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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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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.

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Bellevue Medtech & Services (Lux)

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

Explained in 90 seconds

Bellevue Medtech & Services Fund explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU0415391431

The Fund invests worldwide in companies active in the medical technology and healthcare services sector. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.

Indexed performance (as at: 23.09.2022)

NAV: EUR 625.56 (22.09.2022)


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

Rolling performance (22.09.2022)

B-EURBenchmark
22.09.2021 - 22.09.2022-9.32%-20.61%
22.09.2020 - 22.09.202131.17%34.19%
20.09.2019 - 22.09.20201.91%8.87%
21.09.2018 - 20.09.201911.18%17.74%

Annualized performance (22.09.2022)

B-EURBenchmark
1 year-9.32%-20.61%
3 years6.60%5.05%
5 years12.45%12.59%
10 years13.61%15.42%
Since Inception p.a.13.22%15.30%

Cumulative performance (22.09.2022)

B-EURBenchmark
1M-6.76%-7.71%
YTD-12.96%-20.60%
1 year-9.32%-20.61%
3 years21.21%15.98%
5 years79.84%80.99%
10 years258.75%320.17%
Since Inception401.77%535.46%

Annual performance

B-EURBenchmark
202124.81%23.65%
20206.24%13.62%
201928.45%34.08%
201817.43%16.34%

Investment Focus

The Fund invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive Healthcare Fund solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, liquid mid- and large-cap companies with an established product portfolio as well as fast growing small-cap companies with leading-edge technology offering. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services. A global network of experts spanning scientific and industrial fields supports the Management Team in forming opinions and making investment decisions. The selection of the 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 medical technology 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
AuditorPWC, Luxembourg
Launch date28.09.2009
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU0415391431
Valor number3882623
BloombergBFLBBBE LX, M0U1 GF
WKNA0RP23
Total expense ratio (TER)2.16% (31.08.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8

Key data (31.08.2022, base currency EUR)

Beta1.03
Volatility24.30
Tracking error9.10
Active share41.08
Correlation0.93
Sharpe ratio0.47
Information ratio0.17
Jensen's alpha1.42
No. of positions49

Top 10 positions

Abbott Laboratories
Boston Scientific
Stryker
Edwards Lifesciences
Intuitive Surgical
Becton Dickinson
UnitedHealth Group
Humana
Danaher
Medtronic
9.5%
9.1%
6.1%
5.2%
4.8%
4.8%
4.0%
3.8%
3.6%
3.2%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
0.3%
1.2%
3.7%
7.2%
9.9%
77.2%
0.4%

Geographic breakdown

United States
Switzerland
Others
Cash
94.5%
4.4%
1.3%
-0.2%

Breakdown by sector

Cardiology
Managed Care
Life Science Supply
Orthopedics
Surgery
Diabetes
Ophthalmology
Hospital/Nursing H.
Neuromodulation
Others
Cash
28.6%
18.5%
13.4%
8.5%
7.9%
5.3%
3.9%
3.7%
2.9%
7.4%
-0.2%

Opportunities

  • 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 cuttingedge 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

  • Equities are subject to strong 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.
  • Increased opportunities through possible derivative transactions go hand in hand with increased risk of losses.

Stock markets began the month under review in the green but fell hard and fast at the end of the month. The sell-off was triggered by Jerome Powell's remarks that taming inflation was the Fed's top priority and that interest rates would likely be pointing up for longer than anticipated. The world stock market (MSCI World Net -2.8%), Germany's blue-chip Dax (-4.8%) and the Euro Stoxx 50 (-5.1%) all closed sharply lower as a result. The Bellevue Medtech & Services Fund (-3.3%) held its ground fairly well in the face this difficult environment, after already delivering a strong performance in July (+10.2%). The fund’s August performance beat its benchmark (MSCI World Healthcare Equipment & Supplies -4.4%) and the broader healthcare industry index (MSCI World Healthcare Net -4.7%). Despite all the red ink in the stock market last month, 17 of the 49 portfolio positions delivered positive monthly returns. The US health insurance stocks in the portfolio mostly traded higher. Cigna (+4.4%), Molina (+4.4%), Elevance (+3.1%) and Humana (+1.4%) made positive contributions to the fund's performance and only two stocks had a slightly negative effect, Centene (-1.1%) and UnitedHealth (-2.9%). Cigna's second-quarter easily beat consensus expectations with its reported second-quarter profits thanks to a sharp drop in COVID-19 treatment costs and management consequently raised its full-year profit guidance. Molina won a "Managed Medicaid" tender to deliver services to more than one million insured Californians in Los Angeles County, beating Centene.
 
