to own “Big Tech” again. The dissonance of all of these concurrent narratives is somewhat unfathomable, but that is hardly new; this has long been a market dynamic where fakery is the only constant.

Despite the bank-related fears, the MSCI World Index appreciated by 2.8% in dollar terms (+0.8% in sterling). If one accepts the two narratives (Tech is back in favour and banks or financial entities forced to hold significant exposure to long-dated, high-grade debt securities are now much more risky than previously thought), then the sector performance dispersion looks all too predictable (note – there are some changes to the classifications for real estate companies and some sectors have be renamed).

Software, hardware and entertainment (Apps) led the charge, with Banks, Financial Services and those most exposed to long-dated credit (as holder or customer, namely insurers and real-estate companies), lagging. If only one could foretell what selection of incongruous macro concerns the market was going to fixate on or ignore, it would be easy to make money...

More broadly, it feels as if wider sentiment is tilting bearishly once more. As discussed in the Musings section, central bank action feels like it has gained a momentum of its own that stands aside from various warning signals that the global economy is slowing. As with all these things, one can only see in hindsight how quickly things slowed, how far (too far) rates rose and whether or not the combination of the two was enough to trigger an otherwise avoidable recession. The market’s ongoing vacillations reflect the tension between the “bulls” (i.e. those who think the outlook is negative, but not too negative) and the bears, who fear another material leg down for asset prices.

Healthcare
During March, the MSCI World Healthcare Index rose 3.0% in dollars (+0.9% in sterling), outperforming the parent MSCI World Index by 0.2%. The sub-sector picture in some ways also mirrors the wider market dynamic. Health “Tech”, in the form of software (Healthcare IT) and wearable devices (Healthcare Technology) performed well.

Dental also showed strongly, which we continue to struggle with given it represents the apotheosis of consumer discretionary spending within healthcare (you don’t “need” to have teeth like Tom Cruise unless you are, well – a movie star). There were other signs of a more ‘risk-on’ mindset creeping back in with some of the more classically defensive areas lagging (Distributors, Conglomerates and Managed Care).

More broadly, it feels as if wider sentiment is tilting bearishly once more. As discussed in the Musings section, central bank action feels like it has gained a momentum of its own that stands aside from various warning signals that the global economy is slowing. As with all these things, one can only see in hindsight how quickly things slowed, how far (too far) rates rose and whether or not the combination of the two was enough to trigger an otherwise avoidable recession. The market’s ongoing vacillations reflect the tension between the “bulls” (i.e. those who think the outlook is negative, but not too negative) and the bears, who fear another material leg down for asset prices.

The Fund
In absolute terms, the fund NAV declined 6.5% when measured in sterling. The MSCI World Healthcare Index gained by 1.2%. The investment portfolio is currently 29 holdings.

The Fund is invested in listed healthcare equities focused at the forefront of the rapid evolution of the healthcare sector. We remain of the opinion that, over the next decade, we will see a huge transformation to healthcare globally. The portfolio offers investors the opportunity to gain exposure to the companies driving this revolution.

We always appreciate the opportunity to interact with our investors directly and you can submit questions regarding The Fund at any time via: WSBellevueFunds@bellevue.ch

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  • Co-Portfolio Manager

    Paul Major

    Paul Major has been serving as Portfolio Manager at Bellevue Asset Management (UK) Ltd since 2016. His previous roles include Research Partner at Redburn and Analyst at UBS Warburg. He holds a Master's degree in Biochemistry from the University of Bath, UK.
  • Co-Portfolio Manager

    Brett Darke

    Brett Darke has 21 years experience including 11 years covering healthcare and the wider lifesciences sector on the buy-side at TT International, on both long-only and long/short funds. Brett previously worked for five years in corporate finance at Merrill Lynch and Bear Stearns. He holds a Masters degree in Medicine and Management studies from Cambridge University and is a CFA charterholder.
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