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Bellevue Sustainable Healthcare

ISIN-No.: LU3231980551

YTD: 17.73%

Active share: 44.51

Number of positions: 40

Sustainability and health combined in a portfolio: First healthcare fund managed under consideration of ESG criteria

Investments in the 40 most attractive healthcare companies worldwide, regionally diversified and across sub sectors

The sustainability filter includes a "best-in-class" approach and the application of a strict exclusion process

Indexed performance (as at: 13.11.2026)

NAV: CHF 144.59 (11.11.2026)


01 Jan 2010 - 01 Jan 2010
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Bellevue Sustainable Healthcare
MSCI World Healthcare NR

Cumulative performance (13.11.2026)

Bellevue Sustainable HealthcareMSCI World Healthcare NR
1M10.53%11.37%
YTD17.73%23.25%
1 yearn.a.n.a.
Since Inception15.67%20.81%

Investment Focus

The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in healthcare firms with strong sustainability credentials and innovative business models. Examples of sustainability in the healthcare industry are environmentally sound procurement policies for drug makers, high safety standards for medical products and services, and a commitment to ethics when conducting clinical trials. From the perspective of the patient, the early diagnosis of life-threatening diseases, personalized medicine enabling highly selective treatments and efficient treatment procedures are key sustainability indicators. A variety of high-growth themes, smart stock selection using our established investment process and the application of sustainability criteria are the fund’s tools for achieving attractive returns. 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 aim of the fund is to achieve a good and competitive level of capital growth over the long term. It is especially suitable for investors who wish to focus on sustainability and have an investment horizon of at least five years. The fund exhibits the level of risk that is typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date29.06.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee0.40%
Subscription Fee (max.)5.00%
ISIN numberLU3231980551
Valor number150955744
BloombergBBSHS2C LX
WKNA41V28

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.10.2026, base currency USD)

Beta0.83
Volatility12.64
Tracking error6.54
Active share44.51
Correlation0.87
Sharpe ratio0.36
Information ratio-0.82
Jensen's alpha-4.40
No. of positions40

Top 10 positions

Eli Lilly
Merck & Co
AbbVie
Thermo Fisher
Abbott Laboratories
AstraZeneca
ROCHE HLDG.
Novartis
Vertex Pharmaceuticals
TEVA PHARMACEUTICAL INDUS
10.0%
7.2%
6.4%
5.1%
4.2%
4.0%
3.2%
3.1%
2.9%
2.9%

Market capitalization

5 - 15 bn
15 - 20 bn
> 20 bn
Others
2.8%
2.6%
93.6%
1.1%

Geographic breakdown

United States
Switzerland
China
Great Britain
Netherlands
South Korea
Japan
Sweden
Australia
Germany
Cash
68.6%
11.3%
5.0%
4.0%
2.8%
1.8%
1.4%
1.4%
1.3%
1.0%
1.4%

Breakdown by sector

Pharma
Biotechnology
Medtech
Services
Generics/Spec.Pharma
Life Sciences Tools
Other
Cash
37.6%
21.7%
17.9%
7.9%
7.5%
5.7%
0.3%
1.4%

Benefits

  • Investments in the 45 most attractive healthcare stocks worldwide with due account taken of current sustainability criteria.
  • Many years of recognized bottom up expertise coupled with comprehensive sustainability research from Sustainalytics.
  • The sustainability filter combines a best-in-class approach with the application of a strict exclusion procedure.
  • Proprietary investement process: Half-yearly company evaluation and rebalancing.
  • Underweighting of pharma and US stocks against the relevant healthcare indices, and a strong focus on mid caps.

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.

Global equities continued to be mixed in October, with MSCI World Index down -0.8% in USD on a net return basis. The S&P500 returned -0.9% in USD while the NASDAQ Composite returned -5.3% in USD, weighed down by a selloff in the tech and AI space.

Healthcare strongly outperformed, with the MSCI World Health Care Index up +9.9% in USD on a net return basis during the month of October.