In the medtech segment, companies with very strong growth rates were the biggest performance drivers. Examples here are Shockwave Medical (+44.1%), TransMedics (+30.7%), Penumbra (+19.5%), Axonics (+13.0%), Insulet (+4.6%) and Dexcom (+1.6%). Shockwave's second-quarter sales beat expectations by more than 12% and the company revised its full-year targets sharply higher. TransMedics beat investor expectations and secured sufficient capital to funds its long-term expansion plans by issuing new shares (3.25 million shares at an issue price of USD 40). Our visit to TransMedics' headquarters in Boston in June 2022 confirmed that its technology represents a paradigm shift in organ preservation for transplantation and creates novel possibilities, including organ optimization and viability assessment before transplantation. We therefore increased our position in the stock through the capital increase.

Large-cap medtechs Sonova (-24.9%), Alcon (-14.7%), Intuitive Surgical (-9.3%), Edwards Lifesciences (-9.1%) and Abbott (-4.3%) had a negative impact on the fund's performance. Sonova issued a profit warning and lowered its sales forecast for the current fiscal year by 2%. The market for hearing aids was said to be recovering more slowly in some countries than the company had expected. Alcon disappointed investors when it reported lower-than-expected sales in Vision Care, a key business segment that includes contact lenses. Shares of Edwards Lifesciences and Abbott were dragged down after Medtronic (-3.6%) reported disappointing quarterly results, which, however, we believe reflects company-specific factors.

The small and mid-cap companies Tandem Diabetes (-29.9%) and Inspire Medical (-7.1%) weighed on performance. Tandem Diabetes reported 2Q sales that were only slightly below analyst expectations. However, its US activities accounted for a significantly smaller share of overall business, which fueled investor fears that Insulet might widen its share of the market with its newly launched OmniPod 5 we assume that the vast majority of Tandem Diabetes existing customers will buy another pump from Tandem Diabetes at renewal. We also expect rival Medtronic to continue to lose market share. Inspire Medical’s second-quarter results beat expectations and management raised its sales guidance for 2022, but investors decided to take profits. Life sciences tools companies Thermo Fisher (-7.6%) and Danaher (-6.1%) were also hit by profit-taking. All performance data is in EUR / B shares.

The outlook for the 2022 investment year in the medtech & services sector is attractive. New cases and hospitalizations in key medtech & services markets (North America, Europe and Japan) plunged. We believe that high population immunity levels will usher in a strong rebound in elective medical procedures during 2022 and 2023. Regardless of when the pandemic and geopolitical situation returns to normal, the sector-specific structural growth factors such as rising life expectancy and high rates of innovation will sustain the medtech & services sector's above-average growth versus the overall economy and power its high rates of profit growth. Higher material and logistics costs are a reality, but those extra costs are likely to be offset by companies’ talented management teams. We additionally expect numerous approvals and market launches of relevant products for diabetes and structural heart disease. Sector valuations are moderate and that offers opportunities, not just for investors; we also expect takeover activity to pick up because the valuation multiples of many young and growing companies have declined so much. The Bellevue Medtech & Services Fund invests in the entire healthcare market except for the drug developers. As a fully adequate healthcare investment vehicle, the fund aims to generate a significantly higher return than a traditional healthcare fund but with a comparable risk profile. The medtech & services sector is one of the stock market's most defensive sectors with sustainable outperformance potential and that is one reason for the success of our investment strategy.

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

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is portfolio manager of the funds Bellevue Medtech & Services and Bellevue Digital Health. Prior to joining Bellevue Asset Management, he spent 4 years as head of investor relations at Sonova. As a financial analyst at Bank Sarasin, he covered medical technology and high tech stocks. After that he served as CFO of Obtree Technologies Inc. Stefan Blum obtained a degree in business administration from the University of St. Gallen and is CEFA charterholder.
  • Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch joined Bellevue Asset Management in 2008 as portfolio manager of the Bellevue Medtech & Services and Bellevue Digital Health Fund. Prior to that, he spent more than 3 years as a consultant with Deloitte & Touche. Formulating company strategy, evaluating organizational structures and valuing companies prior to corporate transactions were among his duties in this function. Marcel Fritsch holds a degree in business economics from the University of St. Gallen (HSG).
  • Healthcare Analyst

    Teresa Vilanova

    Dr Teresa Vilanova joined Bellevue Asset Management in 2022 as a Healthcare Analyst. Prior to this, Teresa completed her PhD on the topic of "Nanomedicine in the Treatment of Infertility" at the University of Oxford. Alongside her studies, she gained her first practical experience in the clinic as well as in private equity. Teresa holds a degree in Biotechnology and a Master in Clinical Embryology from the University of Valencia.
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