Investments in the 45 most attractive healthcare stocks worldwide, regionally diversified and across sub sectors
Profiting from pent-up demand in Emerging Markets as well as from innovation in industrialized countries
Strong focus on quality mid caps and underweight in pharma stocks
Indexed performance (as at: 20.05.2025)
NAV: EUR 210.45 (19.05.2025)
Rolling performance (20.05.2025)
I2-EUR | Benchmark | |
19.05.2024 - 19.05.2025 | -5.20% | -9.52% |
19.05.2023 - 19.05.2024 | 3.38% | 10.28% |
19.05.2022 - 19.05.2023 | 1.10% | 3.87% |
19.05.2021 - 19.05.2022 | -3.31% | 17.37% |
Annualized performance (20.05.2025)
I2-EUR | Benchmark | |
1 year | -5.20% | -9.52% |
3 years | -0.31% | 1.20% |
5 years | 2.56% | 5.50% |
Since Inception p.a. | 6.61% | 7.37% |
Cumulative performance (20.05.2025)
I2-EUR | Benchmark | |
1M | 5.80% | 1.81% |
YTD | -5.12% | -8.36% |
1 year | -5.20% | -9.52% |
3 years | -0.92% | 3.65% |
5 years | 13.49% | 30.71% |
Since Inception | 68.36% | 78.45% |
Annual performance
I2-EUR | Benchmark | |
2024 | 5.70% | 8.12% |
2023 | -6.03% | 0.45% |
2022 | -5.47% | 0.55% |
2021 | 14.72% | 28.63% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, 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 | 31.10.2016 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.70% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1587979334 |
Valor number | 36225699 |
Bloomberg | BVBAI2E LX |
WKN | A2DMU5 |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Monthly |
Key data (30.04.2025, base currency USD)
Beta | 0.81 |
Volatility | 13.36 |
Tracking error | 8.98 |
Active share | 67.03 |
Correlation | 0.76 |
Sharpe ratio | -0.32 |
Information ratio | -0.45 |
Jensen's alpha | -4.23 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 45 most attractive healthcare stocks worldwide.
- Proprietary investment process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices.
- Strong focus on quality mid-caps.
- Bellevue – healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- The fund may invest a proportion of its assets in financial instruments that might under certain circumstances have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
- 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 engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
Healthcare (MSCI World Healthcare) underperformed global equities (MSCI World) in April by 278 bps (after outperforming by 213 bps in March). Multiple sector-specific risks emerged during the month. For biopharma, we have seen three risks emerge. While initially exempt from tariffs, the Trump Administration initiated an Section 232 investigation on drugs, citing national security risks. Through the month we have also seen increasing uncertainty around drug approvals at the FDA given significant layoffs and evolving policy. Thirdly, towards the end of the month, the most-favored-nation (MFN) policy has remerged in law makers commentary.
Despite the above risks, pharmaceuticals (+0.6%) was the best performing healthcare GICs industry in the month. The leading companies highlighted their broad geographic manufacturing footprint and robust margins during earning calls. Similarly to pharmaceuticals, larger-cap biotech performed solidly in the month (NBI; +0.4%) driven by Q1 earnings and relative safety, but we note further significant underperformance for the higher-growth smaller companies (XBI Biotech ETF; -4.9%).
Medtech (0.0%) rebounded rapidly from tariff concerns earlier in the month driven by positive Q1 sales, continued strong utilization, and reassuring 2025 guidance. The leading medtech companies did a good job of framing the potential impact from tariffs, in our view. Life science tools (-6.0%) underperformed in the month, with an relatively high potential exposure to US-China tariffs and dependency on NIH spending. Healthcare services (-8.0%) was the worst performing healthcare GICs industry, driven by weak results from bellwether UnitedHealth.
From a geographical point of view, Asian healthcare (+4.9%) performed best in April, followed by emerging markets (+3.0%) and Europe (+1.9%). US healthcare (-3.6%) was disappointing in the month, driven by the aforementioned risks.
The Bellevue Healthcare Strategy (Lux) Fund (I-shares: +3.0%, in USD) outperformed its healthcare index benchmark by 487 bps, benefiting from overweight positioning in Asian and emerging market healthcare.
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Senior Sales Germany
Alexander Jostes