Explained in 90 seconds
Portfolio consisting of high-quality growth stocks showing double-digit revenue growth
Regulation and stringent quality requirements limit the technological risk
Demographic changes and an aging general population demand greater efficiency and cost-effectiveness
Indexed performance (as at: 10.07.2025)
NAV: EUR 114.00 (09.07.2025)
Rolling performance (10.07.2025)
HB-EUR | Benchmark | |
09.07.2024 - 09.07.2025 | 9.09% | n.a. |
09.07.2023 - 09.07.2024 | -16.73% | n.a. |
Annualized performance (10.07.2025)
HB-EUR | Benchmark | |
1 year | 9.09% | n.a. |
Since Inception p.a. | -4.10% | n.a. |
Cumulative performance (10.07.2025)
HB-EUR | Benchmark | |
1M | -2.52% | n.a. |
YTD | 1.66% | n.a. |
1 year | 9.09% | n.a. |
Since Inception | -8.80% | n.a. |
Annual performance
HB-EUR | Benchmark | |
2024 | 2.73% | n.a. |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. 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 | 30.04.2018 |
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 | LU1773287583 |
Valor number | 41638712 |
Bloomberg | BBDHHBE LX |
WKN | A2PA1C |
Total expense ratio (TER) | 2.21% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2025, base currency USD)
Beta | 0.79 |
Volatility | 25.89 |
Tracking error | 19.30 |
Correlation | 0.69 |
Sharpe ratio | 0.23 |
Information ratio | -0.77 |
Jensen's alpha | -13.81 |
No. of positions | 34 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Benefits & Risks
Benefits
- Demographic changes and an aging general population demand greater efficiency and cost-effectiveness.
- New technologies conquer the healthcare sector.
- Portfolio consisting of high-quality growth stocks showing double-digit revenue growth.
- Regulation and stringent quality requirements limit the technological risk.
- Bellevue – Healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.
Risks
- The fund actively 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.
- 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.
- Equities linked to technology and/or digitization can be subject to higher-than-average fluctuations in value.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
24 of the 34 stocks in the fund's portfolio made a positive contribution to performance in June. There was hardly any relevant company news flow, given that the latest quarterly reporting season had just ended the month before. Top performance drivers were 10X Genomics (+21.5%), Illumina (+16.0%), Phreesia (+16.2%), Natera (+7.1%), TransMedics (+5.4%), Align (+4.6%) and Veeva (+3.0%).
The life sciences tools (LST) companies 10X Genomics and Illumina benefited from initial positive outcomes in the ongoing negotiations between the White House and the National Institutes of Health (NIH), the leading US federal agency for biomedical health research. Phreesia marched higher, fueled by its strong first-quarter results. As in preceding quarterly earnings announcements, Phreesia met expectations at the top line, clearly beat expectations with respect to operating profit and, consequently, management raised its guidance for fiscal year 2026 (ending in January 2026).
Performance detractors included Penumbra (-3.9%), Exact Sciences (-3.6%), Insulet (-3.3%), Intuitive Surgical (-1.6%), Kestra (-26.4%) and Omada (-3.7%). Penumbra was weak after the FDA approved Medtronic’s Liberant, a peripheral catheter-based thrombectomy device for treating venous vascular thrombosis. An announcement from the CMS (Centers for Medicare & Medicaid Services) led to some volatility at the end of the month: The CMS has proposed that insulin pumps be subject to competitive bidding and that pump costs be reimbursed on a monthly basis only. With its unique Omnipod 5 patch pump, Insulet is in a better position than all other insulin pump manufacturers. We assume that the objective behind the CMS’ proposed rule change is, as already observed in China, to lower the profit margins of distributors (“middlemen”). Intuitive Surgical experienced a slight correction after Restore Robotics announced the commercial launch of remanufactured robotic instruments (scissors) for da Vinci surgical robotic systems (FDA clearance received in March 2025). We believe the risks associated with remanufactured instruments are currently low and should be well-contained over the long term. Kestra went public in March and was hit by profit-taking during the month under review, while trading in Omada after its June IPO was marked by high volatility. We consider both companies very promising investments whose weightings in the portfolio could increase over time. All performance data is in USD / B shares.
The approval and subsequent launch of relevant new products will continue to bolster sales growth, too. Examples here are the new da Vinci 5 robotic surgical system from Intuitive Surgical; Veeva's Vault CRM Suite for highly efficient marketing of medicines; Dexcom’s two continuous blood glucose sensors Stelo and G7; Procept BioRobotics' Hydros robotic system for removal of prostate tissue in males with prostate cancer; Insulet’s Omnipod 5 automated insulin delivery system; Penumbra's computer-assisted vacuum thrombectomy system Thunderbolt; and Globus Medical’s Excelsius Flex, a surgical robotic navigation system.
We expect some tailwind for our investment solution in 2025: In addition to innovation as the key driver of value, other factors such as attractive valuation levels (price/sales multiples are near historical lows) and an anticipated increase in both M&A and IPO activity are likewise sound arguments for investing in the Bellevue Digital Health (Lux) Fund.
Documents
Show moreShow less