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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 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 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, Theaterstrasse 12, CH-8001 Zurich.

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, Theaterstrasse 12, CH-8001 Zurich.

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, Theaterstrasse 12, CH-8001 Zurich.

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-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 information document ("PRIIP-KID"), 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.

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Bellevue AI Health

ISIN-No.: LU2721086762

YTD: -12.35%

Active share: 22.50

Anzahl Positionen: 70

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: 10.07.2025)

NAV: CHF 121.69 (09.07.2025)


01 Jan 2010 - 01 Jan 2010
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I2-CHF
Benchmark

Rolling performance (10.07.2025)

I2-CHFBenchmark
09.07.2024 - 09.07.2025-17.78%-15.66%

Annualized performance (10.07.2025)

I2-CHFBenchmark
1 year-17.78%-15.66%
Since Inception p.a.-1.65%-1.73%

Cumulative performance (10.07.2025)

I2-CHFBenchmark
1M-3.52%-2.55%
YTD-12.35%-11.26%
1 year-17.78%-15.66%
Since Inception-2.65%-2.76%

Annual performance

I2-CHFBenchmark
202410.76%9.40%

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)1.34% (30.06.2025)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (30.06.2025, base currency USD)

Beta0.94
Volatility13.60
Tracking error4.80
Active share22.50
Correlation0.94
Sharpe ratio-0.95
Information ratio-0.87
Jensen's alpha-4.50
No. of positions70

Top 10 positions

Eli Lilly
Johnson & Johnson
UnitedHealth Group
AbbVie
Roche
Novartis
Abbott Laboratories
Merck & Co
AstraZeneca
Intuitive Surgical
9.0%
4.6%
4.6%
4.4%
3.8%
3.6%
3.4%
3.2%
3.1%
3.1%

Geographic breakdown

United States
Switzerland
Japan
Great Britain
Denmark
France
Germany
Australia
China
Cash
76.5%
7.6%
4.3%
3.9%
3.1%
2.8%
0.9%
0.5%
0.1%
0.4%

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.

Global stocks delivered another good return in June (MSCI World Net Index +4.3%). Stock rose as geopolitical tension eased. Meanwhile lower-than-expected inflation readings in the US pushed down bond yields. 10-year US Treasury yields declined by 17 bps to 4.2%. Lower bond yields gave growth stocks in particular a boost but weakened the US dollar again (DXY dollar index -2.5%). Against this backdrop the defensive, both the non-cyclical healthcare sector (MSCI World Healthcare Net +1.4%) and Bellevue AI Health Fonds (+1.4%) performed as expected. 

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. 

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, 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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