Bellevue Biotech (Lux)

Biotech sector with sustainable, strong sales and earnings growth thanks to high innovation level 

 Expiring patents of pharma companies lead to high M&A activity (patent cliff)

 Valuations very attractive on historical average over the last 10 years

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Investment Focus

ISIN-No. LU0415392322

The Fund invests worldwide in companies active in the biotechnology sector. Experienced sector specialists focus on profitable mid- and large-cap companies with an established product portfolio. Stock selection is based on fundamental analysis. The selection of portfolio companies is entirely bottom-up, independent of benchmark weightings.

Indexed performance (as at: 03.12.2021)

NAV: USD 601.83 (02.12.2021)

Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (02.12.2021)

02.12.2020 - 02.12.20213.41%3.20%
02.12.2019 - 02.12.202020.28%22.64%
02.12.2018 - 02.12.201912.01%8.39%
02.12.2017 - 02.12.2018-4.09%3.67%

Annualized performance (02.12.2021)

1 year3.41%3.20%
3 years11.65%11.08%
5 years9.68%10.69%
10 years14.87%16.09%
Since Inception p.a.13.19%16.44%

Cumulative performance (02.12.2021)

1 year3.41%3.20%
3 years39.32%37.18%
5 years58.75%66.24%
10 years300.34%345.26%
Since Inception381.46%588.99%

Annual performance


Investment Focus

The Fund invests worldwide in companies active in the biotechnology sector. Experienced sector specialists focus on profitable mid- and large-cap companies with an established product portfolio. Stock selection is based on fundamental analysis, in particular of the medical indications addressed, the means of efficacy and the market potential. A global network of experts spanning scientific and industrial fields supports the Management Team in forming opinions and making investment decisions. The selection of portfolio companies is entirely bottom-up, independent of benchmark weightings.Show moreShow less

Investment suitability & Risk


Low risk

High risk

The Fund’s investment 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 biotechnology sector and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
Launch date02.04.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0415392322
Valor number3882743
Total expense ratio (TER)2.22% (30.11.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (30.11.2021, base currency USD)

Tracking error8.37
Active share43.82
Share ratio0.61
Information ratio-0.03
Jensen's alpha1.34
No. of positions57

Top 10 positions

Gilead Sciences
Regeneron Pharma.
Vertex Pharmaceut.
Horizon Therapeutics

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn

Geographic breakdown

United States
Great Britain

Breakdown by sector



  • New innovative drugs are powering sustainable momentum in the biotech sector.
  • Attractively valued large-cap biotechs.
  • Expiring pharmaceutical patents trigger a rise in M&A activity.
  • Focus on US biotech companies with strong growth potential.
  • Bellevue has been a Healthcare pioneer since 1993 and is one of the biggest independent investors in the sector in Europe today.


  • Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • Market, industry or company factors can lead to strong short-term price fluctuations
  • 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 invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.

October was a mixed month for stocks. The S&P Index closed the month with a gain of 7.0%, the Nasdaq Biotech Index shed 1.9% and the Bellevue Biotech (Lux) Fund inched 0.2% lower (USD / B shares).

The third-quarter reporting season started in October and most of the earnings reports from biotech companies have so far been positive. However, the headline topic of the month was the Phase III data on the oral antiviral drug Molnupiravir, which Merck is developing together with Ridgeback Biotherapeutics for the treatment of COVID-19 in adults. The Molnupiravir pill reduced the risk of hospitalization or death by 48% compared to placebo. The trial was conducted with COVID-19 patients who had mild to moderate symptoms and they were administered the drug within five days of the onset of symptoms. Merck announced its marketing strategy for Molnupiravir at the same time and it has already received a large number of orders for the drug. Data on other oral antiviral drugs from Pfizer and Shionogi is expected shortly. Such medicines are an ideal complement to currently available treatments and vaccines. Up to now there were no anti-covid pills that doctors can prescribe at a very early stage of the disease. This is good news for people who cannot be vaccinated, who do not develop an adequate immune response, or who become infected with COVID-19 despite vaccination.

The following stocks made the best contribution to the portfolio's performance in October: At the beginning of the month, Bicycle Therapeutics published pleasing data from two different Phase I clinical trials. Bicycle is developing novel bicyclical peptides, which are similar to antibody drug conjugates (ADC), and activated through chemotherapy, in patients with difficult-to-treat solid tumors. Intra-Cellular Therapeutics advanced on growing confidence that it would be granted a label expansion for Caplyta, its already approved medicine for treating symptoms of schizophrenia. Inhibrx published Phase I results from a trial of its antibody-like investigational drug for treating patients with alpha-1 antitrypsin deficiency that were encouraging.

Performance detractors were: Kyowa Kirin, a Japanese company, despite reporting positive Phase II data from its study of an anti-OX40 antibody in patients with atopic dermatitis. Bavarian Nordic, a vaccine manufacturer operating in a dynamic COVID-19 environment, remained volatile and China-based Innovent Biologics traded sharply lower for no particular reason.

Our stance towards the biotech sector remains positive in view of its strong fundamentals and very attractive valuations (average 2022 P/E of 13x and PEG of 1.2 for large caps). These are still very attractive multiples compared to the biotech sector's historical valuations and the current ratios for the pharma sector (P/E 16x, PEG 2.3) and the S&P Index (P/E 21x, PEG 2.1).

The companies in our portfolio are working on technologies or products for novel treatment solutions. We are also invested in selected specialty pharma companies that offer high growth rates and moderate valuations. The Bellevue Biotech (Lux) Fund is well-positioned to profit from the milestones that are expected to be reached in 2021. The regulatory environment favors the innovation coming out of biotech labs and the coronavirus crisis has improved the image of drug developers. Large pharma companies have acquired a number of companies in the fund's portfolio – Loxo, Array, Medicines Company, Myokardia and Alexion – and we expect more M&A deals to be announced during the coming months.

Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base currency in %, calculated by the total return / BVI method.Show moreShow less


  • Lead Portfolio Manager

    Christian Lach

    After working as a member of the Management Team BB Biotech/ BB Medtech at Bellevue Asset Management AG until 2008, Christian Lach was Senior Portfolio Manager Biotechnology at Adamant Biomedical Investments AG. Since 2015, he has been working again at Bellevue Asset Management as Senior Portfolio Manager Healthcare Funds & Mandates. He holds a degree in natural sciences (Dipl. Natw. ETH) and a doctorate in economics from the University of St. Gallen (Dr. oec HSG).
  • Portfolio Manager

    Samuel Stursberg

    After receiving his Master of Science in Biochemistry from the University of Basel and a degree in Economics from the University of St. Gallen (lic. oec. HSG), Samuel Stursberg conducted stock analysis at Bank Sarasin among others and was Head Research at Adamant Biomedical Investments AG before joining Bellevue Asset Management as Head Research health Care Funds & Mandates in 2015.
  • Analyst

    Lukas Leu

    Lukas Leu has been a Healthcare Analyst at Bellevue Asset Management since 2021. He holds a PhD in biochemistry from the Swiss Federal Institute of Technology in Zurich. He previously worked as a research assistant at his alma mater and as an equity research analyst in the healthcare sector at Julius Baer.

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