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: 12.10.2026)
NAV: CHF 151.33 (11.10.2026)
Rolling performance (12.10.2026)
| Bellevue AI Health | MSCI World Healthcare NR | |
| 08.10.2025 - 08.10.2026 | 12.51% | 14.65% |
| 08.10.2024 - 08.10.2025 | -9.09% | -8.63% |
Annualized performance (12.10.2026)
| Bellevue AI Health | MSCI World Healthcare NR | |
| 1 year | 12.51% | 14.65% |
| Since Inception p.a. | 6.43% | 6.71% |
Cumulative performance (12.10.2026)
| Bellevue AI Health | MSCI World Healthcare NR | |
| 1M | 2.63% | 2.14% |
| YTD | 7.45% | 9.45% |
| 1 year | 12.51% | 14.65% |
| Since Inception | 19.50% | 20.38% |
Annual performance
| Bellevue AI Health | MSCI World Healthcare NR | |
| 2025 | 0.25% | 0.37% |
| 2024 | 10.65% | 9.40% |
Facts & Key figures
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. 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 | 30.11.2023 |
| Year end closing | 30. Jun |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 0.90% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU2721086176 |
| Valor number | 130854653 |
| Bloomberg | BAIHXIC LX |
| WKN | A3E1ZV |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (30.09.2026, base currency USD)
| Beta | 0.97 |
| Volatility | 14.60 |
| Tracking error | 3.45 |
| Active share | 22.54 |
| Correlation | 0.97 |
| Sharpe ratio | 0.74 |
| Information ratio | -0.89 |
| Jensen's alpha | -3.26 |
| No. of positions | 69 |
Portfolio
Top 10 positions
Geographic breakdown
Benefits & Risks
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.
Review / Outlook
In the US, strong labor market data and core inflation pushed market interest rates higher in September. The yield on 10-year US Treasuries rose by 0.5 percentage points to 5.3%. For the first time in more than three years, the Federal Reserve raised its key interest rate by 0.25 percentage points.
The MSCI World declined 1.2%, while the S&P 500 lost 0.4% and the Nasdaq 100 gained 3.7%, supported by the ongoing recovery in technology stocks. The healthcare sector fell 1.8%, weighed down by pharmaceuticals, medtech stocks and healthcare services providers. The Bellevue AI Health Fund declined 1.7%, slightly outperforming its benchmark.
Biopharma (60.4% weighting at the end of the month) contributed -0.8% to absolute performance and +0.1% to relative performance. Metis TechBio (+38.2%), Gilead (+2.4%) and AbbVie (+2.0%) made positive contributions, while Novo Nordisk (-15.5%), Novartis (-5.8%) and Roche (-4.2%) detracted. Metis TechBio benefited primarily from its inclusion in the Hong Kong Stock Connect program, which gave mainland Chinese investors direct access to its shares. The commercialization of its NanoForge AI platform and growing interest in AI-driven drug development provided additional support. Novo Nordisk came under pressure following its Capital Markets Day. Its medium-term growth targets were broadly in line with expectations, but investors remained cautious ahead of pending clinical data on CagriSema and Zenagamtide.
Medtech stocks (24.3% weighting) detracted -0.3% from absolute performance and had a neutral impact on relative performance. Thermo Fisher (+9.5%), Intuitive Surgical (+7.9%) and Danaher (+3.9%) made positive contributions, while Stryker (-14.7%), Abbott (-10.4%) and Boston Scientific (-9.6%) weighed on performance. Thermo Fisher (+13.1%) and Danaher (+7.4%) advanced following positive management comments and growing confidence in a recovery in end markets for life science instruments. Stryker was weighed down by persistent supply issues in its vascular business and weaker demand for large joint implants in Europe. Boston Scientific came under pressure after a cyberattack caused significant lost sales, making its 2026 full-year targets increasingly difficult to achieve.
Healthcare services providers (11.3% weighting) contributed -0.4% to absolute performance but +0.1% to relative performance. BillionToOne (+17.4%) and HCA Healthcare (+3.2%) made positive contributions, while Omada Health (-15.2%), UnitedHealth (-5.2%) and McKesson (-3.5%) detracted. BillionToOne rebounded from its sharp correction in August, while HCA Healthcare benefited from favorable polling numbers for the Democrats ahead of the November midterm elections. Omada shares declined after the long-term targets presented at its Investor Day failed to fully meet investors' high growth expectations, despite higher margin projections.
The fund's tech exposure (3.9%), which includes companies from both the healthcare technology and information technology industries, had no significant impact on absolute or relative performance. Qualcomm (+8.5%), Nvidia (+3.6%) and Microsoft (+1.1%) made positive contributions, while Oracle (-7.9%) and Waystar (-3.2%) detracted. Qualcomm benefited from a contract with Amazon Web Services for custom AI chips worth up to USD 60 bn. Oracle came under pressure as the expansion of its AI business requires substantial investment, weighs on free cash flow and increases its dependence on major customer OpenAI.
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 smartphones. GenAI is creating tremendous opportunities for businesses and investors, especially in the healthcare sector. According to a number of studies, the healthcare sector is expected to be one of the industries that will benefit the most from the deployment of GenAI. This forecast is mainly based on the vast potential for efficiency gains in healthcare systems, on the large, readily available amounts of data in healthcare systems and on the considerable financial resources available for healthcare needs.
Medications are already being developed more quickly and with better rates of success, 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 growth in corporate value. The technology risk here is more calculable than in other industries because healthcare is such a heavily regulated industry.
Dokumente
Show moreShow less





