
Bellevue Medtech & Services (CH)
ISIN-No.: CH0034334737
YTD: -3.75%
Active share: 21.84
Number of positions: 36
Medtech & Services is an investment in 10% of global gross domestic product: Healthcare sector excluding drugs
Bottom line: above-average and steady growth compared to the broad market
Focusing on profitable, liquid mid and large cap companies with an established product portfolio
Indexed performance (as at: 12.10.2026)
NAV: CHF 2'873.54 (11.10.2026)
Rolling performance (12.10.2026)
| AA-CHF | MSCI World Healthcare Equip. & Services | |
| 18.06.2025 - 18.06.2026 | -11.23% | -7.82% |
| 18.06.2024 - 18.06.2025 | -12.59% | -7.87% |
| 18.06.2023 - 18.06.2024 | 0.28% | 4.14% |
| 18.06.2022 - 18.06.2023 | 8.05% | 5.88% |
Annualized performance (12.10.2026)
| AA-CHF | MSCI World Healthcare Equip. & Services | |
| 1 year | -11.23% | -7.30% |
| 3 years | -8.02% | -4.11% |
| 5 years | -6.14% | -3.26% |
| 10 years | 4.64% | 5.91% |
| Since Inception p.a. | 5.51% | 6.05% |
Cumulative performance (12.10.2026)
| AA-CHF | MSCI World Healthcare Equip. & Services | |
| 1M | 1.60% | 2.41% |
| YTD | -10.79% | -8.22% |
| 1 year | -11.23% | -7.30% |
| 3 years | -22.19% | -11.82% |
| 5 years | -27.16% | -15.26% |
| 10 years | 57.36% | 77.58% |
| Since Inception | 166.93% | 193.29% |
Annual performance
| AA-CHF | MSCI World Healthcare Equip. & Services | |
| 2025 | -13.67% | -9.42% |
| 2024 | 8.70% | 9.50% |
| 2023 | -10.60% | -4.35% |
| 2022 | -12.56% | -11.48% |
Facts & Key figures
Investment Focus
The fund actively invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, 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 | 03.03.2008 |
| Year end closing | 30. Sep |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 1.80% |
| Subscription Fee (max.) | 2.50% |
| Performance Fee | 10.00% (with High Water Mark) |
| ISIN number | CH0034334737 |
| Valor number | 3433473 |
| Bloomberg | ADAGMED SW |
| WKN | A0RAUP |
Legal Information
| Legal form | Investment funds under Swiss law |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (31.05.2026, base currency CHF)
| Beta | 1.09 |
| Volatility | 16.74 |
| Tracking error | 6.03 |
| Active share | 21.84 |
| Correlation | 0.94 |
| Sharpe ratio | -0.47 |
| Information ratio | -0.63 |
| Jensen's alpha | -3.26 |
| No. of positions | 36 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Digitalization of the healthcare sector is boosting medtech companies’ growth and earnings.
- Focusing on profitable, liquid mid and large-cap companies with an established product portfolio as well as on rapidly growing small-cap businesses delivering cutting-edge technology.
- Managed care profits from the privatization of the health insurance sector and lower treatment costs.
- Minimally invasive techniques gaining ground – shorter treatment times reduce healthcare costs.
- 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 in financial instruments that might have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
- 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
In the US, strong labor market data and core inflation in September weighed on consumer sentiment and pushed market interest rates higher. The yield on 10-year US Treasuries rose by 0.54 percentage points to 5.3%. For the first time in more than three years, the Federal Reserve raised its benchmark interest rate by 0.25 percentage points to curb inflation driven by higher oil prices and AI-related investment.
The broad equity market advanced 2.1% in the month under review, supported by the continued recovery in the information technology sector. The healthcare sector gained 1.5%, driven by life science tools and biopharma stocks. The Bellevue Medtech & Services Fund declined 1.7%, outperforming its benchmark (-2.0%). Medtech stocks detracted 1.5% from fund performance, while healthcare services providers had a negative impact of 0.2%.
HCA Healthcare (+6.6%) and Veeva Systems (+3.2%) once again made positive contributions to performance. HCA advanced after management reaffirmed its guidance and analysts highlighted favorable demographic trends and further earnings potential. Veeva benefited from additional customer wins for Vault CRM, new AI products and positive analyst commentary.
US health insurers delivered mixed performance. Humana (+2.9%), Elevance Health (+2.8%) and Cigna (+2.3%) advanced, while CVS Health (-5.7%), UnitedHealth (-2.0%) and Centene (-0.2%) detracted from fund performance. Humana benefited from growing confidence in a normalization of earnings over the medium term. Even without a full recovery in its Medicare Advantage Star Ratings, the insurer could achieve earnings per share of around USD 28 by 2028, approximately three times the level forecast for 2026. At its Investor Day, Cigna unveiled a new strategic framework called «Lead to One». The USD 3 bn modernization and productivity program is designed to support annual earnings per share growth of 10% to 14% through 2030. CVS Health struck a cautious tone on medical cost trends, putting its shares under selling pressure. UnitedHealth also declined as weaker customer satisfaction survey results raised concerns about lower Medicare Advantage Star Ratings.
Performance in the medtech sector was driven primarily by company-specific factors. Intuitive Surgical (+11.5%) benefited from positive management commentary at an investor conference regarding rising surgical procedure volumes, strong demand for its da Vinci 5 system and additional growth drivers from 2027 onward. Stryker (-11.8%), Abbott (-7.5%) and Boston Scientific (-6.6%) weighed on performance. Stryker was affected by persistent supply issues in its vascular business and weaker demand for large joint implants in Europe. Boston Scientific came under pressure following significant sales losses caused by a cyberattack, making its full-year 2026 targets increasingly unlikely to be achieved.
Thermo Fisher (+13.1%) and Danaher (+7.4%) advanced on positive management commentary and growing confidence in a recovery in end markets for life science instruments.
All performance data in CHF/AA shares.
We see considerable upside potential in the healthcare services segment, particularly for hospital operators and US health insurers. Hospitals should benefit from sustained high patient volumes and only moderately higher personnel costs. We expect a recovery in profit margins at health insurers in 2027 and 2028, particularly in Medicare Advantage and Medicaid business lines. Persistently high market interest rates could provide additional support for earnings growth.
Based on medtech companies' Q2 reports and our discussions with numerous management teams, we expect robust growth in surgical procedure volumes in 2026. The resulting economies of scale and refunds of US tariffs should also support solid earnings growth.
The approval and subsequent launch of major new products should continue to bolster sales growth in the medtech sector and stabilize valuations. Examples include Abbott's Volt PFA catheter, Medtronic's Affera and Boston Scientific's Farapulse, the robotic-assisted systems da Vinci 5 from Intuitive Surgical, Hugo from Medtronic and Ottava from Johnson & Johnson, as well as Medtronic's Symplicity Spyral catheter. Numerous clinical data publications and new reimbursement policies should not only strengthen investor confidence but also drive sales growth over the medium term.
The US midterm elections in early November could provide additional tailwinds for medtech & services stocks, as a divided or Democratic-controlled Congress would likely limit regulatory risks and support healthcare system funding.
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