October was a challenging month for markets, with the broad market finishing slightly in the red. The primary headwind was a broad selloff in the tech and AI space, which weighed on sentiment across risk assets. This was further compounded by a risk-off tone ahead of the early November midterm elections, persistently elevated yields, and continued market expectations of at least one additional interest rate hike by the Federal Reserve before year-end.

In the healthcare space, the month's main events centred on the first wave of Q3 earnings from many of the sector's larger constituents. Results were broadly constructive and helped support healthcare despite the wider market weakness.

Large-cap biopharma was the largest contributor to sector performance during the month, underpinned by solid earnings beats and guidance raises. The segment also benefitted from a rotation into defensive names, both from investors moving out of tech and from within the sector itself.

Managed care performed well, supported by a favourable reimbursement environment and positioning ahead of potential Democratic gains in the midterms.

Overall, end-market demand across the sector remains robust, driven by a combination of ongoing therapeutic innovation and structurally increasing healthcare consumption across key demographics.

The Bellevue Sustainable Healthcare (Lux) Fund - I shares returned +7% in USD, underperforming its benchmark by 282 bp.
Top absolute performers in the fund included Glaukos (+44.7%; Q3 beat on Epioxa, 2027 revenue guided to around USD 1 bn), Eli Lilly (+22.5%; Q3 beat and third guidance raise of the year to USD 91-92 bn), and Galderma (+18.0%; Q3 beat and guidance raise, ZO Skin Health acquisition).

Top relative positive contributors included Glaukos (overweight; +66 bp; Q3 beat on Epioxa, 2027 revenue guided to around USD 1 bn), Sandoz (overweight; +39 bp; record high after core EBITDA margin guidance upgrade despite Q3 sales miss), and Galderma (overweight; +30 bp; Q3 beat and guidance raise, ZO Skin Health acquisition).

Top relative negative contributors included UnitedHealth Group (not invested; -48 bp; Q3 beat and guidance raised to at least USD 20.50), Eli Lilly (underweight; -43 bp; Q3 beat and third guidance raise of the year to USD 91-92 bn), and Innovent Biologics (overweight; -30 bp; China biotech selloff after proposed US investment curbs).

The near-term backdrop remains uncertain, with elevated oil prices, higher-for-longer interest rates, and unresolved geopolitical tensions. The approaching US midterms as well as shifting interest rate expectations. may lead to increased volatility.

Despite this, equity markets have been resilient. Rate sensitivity and supply chain complexity warrant vigilance, though healthcare's defensive characteristics chould support relative performance if conditions deteriorate further.

The structural case for healthcare remains intact in our view. Regulatory uncertainty has materially eased, valuations remain near decade lows, and biopharma fundamentals continue to stabilize.
At current valuations, medtech looks increasingly attractive, with strong fundamentals driven by innovation in new therapeutic areas such as renal denervation and pulsed-field ablation. Healthcare contributes approximately 18% of US GDP yet represents only around 6% of the S&P 500, close to 20-year lows.

Biotechnology continues to transition toward cash-generative, launch-driven business models, while large-cap pharma faces a biologic patent cliff between 2029 and 2032 and holds over USD 200 bn in acquisition capacity, which could support a multi-year M&A cycle.

The fund maintains a sustainable, high-conviction, diversified approach, seeking to benefit from structural recovery and near-term catalyst-driven opportunities.

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  • Österreichisches Umweltzeichen

  • 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).
  • Senior Equity 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.
  • Senior Equity Analyst

    Guy Bettschart

    Guy Bettschart joined Bellevue Asset Management in 2025 as a Senior Equity Analyst. Previously, he spent two years as a buy-side healthcare analyst at Kieger AG and worked for Julius Baer in Zurich as a member of its equity research Team. Bettschart holds a BA in Banking & Finance from the University of Zurich and an MSc in Finance from the University of Lausanne and is a CFA Charterholder.
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