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: 14.10.2025)
NAV: USD 141.38 (12.10.2025)
Rolling performance (14.10.2025)
I-USD | Benchmark | |
12.10.2024 - 12.10.2025 | -5.92% | -5.20% |
Annualized performance (14.10.2025)
I-USD | Benchmark | |
1 year | -5.92% | -5.20% |
Since Inception p.a. | 6.81% | 6.60% |
Cumulative performance (14.10.2025)
I-USD | Benchmark | |
1M | 3.20% | 3.10% |
YTD | 6.25% | 6.71% |
1 year | -5.92% | -5.20% |
Since Inception | 13.10% | 12.69% |
Annual performance
I-USD | Benchmark | |
2024 | 2.76% | 1.13% |
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 | LU2721085954 |
Valor number | 130854604 |
Bloomberg | BAIHXIU LX |
WKN | A3E1ZU |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.09.2025, base currency USD)
Beta | 0.92 |
Volatility | 14.06 |
Tracking error | 5.21 |
Active share | 21.34 |
Correlation | 0.93 |
Sharpe ratio | -0.90 |
Information ratio | -0.35 |
Jensen's alpha | -2.57 |
No. of positions | 72 |
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
Data on the US jobs market released in September continued to show signs of weakness. Meanwhile core inflation data was unchanged from the previous month, whereas many investors had expected higher inflation because of the import tariffs. Against this backdrop, the Fed lowered the target range for its overnight lending rate by 0.25 percentage points to 4.00%-4.25%, its first cut this year.
This led major equity indexes to higher ground. The MSCI World gained 3.2%, the S&P 500 rose 3.6%, and the Nasdaq 100 advanced 5.5%. The healthcare sector also closed in positive territory, up 1.0%, but lagged the overall market due to uncertainty about drug pricing and investor doubts about the pending Q3 reporting season, which we think are unfounded. The Bellevue AI Health Fund closed 1.8% higher, driven by AI-related stocks and other investments.
Biopharma (53.4% weighting at the end of the month) contributed +0.8% to absolute performance and had a neutral impact in relative terms. AbbVie (+10.0%), Johnson & Johnson (+4.7%), and Eli Lilly (+4.2%) were the top performers, while Sanofi (-6.6%), AstraZeneca (-5.5%), and Novo Nordisk (-3.5%) detracted. AbbVie reached an agreement with generic drug manufacturers that delays the market entry of biosimilars of Rinvoq until 2037, which is about four years later than the consensus estimate. Rinvoq is prescribed as a treatment for rheumatoid arthritis and other autoimmune diseases, and we assume that its annual sales will exceed USD 15 bn by 2037. Sanofi presented 24-week data from its COAST 1 study of amlitelimab in atopic dermatitis.
Although all primary and secondary endpoints were met and the drug candidate demonstrated statistically significant benefits, key parameters EASI-75 (75% reduction in skin lesions from the baseline) and IGA 0/1 (clear or almost clear skin) did not show the expected improvement and were inferior compared to Dupixent.
Healthcare services (29.5% weighting) detracted from absolute performance (-0.1%) but contributed +0.6% to relative performance. Performance drivers here were Kestra Medical (+47.2%), EssilorLuxottica (+6.6%), and Medtronic (+3.4%). Boston Scientific (-7.5%), Intuitive Surgical (-5.5%), and Stryker (-5.3%) weighed on performance. Kestra Medical, a company specializing in AI-assisted wearable cardioverter defibrillators and interconnected cardiac monitoring systems, clearly beat investor sales and profit expectations, and management upgraded its guidance for the year accordingly. EssilorLuxottica and Meta jointly unveiled new smart glasses, including a model with a screen embedded in the upper-right lens.
Biopharma (10.8%) contributed +0.7% to the fund's absolute performance but had a negative impact of -0.1% on relative performance. McKesson (+12.6%) and UnitedHealth (+12.1%) made positive contributions, while Omada (-6.7%) and Cigna (-3.7%) detracted. According to UnitedHealth, about 78% of its Medicare Advantage members will be enrolled in plans with at least four stars in 2027. This is in line with the figure for the previous year and much higher than many investors had expected.
The fund’s tech exposure (6.0%), which includes companies from both the healthcare and tech sectors, contributed +0.7% to the fund’s absolute performance and +0.6% to its relative performance. Oracle (+24.4%) and Veeva Systems (+10.7%) were the top performers here. Oracle reported a big increase in order intake with its quarterly results, guided for 70%-plus growth in its cloud infrastructure sales, and announced billions in new AI cloud computing agreements, which for investors confirmed Oracle’s status as a leader in the global cloud infrastructure race.
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 will 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 deliver superior growth. The technology risk here is more calculable than in other industries because healthcare is such a heavily regulated industry.
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