Investments in the 45 most attractive healthcare stocks worldwide, regionally diversified and across sub sectors
Profiting from pent-up demand in Emerging Markets as well as from innovation in industrialized countries
Strong focus on quality mid caps and underweight in pharma stocks
Indexed performance (as at: 07.06.2024)
NAV: USD 3'478.69 (05.03.2024)
Rolling performance (07.06.2024)
IA-USD | Benchmark | |
05.03.2023 - 05.03.2024 | 3.27% | 13.42% |
05.03.2022 - 05.03.2023 | -6.39% | -1.35% |
05.03.2021 - 05.03.2022 | 1.58% | 14.39% |
05.03.2020 - 05.03.2021 | 21.46% | 14.05% |
Cumulative performance (07.06.2024)
IA-USD | Benchmark | |
1M | n.a. | n.a. |
YTD | n.a. | n.a. |
1 year | n.a. | n.a. |
Since Inception | n.a. | n.a. |
Annual performance
IA-USD | Benchmark | |
2024 | 0.63% | 5.46% |
2023 | -2.20% | 3.76% |
2022 | -10.61% | -5.41% |
2021 | 6.14% | 19.80% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Healthcare Strategy fund actively invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, medical technology and services companies as well as generics producers that are involved in the development, manufacturing or sale of products and services. Experienced sector specialists focus on profitable companies that have a well-established product portfolio. The fund invests top down in the four regions North America, Western Europe, Emerging Markets and Japan/Oceania. For each of these regions, the most attractive companies are determined based on quantitative and qualitative criteria. The fund seeks to outperform the MSCI World Healthcare Index. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | Zürcher Kantonalbank |
Fund Administrator | Swisscanto Fondsleitung AG |
Auditor | Ernst & Young AG |
Launch date | 19.10.2011 |
Year end closing | 30. Sep |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.80% |
Subscription Fee (max.) | 2.00% |
ISIN number | CH0184169065-USD |
Valor number | 18416906 |
Bloomberg | ADGHCIA SW |
Legal Information
Legal form | Investment funds under Swiss law |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.08.2025, base currency CHF)
Beta | 0.72 |
Volatility | 12.14 |
Tracking error | 8.57 |
Active share | 60.24 |
Correlation | 0.77 |
Sharpe ratio | -0.30 |
Information ratio | -0.23 |
Jensen's alpha | -2.42 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 45 most attractive healthcare equities worldwide.
- Proprietary investment process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks compared with the relevant healthcare indices.
- Strong focus on quality mid-caps.
- Bellevue Healthcare team – top-performing pioneer in the management of healthcare portfolios.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- 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 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 engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses
Review / Outlook
Global equities recovered in August 2025, with the MSCI World Index rising 2.6%. Healthcare outperformed broader equities, with the MSCI World Health Care Index up 5.1% on the back of improved operating certainty and rebounds in several megacaps, bringing the sector back into positive territory ytd at 2.8%. The Bellevue Healthcare Strategy (CH) Fund (I shares) gained 3.1% in US dollars, underperforming its benchmark for the month by 204 bps. This was driven by its higher exposure to Asian healthcare, which underperformed in August but has been strong ytd.
Policy developments provided support to sector performance for the first time in many months, as the US and EU clarified that tariffs on imported EU-manufactured drugs will begin at zero and be capped at 15% regardless of any 232 investigation outcomes. At the Jackson Hole Symposium, Fed Chair Powell signaled support for September rate cuts, which lifted sentiment in biotechnology.
Sector heavyweight UnitedHealth rebounded 24% after Berkshire Hathaway disclosed a USD 1.6 bn stake (not invested, but the news supported healthcare services valuations within the fund). Beyond healthcare services, Teva Pharmaceuticals gained 19% on the back of strong Q2 results and supportive generic tariff commentary, Novo Nordisk rose 18% due to mixed competitor data in obesity, AbbVie gained 11% after posting strong Q2 results, and Galderma advanced 11% following the successful launch of Nemluvio.
President Trump’s July 31 letters highlighted frustration with the lack of progress on his most-favored nation (MFN) Executive Order, pressing for Medicaid pricing alignment, MFN guarantees on new drugs, revenue returns to US taxpayers, and direct MFN pricing from biopharma. While the focus on Medicaid rather than Medicare points to a possible compromise, significant uncertainty remains. The importance of Section 232 drug investigations has diminished following the US-EU tariff agreement capping drug tariffs at 15%, in our view. A potential policy outcome could involve industry guarantees of essential medicine supplies, limited MFN adoption, and US CapEx commitments – measures that can be presented politically as victories but would have relatively modest earnings implications for the sector.
Healthcare equities remain derated, now accounting for less than 9% of the S&P 500 despite representing around 18% of US GDP. Greater clarity on drug pricing policy could attract value investors back, while weakening US economic indicators may also restore interest in the sector as a defensive hedge. Structurally, long-term drivers such as aging populations, growing healthcare access in emerging markets, and innovation in areas like robotics and AI continue to provide support. Innovation remains key to addressing rising societal healthcare costs by improving efficiency and reducing the burden of long-term care. Against this backdrop, the fund maintains a selective, high-conviction approach with diversified exposure across global healthcare.
Dokumente
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Lead Portfolio Manager
Terence McManus
Dr Terence McManus joined Bellevue Asset Management in 2022 and is lead portfolio manager of the funds Bellevue Diversified Healthcare, Bellevue Healthcare Strategy/Sustainable and portfolio manager of the Bellevue Obesity Solutions fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.Lead Portfolio Manager
Terence McManus
Dr Terence McManus joined Bellevue Asset Management in 2022 and is lead portfolio manager of the funds Bellevue Diversified Healthcare, Bellevue Healthcare Strategy/Sustainable and portfolio manager of the Bellevue Obesity Solutions fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.Lead Portfolio Manager
Terence McManus
Dr Terence McManus joined Bellevue Asset Management in 2022 and is lead portfolio manager of the funds Bellevue Diversified Healthcare, Bellevue Healthcare Strategy/Sustainable and portfolio manager of the Bellevue Obesity Solutions fund. Prior to this, he has 12 years of experience within healthcare-specific investing and analysis at Jefferies Investment Bank, Credit Suisse, Julius Baer and most recently at J. Safra Sarasin where he managed a sustainable health fund. Terence started his career as a scientist focused on drug discovery. He holds a PhD in Neuroscience from the University of Southampton, UK.