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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. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), 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. 

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, 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. 

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Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), 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 ("KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, 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 ("KID"), the management regulations and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, 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 ("KID"), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from Bellevue Asset Management (Deutschland) GmbH, 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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Sector rotation into value has lost considerable momentum and investors are showing more interest in fast-growing, innovative, non-cyclical stocks. This has put medtech & services companies (back) on the radar of the general investment community.

Medtech & Services sector lives up to its reputation

Sector rotation into value has lost considerable momentum and investors are showing more interest in fast-growing, innovative, non-cyclical stocks. This has put medtech & services companies (back) on the radar of the general investment community.
01.09.2022 - Marcel Fritsch

A stabilization of the interest rate situation appears not too far off and that has positive ramifications for the stock market, which is in the initial stages of a recovery. July was a very strong month for stock markets worldwide (MSCI World Net +11.0%), and the Euro Stoxx 50 (+7.5%) and Germany’s blue-chip DAX index (+5.5%) also regained some of the ground they'd lost during the previous months. Medical technology and healthcare services stocks also performed well in this environment. They advanced 9.3% over the month as measured by MSCI World Healthcare Equipment & Supplies and clearly outperformed the broad healthcare index MSCI World Healthcare Net (+6.2%).

The ongoing second-quarter reporting season is also grounds for optimism. Boston Scientific, Stryker, Danaher and Thermo Fisher, not to mention US health insurers such as Molina or Centene, reported better-than-expected results and investors accordingly bid their stock prices up. Even companies that did not quite meet expectations, such as Align, Intuitive Surgical, and Edwards Lifesciences, also traded higher. This is another indication that investors, emboldened by the better visibility, have clearly tempered their risk expectations, which, in turn, more than offset the slightly lower guidance some medtech companies gave for 2022 as a whole.

Sales grow despite recession
Once considerable uncertainty among investors regarding a potential recovery in medtech procedure volumes after the most recent surge in coronavirus cases has since given way to guarded optimism. Although the medtech sector is not entirely immune to recessionary forces, inflation or interest rate trends, recent statements from medtech company executives have confirmed that the medtech and services sector can still be regarded as a safe haven in times of trouble. Looking back at 2008/09, during the last major recession, most medtech companies continued to report positive sales and earnings growth. Since then, the industry has maintained its progressive development and bolstered its profile as one of the most defensive sectors of the stock market. Medtech stands out for its faster-than-average profit growth and lesser susceptibility to fluctuations. These strengths are definitely attractive in a market environment that leaves investors wondering which way the economy is heading.

Outlook: Acquisitions and new products
The outlook for the medtech & services sector for the rest of 2022 looks good. New COVID-19 cases and hospitalizations in key medtech & services markets (North America, Europe and Japan) have fallen hard and fast since Omicron became the dominant strain of the coronavirus. We believe that the high levels of population immunity will usher in a strong recovery in elective procedures in 2022 and 2023.

The sector’s risk-return profile is enticing for many investors. Regardless of when the pandemic and the 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. For example, the long-term average earnings per share growth for the MSCI Medtech & Services Index is 12%, which is twice as high as for the MSCI World Index.

Higher material and logistics costs are a reality, but medtech companies are well-managed and will probably be able to compensate for the higher costs. We also expect numerous approvals and market launches of relevant products for diabetes and structural heart disease.

Moderate sector valuations spell opportunities, and not only for investors. We anticipate an increase in M&A activity because the valuation multiples of many promising, fast-growing companies have declined so much.

The Bellevue Medtech & Services Fund (ISIN B-EUR LU0415391431) invests in the entire healthcare market with the exception of drug developers. One reason for the fund’s strong long-term track record is that the medtech & services sector ranks among the most defensive of all healthcare subsectors while also offering solid outperformance potential. That plus an additional bounce in growth from the rescheduling of non-urgent treatments that were postponed during the pandemic create attractive entry points for investors.

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