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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.

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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.

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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.

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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

Please select a share class.

Please find a more detailed description of share classes here.

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: 22.09.2022)

NAV: USD 485.84 (22.09.2022)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
B-USD
Benchmark

Rolling performance (22.09.2022)

B-USDBenchmark
22.09.2021 - 22.09.2022-27.06%-29.61%
22.09.2020 - 22.09.202123.19%26.43%
20.09.2019 - 22.09.202024.34%27.00%
21.09.2018 - 20.09.2019-10.67%-11.21%

Annualized performance (22.09.2022)

B-USDBenchmark
1 year-27.06%-29.61%
3 years3.76%4.16%
5 years0.62%1.62%
10 years8.45%9.54%
Since Inception p.a.10.59%13.45%

Cumulative performance (22.09.2022)

B-USDBenchmark
1M-6.27%-6.14%
YTD-20.58%-20.82%
1 year-27.06%-29.61%
3 years11.73%13.04%
5 years3.16%8.40%
10 years125.24%148.89%
Since Inception288.67%448.41%

Annual performance

B-USDBenchmark
20210.86%-0.63%
202023.01%25.69%
201927.86%24.41%
2018-15.17%-9.32%

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

SRRI

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
AuditorPriceWaterhouseCoopers
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
BloombergBBBIOUB LX
WKNA0RPSP
Total expense ratio (TER)2.17% (31.08.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.08.2022, base currency USD)

Beta0.88
Volatility25.50
Tracking error8.70
Active share38.50
Correlation0.95
Sharpe ratio0.34
Information ratio-0.18
Jensen's alpha-0.51
No. of positions56

Top 10 positions

Regeneron Pharma.
Vertex Pharmaceut.
Amgen
Gilead Sciences
Ionis Pharmaceuticals
Moderna
Seagen
Illumina
Alnylam Pharmaceuticals
Biogen Idec
7.9%
7.8%
5.4%
4.6%
3.9%
3.7%
3.3%
3.2%
3.1%
3.0%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
5.6%
5.1%
9.8%
20.3%
5.2%
50.2%
3.8%

Geographic breakdown

United States
China
Netherlands
Denmark
Switzerland
Japan
Germany
Great Britain
Others
Cash
81.1%
5.4%
3.3%
1.8%
1.6%
1.6%
1.6%
1.4%
0.8%
1.6%

Breakdown by sector

Oncology
Orphan Drugs
Neurolog. Disorders
Infectious Diseases
Pulmonary Diseases
Life Science Supply
Central Nervous Syst.
Cardiology
Others
Cash
38.6%
18.7%
10.0%
9.9%
7.8%
3.2%
2.9%
2.0%
5.3%
1.6%

Opportunities

  • 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.

Risks

  • 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.

Stock markets traded lower across the board in August. The S&P 500 dropped 4.1%, the Nasdaq Biotech Index lost 1.0% and the Bellevue Biotech (Lux) Fund shed 2.4% (USD / B shares).

After initially making gains in August, stocks headed south across a broad front as central bankers signaled their strong determination to bring inflation under control. Positive US labor market data with moderate upward pressure on wages have led to expectations that such a resolute stance would be possible while causing an only mild slowdown in economic activity. In the biotech sector attention focused on drug pricing reforms included in the Inflation Reduction Act and on the latest round of acquisitions. For the first time, the government-run Medicare health insurance program will be able to directly negotiate prices for top-selling drugs. The reforms will be gradually implemented by the end of the current decade. The M&A carousel continued to spin in August. Amgen bought Chemocentryx for USD 3.4 bn, a markup of 124% over the pre-announcement price. Pfizer was active again too and bid USD 5.4 bn for Global Blood Therapeutics, valuing the target with a premium of 89%. Merck’s long-awaited bid for Seagen is still stuck at the negotiating table though.

The following companies made the best contribution to the portfolio's performance in August: Alnylam Therapeutics presented positive Phase III data from its APOLLO-B study of patisiran in patients with transthyretin amyloid cardiomyopathy. This news also benefited Alnylam's rivals Ionis, which is conducting a large clinical trial in amyloidosis, and Intellia. Ionis and Alnylam will present more detailed data at the International Symposium on Amyloidosis in early September. THE APOLLO data show that reducing pathogenic protein is an effective approach for treating patients with ATTR-CM, which has attracted increasing attention as an important cause of heart failure. The latest takeover activity also lifted the share price of Cytokinetics, a potential target. It reiterated its outlook for the second half of the year.

Performance detractors were Seagen after an arbitrator issued a decision in favor of Daiichi Sankyo in their dispute over the use of Seagen's ADC technology; Ono Pharmaceutical was marked down due to the pending drug price reforms in the US; and Harmony Biosciences corrected although its top-selling product Pitolisant received a patent extension to 2030.

Our stance towards the biotech sector remains positive in view of its strong fundamentals and very attractive valuations (average 2023 P/E of 14x and PEG of 0.9 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 17x, PEG 2.0) and the S&P Index (P/E 17x, PEG 1.7).

 

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 2022. The regulatory environment favors the innovation coming out of biotech labs and the coronavirus crisis has improved the image of drug developers. In addition to the growing piles of cash that the larger biopharmaceutical companies are accumulating, we also believe low valuations and the attractive pipeline candidates of biotech companies in the small and mid cap space could trigger M&A activity going forward.

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

Ratings & Awards

  • 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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