Explained in 90 seconds
Healthcare systems will benefit from the huge pools of data that have been built up over decades
GenAI will be a relevant driver of shareholder value
Sweet spot: Well-capitalized companies with strong AI capabilities
Indexed performance (as at: 10.07.2025)
NAV: CHF 120.03 (09.07.2025)
Rolling performance (10.07.2025)
B-CHF | Benchmark | |
09.07.2024 - 09.07.2025 | -18.46% | -15.66% |
Annualized performance (10.07.2025)
B-CHF | Benchmark | |
1 year | -18.46% | -15.66% |
Since Inception p.a. | -2.49% | -1.73% |
Cumulative performance (10.07.2025)
B-CHF | Benchmark | |
1M | -3.59% | -2.55% |
YTD | -12.74% | -11.26% |
1 year | -18.46% | -15.66% |
Since Inception | -3.98% | -2.76% |
Annual performance
B-CHF | Benchmark | |
2024 | 9.82% | 9.40% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue AI Health Fund is a global equity fund with an actively managed portfolio of 50 to 70 stocks, mostly from the healthcare sector, rounded out with a small number of tech companies that have considerable exposure to the healthcare industry. 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 | 30.11.2023 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.60% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2721086259 |
Valor number | 130851892 |
Bloomberg | BAIHXBC LX |
WKN | A3E1ZS |
Total expense ratio (TER) | 2.23% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2025, base currency USD)
Beta | 0.94 |
Volatility | 13.60 |
Tracking error | 4.80 |
Active share | 22.50 |
Correlation | 0.94 |
Sharpe ratio | -0.95 |
Information ratio | -0.87 |
Jensen's alpha | -4.50 |
No. of positions | 70 |
Portfolio
Top 10 positions
Geographic breakdown
Benefits & Risks
Benefits
- GenAI is speeding up the process of digitization and automation across the healthcare system.
- GenAI can enhance patient care, simplify processes and procedures, and lead to better decisions.
- Companies that use or provide GenAI tools for healthcare-relevant purposes will gain a sustainable competitive advantage.
- Shareholder value creation will largely be determined by a company’s AI strategy and its execution.
- 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.
Review / Outlook
Exposure to biopharma (51.9% weighting at the end of the month) contributed +0.4% to the fund’s absolute performance and +0.1% to its relative performance. Regeneron (+7.1%), Novartis (+5.9%), Eli Lilly (+5.7%), Merck (+4.0%) and Pfizer (+3.2%) made positive contributions to performance, while Daiichi Sankyo (-12.6%), Zoetis (-7.5%) and AstraZeneca (-3.8%) were detractors. Regeneron bounced back after reporting negative trial data for its key pipeline product (itepekimab for treating chronic obstructive pulmonary disease). Novartis is making good progress with its R&D pipeline and made some positive remarks about business in the second quarter. Updates on diabetes/obesity therapies at the ADA (American Diabetes Association) conference cast a spotlight on Eli Lilly's orforglipron pill. Key data on orforglipron had already been released in April and the more detailed readouts presented at the ADA conference boosted investor confidence in the drug's market potential. Merck rose after reporting better-than-expected sales for its oral PCSK9 inhibitor against hyperlipidemia (a metabolic disorder characterized by abnormally high levels of certain lipids in the blood). Pfizer extended its upward trend after announcing a licensing agreement with 3SBio that gave it a foothold in the promising area of dual targeting PD-1/VEGF inhibitors in oncology. Daiichi Sankyo corrected on profit-taking.
Medtech stocks (29.4% weighting) contributed +0.3% to the fund’s absolute performance and -0.4% to its relative performance. Medtronic (+5.9%), Stryker (+3.6%) and Danaher (+4.2%) made the best contributions to fund performance, while Intuitive Surgical (-1.6%), Beta Bionics (-15.5%) and Kestra Medical (-26.4%) detracted from performance. Intuitive Surgical traded slightly lower after Restore Robotics announced the commercial launch of remanufactured robotic instruments (scissors) for da Vinci surgical robotic systems (FDA clearance received in March 2025). Restore Robotics does not offer any remanufactured instruments for the latest generation robotic systems (da Vinci 5). The weakness in Beta Bionics and Kestra Medical can, in our opinion, largely be traced to profit-taking of Beta Bionics (+56.0%) in the previous month and Kestra after the strong post-IPO performance.
Healthcare services providers (11.4%) contributed +0.2% to absolute performance and -0.3% to relative performance. While Elevance (+1.8%), UnitedHealth (+4.1%) and IQVIA (+12.3%) made positive contributions to performance, Omada (-3.7%, IPO in June) had a slightly negative impact. UnitedHealth staged an initial technical rebound after its big sell-off in the previous month (-26.6%), as did Elevance.
The technology segment (6.5%), which includes tech companies from both the healthcare and information technology industries, contributed +0.7% to absolute and +0.6% to relative performance for the month. Oracle (+32.1%), Nvidia (+16.9%), Qualcomm (+10.3%), Microsoft (+8.0%), Veeva Systems (+3.0%) and Waystar (+2.2%) were performance drivers. Oracle reported Q4 results (fiscal year ended in May) that showed a significant acceleration in sales growth to 11% (from 8% in the preceding quarter). Management forecasts even better growth for fiscal year 2026: it is guiding for a 100% increase in the order backlog to more than USD 275 bn.
All performance data in USD / B shares.
GenAI is creating tremendous opportunities for businesses and investors, especially in the health sector. According to a number of studies, the health sector will be one of the industries that will benefit the most from the deployment of GenAI. This forecast is mainly based on the considerable potential for efficiency gains in healthcare systems, on the large, readily available amounts of data, and on the considerable financial resources available for healthcare needs.
Already today medications are being developed more quickly and with better rates of success, for example, new diagnostic and treatment methods are producing better clinical outcomes, and GenAI is helping medical professionals make better and more informed decisions. We focus on healthcare companies that have made GenAI a core element of their business strategy and that are investing substantial resources in this technology to gain a lasting competitive advantage and achieve superior value growth. The technology risk here is more calculable than in other industries because healthcare is such a heavily regulated industry.
Dokumente
Show moreShow less