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Important

Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.rlich sind.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria and Spain. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Data protection

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Bellevue Healthcare Trust plc

Concentrated high-conviction portfolio that provides access to the global, high-growth healthcare market

Focus on companies that are making a significant contribution to the improvement of the healthcare system 

The best of both worlds: Growth market and an attractive dividend yield of 3.5%

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. GB00BZCNLL95

The investment objective of Bellevue Healthcare is to provide Shareholders with capital growth and income over the long term, through investment in listed or quoted global healthcare companies.

Indexed performance (as at: 29.09.2022)

Share price: GBp 163.00 (28.09.2022)

NAV: GBp 181.67 (28.09.2022)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
Share price
NAV
Benchmark

Rolling performance (28.09.2022)

Share priceNAVBenchmark
28.09.2021 - 28.09.2022-12.70%-2.57%13.83%
28.09.2020 - 28.09.202120.05%21.26%13.79%
27.09.2019 - 28.09.202033.98%35.39%15.23%
28.09.2018 - 27.09.2019-11.33%-12.45%3.52%

Annualized performance (28.09.2022)

Share priceNAVBenchmark
1 year-12.70%-2.57%13.83%
3 years11.96%16.92%14.25%
5 years10.91%13.89%12.82%
Since Inception p.a.12.07%14.20%13.32%

Cumulative performance (28.09.2022)

Share priceNAVBenchmark
1M-6.86%-2.93%3.10%
YTD-15.91%-3.98%5.63%
1 year-12.70%-2.57%13.83%
3 years40.42%59.96%49.25%
5 years67.86%91.67%82.88%
Since Inception94.23%116.76%107.19%

Annual performance

Share priceNAVBenchmark
202116.56%15.20%20.83%
202029.13%25.70%10.29%
201922.65%25.89%18.44%
20184.90%8.60%8.77%

Investment Focus

Bellevue Healthcare intends to invest in a high conviction portfolio of listed or quoted equities in the global healthcare industry.

The investable universe for Bellevue Healthcare is the global healthcare industry including companies within industries such as pharmaceuticals, biotechnology,
medical devices and equipment, healthcare insurers and facility operators, information technology (where the product or service supports, supplies or services the delivery of healthcare), drug retail, consumer healthcare and distribution.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The investment company’s objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years, who want to selectively diversify their portfolio with investments in the healthcare sector, and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management (UK) Ltd.
CustodianCaceis Bank Luxembourg, London Branch
Fund AdministratorSanne Fund Services (UK) Ltd.
AuditorErnst & Young LLP
Launch date01.12.2016
Year end closing30. Nov
Cut of time17:00 UK time
Management Fee0.95%
ISIN numberGB00BZCNLL95
BloombergBBH LN Equity

Legal Information

Legal formplc

Key data (31.08.2022, base currency GBP)

Beta0.56
Volatility30.80
Tracking error20.10
Active share92.00
Correlation0.32
Sharpe ratio0.63
Information ratio0.16
Jensen's alpha11.75
No. of positions30

Top 10 positions

Option Care Health
Axonics
Sarepta Therapeutics
Jazz Pharmaceuticals
Insmed
UnitedHealth Group
Apellis Pharmaceuticals
Amedisys
Tandem Diabetes Care
Silk Road Medical
6.8%
6.6%
6.4%
5.9%
5.9%
5.4%
4.9%
4.3%
4.2%
4.1%

Market capitalization

Mega-Cap
Large-Cap
Mid-Cap
Small-Cap
14.6%
8.2%
57.2%
20.0%

Geographic breakdown

United States
China
Canada
Switzerland
95.2%
2.0%
1.8%
1.0%

Breakdown by sector

Focused Therapeutics
Med-Tech
Services
Diagnostics
Managed Care
Healthcare IT
Diversified Therapeutics
Tools
Health Tech
Dental
24.9%
18.3%
15.0%
10.6%
9.0%
6.2%
5.9%
4.9%
4.2%
1.0%

Opportunities

  • Healthcare has a strong, fundamental demographic-driven growth outlook.
  • The fund has a global and unconstrained investment remit.
  • It is a concentrated high conviction portfolio.
  • The Trust offers a combination of high quality healthcare exposure and a 3.5% dividend yield.
  • BB Healthcare has an experienced management team and strong board of directors.

Risks

  • The fund invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • Healthcare equities can be subject to sudden substantial price movements owning to market, sector or company factors.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • The price investors pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company.
  • The fund may take a leverage, which may lead to even higher price movements compared to the underlying market.

Show moreShow less

Rating

  • Portfolio Manager

    Paul Major

    Paul Major has been serving as Portfolio Manager at Bellevue Asset Management (UK) Ltd since 2016. His previous roles include Research Partner at Redburn and Analyst at UBS Warburg. He holds a Master's degree in Biochemistry from the University of Bath, UK.
  • Portfolio Manager

    Brett Darke

    Brett Darke has 21 years experience including 11 years covering healthcare and the wider lifesciences sector on the buy-side at TT International, on both long-only and long/short funds. Brett previously worked for five years in corporate finance at Merrill Lynch and Bear Stearns. He holds a Masters degree in Medicine and Management studies from Cambridge University and is a CFA charterholder.
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