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Bellevue Healthcare Opportunities

ISIN-No.: LU2721086416

YTD: 18.73%

Active share: 22.88

Number of positions: 69

Indexed performance (as at: 13.11.2026)

NAV: EUR 165.69 (12.11.2026)


01 Jan 2010 - 01 Jan 2010
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Bellevue Healthcare Opportunities
MSCI World Healthcare NR

Rolling performance (13.11.2026)

Bellevue Healthcare OpportunitiesMSCI World Healthcare NR
12.11.2025 - 12.11.202619.06%24.76%
12.11.2024 - 12.11.2025-4.36%-3.03%

Annualized performance (13.11.2026)

Bellevue Healthcare OpportunitiesMSCI World Healthcare NR
1 year19.06%24.76%
Since Inception p.a.10.01%12.02%

Cumulative performance (13.11.2026)

Bellevue Healthcare OpportunitiesMSCI World Healthcare NR
1M8.94%11.00%
YTD18.73%24.28%
1 year19.06%24.76%
Since Inception32.55%39.84%

Annual performance

Bellevue Healthcare OpportunitiesMSCI World Healthcare NR
20250.36%1.26%
20248.79%8.12%

Investment Focus

The fund seeks long-term capital growth, is actively managed and holds 40 to 60 securities. The investment universe covers life sciences tools, healthcare IT, medical technology, pharma, biotech and healthcare services. The investment process combines scientific expertise with economic analysis. Proprietary insights from surveys of experts, patients and customers are used to assess clinical probability of success, demand and commercial potential, as well as deviations from market expectations. Stock selection and weighting follow a bottom-up, benchmark-independent approach. The fund may invest in small caps and up to 20% in emerging market securities. The investment process takes ESG factors into account when implementing the investment objectives, combining exclusion criteria with a best-in-class approach.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The Fund is exposed to the risks typical of equity investments.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date30.11.2023
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU2721086416
Valor number130851927
BloombergBAIHXBE LX
WKNA3E1ZT

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.10.2026, base currency USD)

Beta0.96
Volatility14.75
Tracking error3.33
Active share22.88
Correlation0.97
Sharpe ratio1.07
Information ratio-1.54
Jensen's alpha-5.58
No. of positions69

Top 10 positions

Eli Lilly
AbbVie
Johnson & Johnson
Merck & Co
UnitedHealth Group
ROCHE HLDG.
Novartis
Thermo Fisher
AstraZeneca
Amgen
9.8%
6.1%
5.8%
5.7%
5.4%
4.0%
3.7%
3.6%
3.5%
3.4%

Geographic breakdown

United States
Switzerland
Japan
Great Britain
France
Denmark
Germany
Australia
China
Cash
75.7%
7.7%
5.4%
4.4%
2.1%
1.9%
0.8%
0.2%
0.2%
1.7%

Benefits

  • Access to the entire healthcare value chain – from biotech and pharma to medtech, tools and healthcare AI.
  • Proprietary expert, patient and customer surveys help identify market inefficiencies.
  • Fundamentals, independent analysis and valuation drive conviction-based stock selection.
  • Small caps and emerging markets offer additional investment opportunities.
  • 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.

Despite rising oil prices and unexpectedly high core inflation, the yield on 10-year US Treasuries fell by 40 bps to 4.9% in October. The main drivers were share price declines in AI-related stocks and weaker-than-expected US labor market data.

The MSCI World declined -0.8%, the S&P 500 fell -0.9%, and the Nasdaq 100 lost as much as -6.6% amid a sharp sell-off in AI-driven IT stocks. The healthcare sector gained +9.9%, driven by biopharma, healthcare services and medtech, with biopharma accounting for around 70% of the sector's performance. The Bellevue AI Health fund gained +8.9%, slightly underperforming its benchmark.

Biopharma (60.8% weighting at the end of the month) contributed +6.5% to absolute performance but detracted -0.5 percentage points from relative performance. Eli Lilly (+22.5%), Roche (+17.1%) and AbbVie (+13.4%) made positive contributions, while Metis TechBio (-37.1%), Alnylam (-33.1%) and Daiichi Sankyo (-1.8%) detracted. Eli Lilly benefited from strong international demand for its diabetes and weight-loss drug Mounjaro, as well as unexpectedly high utilization under the US government health insurance program Medicare. This led to strong quarterly results and an upgrade to its full-year guidance. Alnylam, meanwhile, disappointed investors with its sales outlook for therapies targeting abnormal deposits of the protein transthyretin (TTR), which can damage the heart and nerves. Full-year sales are expected to reach only the lower end of the guidance range. In addition, US sales growth of Amvuttra, a drug used to treat this condition, slowed. One-off inventory build-ups and favorable reimbursement effects had partially masked the slowdown.

The medtech segment (23.8% weighting) contributed +1.4% to absolute performance but detracted -0.1% from relative performance. Medtronic (+11.9%), Hoya (+11.0%) and Abbott (+8.1%) made positive contributions, while Beta Bionics (-11.7%), Medline (-7.4%) and Dexcom (-4.6%) detracted. Medtronic completed the spin-off of its MiniMed diabetes business with better-than-expected results. Hoya exceeded investor expectations in its Life Care and IT segments in the second quarter of 2026. Due to strong demand, Hoya plans to bring forward its capacity expansion for glass-based data storage media. Beta Bionics disappointed investors with its full-year sales guidance and withdrew its application for FDA approval of its «3D Intelligence» algorithm.

Healthcare services providers (11.6% weighting) contributed +1.2% to absolute performance but detracted -0.2% from relative performance. LabCorp (+17.3%), McKesson (+16.5%) and UnitedHealth (+10.9%) made positive contributions, while Omada Health (-10.0%) slightly weighed on performance. McKesson benefited from the extension of its pharmaceutical distribution agreement with CVS Health. UnitedHealth reported strong quarterly results, with lower medical costs driving better-than-expected earnings and prompting management to raise its earnings guidance for 2026.

The fund’s tech exposure (3.7% weighting), which includes companies from the healthcare technology and information technology industries, had no significant impact on absolute or relative performance. Veeva Systems (+9.6%) and Waystar (+10.5%) made positive contributions, while Nvidia (-10.4%) detracted. Veeva shares benefited from growing investor confidence in their AI products, Vault AI and Falcon Agents. Nvidia, a chipmaker, came under pressure during the sell-off in AI stocks in October 2026.

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 alongside major milestones such as the Internet, cloud computing, and the smartphone. GenAI is creating tremendous opportunities for businesses and investors, particularly in the healthcare sector. A growing number of studies conclude that healthcare is among the sectors most likely to benefit from the adoption of GenAI. This is primarily due to the sector’s significant potential for efficiency
gains, the vast amount of available data, and the substantial financial resources dedicated to healthcare.

We are already seeing medications being developed more quickly and with higher probabilities of success, new diagnostic and treatment approaches delivering better clinical outcomes, and GenAI helping healthcare professionals make more informed and effective decisions. We focus on healthcare companies that have made GenAI a core element of their business strategy and are investing substantial resources in this technology, enabling them to gain a sustainable competitive advantage and achieve above-average value creation. The technology risk is more predictable in healthcare because it is a highly regulated sector.

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  • Co-Lead Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
  • Co-Lead Portfolio Manager

    Stefan Blum

    Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI 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.
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