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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.

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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.

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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 AI Health

ISIN-No.: LU2721086762

YTD: 15.98%

Anzahl Positionen: 67

Explained in 90 seconds

Bellevue AI Health Fund 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: 08.10.2024)

NAV: CHF 145.38 (07.10.2024)


01 Jan 2010 - 01 Jan 2010
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I2-CHF
Benchmark

Cumulative performance (08.10.2024)

I2-CHFBenchmark
1M-1.01%-1.34%
YTD15.98%13.93%
1 yearn.a.n.a.
Since Inception16.30%14.11%

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. Its focus is on liquid mega and large caps, with modest allocation to mid cap stocks. In addition to fundamental aspects ranging from valuation and growth profiles to profitability, a proprietary «AI Affinity Score» is used to determine how attractive a company is from an AI perspective. The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

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 Fee0.80%
Subscription Fee (max.)5.00%
ISIN numberLU2721086762
Valor number130852214
BloombergBAIHI2C LX
WKNA3E1ZZ
Total expense ratio (TER)1.46% (30.09.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Top 10 positions

Eli Lilly
UnitedHealth Group
Novo Nordisk
Johnson & Johnson
AbbVie
Amgen
Merck & Co
Roche
AstraZeneca
Novartis
9.2%
8.0%
5.0%
4.3%
4.1%
4.0%
3.8%
3.3%
3.3%
3.2%

Geographic breakdown

United States
Switzerland
Denmark
Japan
Great Britain
France
Germany
Australia
China
Cash
74.8%
6.8%
5.3%
4.2%
4.1%
2.6%
0.9%
0.5%
0.3%
0.6%

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.

September brought more signs of a slower pace of economic growth in the US, in the form of a cooler jobs market for example. Meanwhile other data points indicated a stabilization, for example on the inflation front and in personal incomes. The Federal Reserve announced a somewhat surprising half-percentage point cut in its benchmark interest rate, more than the consensus expectation of a 0.25% cut. Bond yields retreated, especially at the short end.

This fueled a wave of buying on stock markets worldwide, leading to gains on major large-cap indexes such as the MSCI World (+1.8%) and the S&P 500 (+2.1%). The Nasdaq 100 (+2.6%) also advanced, closing the month slightly ahead of the total market.

Against this backdrop, the broad MSCI World Healthcare Index (-3.0%) underperformed the total market, as could be expected in such a setting. The Bellevue AI Health Fund (-3.2%) also closed lower, more or less in line with its benchmark.

The fund's exposure to BioPharma stocks (57.1% weighting at the end of month) was mainly responsible for the weak performance given the defensive nature of this segment, which had a negative impact of -3.4% and -0.4%, respectively, on the fund's absolute and relative performance. Novo Nordisk (-15.3%), Regeneron (-11.3%), AstraZeneca (-10.8%) and Eli Lilly (-7.7%) alone contributed a negative 2.3% to absolute performance. Novo Nordisk’s shares came under additional selling pressure after the company presented data from its Phase IIa trial of monlunabant in patients with obesity. After 16 weeks of treatment with the oral weight loss drug, patients had lost 6.4% of their baseline weight, which is less than the average 9.3% weight loss achieved by Eli Lilly's orforglipron. Investors were also worried that demand for weight-loss medication could weaken, which we think is unfounded.

Medtech stocks (25.8%) contributed 0.5% to the fund’s absolute performance and 0.2% to its relative performance. QuantumPharm (+45.4%), Insulet (+14.8%), GE Healthcare (+10.6%), Danaher (+3.3%) and Boston Scientific (+2.5%) made positive contributions to absolute and relative performance. Shares of fast-growing companies such as QuantumPharm, Insulet and Boston Scientific gained on the news of the Fed's rate cut. QuantumPharm, a company specializing in drug R&D solutions leveraging AI and robotic automation, GE Healthcare, which specializes in AI-powered imaging diagnostics, and Danaher received an additional boost when the Chinese government announced a fiscal stimulus package.

Healthcare services (11.9%) showed a slightly negative contribution of -0.2% to absolute performance and a neutral contribution to relative performance. While McKesson (-11.9%), Elevance (-6.3%) and UnitedHealth (-0.6%) weighed on performance, HCA Healthcare (+2.9%) made a positive contribution. It appears that surgical procedure volumes at hospitals and ambulatory surgery centers increased considerably in the third quarter, which is likely to have a negative impact on the US health insurers UnitedHealth and Elevance and a positive impact on the HCA Healthcare, the largest hospital chain in the US.

The fund's tech exposure (4.6%), which includes tech companies from both the healthcare and information technology industries, contributed 0.2% to both absolute and relative performance. Oracle (+20.6%), Microsoft (+3.2%) and Waystar (+2.5%) made positive contributions to absolute and relative performance, while Veeva Systems (-3.0%) was a performance detractor. Oracle reported an impressive jump in sales growth and a big order backlog that pleased investors.

All performance data in USD / B shares.

The rapid development of generative artificial intelligence (GenAI) is ushering in an unprecedented technology-driven transformation that ranks right next to other key milestones such as the Internet, cloud computing and the smartphone. 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 in healthcare systems, 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.

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  • Co-Lead Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
  • Co-Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health. Prior to joining Bellevue Asset Management, he spent 4 years as head of investor relations at Sonova. As a financial analyst at Bank Sarasin, he covered medical technology and high tech stocks. After that he served as CFO of Obtree Technologies Inc. Stefan Blum obtained a degree in business administration from the University of St. Gallen and is CEFA charterholder.
  • Analyst

    Catharina Claes

    Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.
  • Analyst

    Annie Zeng

    Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.
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