Indexed performance (as at: 23.09.2025)
NAV: USD 168.68 (22.09.2025)
Rolling performance (23.09.2025)
I2-USD | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
22.09.2024 - 22.09.2025 | -1.20% | 0.65% | -9.15% |
22.09.2023 - 22.09.2024 | 22.89% | 23.22% | 20.37% |
22.09.2022 - 22.09.2023 | 6.38% | 8.05% | 10.42% |
22.09.2021 - 22.09.2022 | -23.50% | -33.59% | -11.41% |
Annualized performance (23.09.2025)
I2-USD | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
1 year | -1.20% | 0.65% | -9.15% |
3 years | 8.90% | 10.25% | 6.49% |
5 years | 5.55% | 3.66% | 5.87% |
Since Inception p.a. | 5.45% | 4.76% | 6.30% |
Cumulative performance (23.09.2025)
I2-USD | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
1M | -3.53% | -2.85% | -0.53% |
YTD | 2.11% | 3.83% | 3.11% |
1 year | -1.20% | 0.65% | -9.15% |
3 years | 29.16% | 34.00% | 20.75% |
5 years | 31.00% | 19.70% | 33.01% |
Since Inception | 34.94% | 30.00% | 41.18% |
Annual performance
I2-USD | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
2024 | 8.97% | 8.09% | 1.13% |
2023 | 5.31% | 8.76% | 3.76% |
2022 | -16.68% | -24.76% | -5.41% |
2021 | 17.00% | 14.93% | 19.80% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and 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.The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.
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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 | 28.09.2009 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.80% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2107455052 |
Valor number | 52219156 |
Bloomberg | BBAMI2U LX |
WKN | A2PYJT |
Total expense ratio (TER) | 1.32% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- 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 cutting-edge 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
- The fund actively invests in equities. Equities are subject to 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 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.
- 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
Global stocks (MSCI World Net Index +0.2%) and European stocks (Euro Stoxx 50 +0.6%) closed slightly higher in August. Healthcare stocks (MSCI World Health Care Net Index +2.6%) delivered a clearly better performance, thanks in no small measure to US health insurers, which recovered most of the ground they had lost during the previous month (S&P Managed Care Index; +18.2%). Their rebound was triggered by the news that Warren Buffett’s investment company Berkshire Hathaway had invested USD 1.6bn in UnitedHealth. We have generally observed that investor sentiment toward the healthcare sector has become less negative. The medtech sector (MSCI World Healthcare Equipment & Supplies Net Index +0.4%) also delivered a positive return, and the Bellevue Medtech & Services (Lux) Fund (+0.7%) outperformed its benchmark. The anticipated rate cut by the Federal Reserve should give fast-growing medtech stocks an additional tailwind.
Large-cap medtech names delivered a mixed performance in August. Investors appear to have trimmed their positions in widely held stocks such as Boston Scientific (-1.8%), Stryker (-2.7%), and Intuitive Surgical (-4.0%) and reinvested the proceeds in under-owned stocks such as Medtronic (+0.4%), Abbott (+2.6%), and Zimmer Biomet (+13.0%). The latest quarterly reporting season came to an end during the month under review. Idexx (+18.2%) and Insulet (+15.0%) sailed past consensus expectations, while eye care specialists Alcon (-12.1%) and Cooper (-6.9%) fell short of expectations.
Idexx demonstrated that it can generate high sales growth despite the continued weakness in veterinary practice visits in the US thanks to new innovative diagnostic tests. Insulet reported strong Q2 sales and earnings that clearly beat expectations, and management raised its full-year growth target for 2025. In addition, Insulet reported a record >40% increase in new patient starts, which is a good indicator of high sales growth going forward.
While the healthcare sector in general is hardly affected by downturns in consumer sentiment, weak consumer sentiment does have an impact on certain areas where patients have to pay for some or all of the costs out of their own pocket. For example, the market for high-end intraocular lenses (which are only partially reimbursed) has weakened in recent months, and this weighed on Alcon’s sales growth in the second quarter. However, new product launches during the past few quarters should gradually boost sales growth significantly beginning in Q3. Cooper’s Q2 results failed to meet expectations. The company did announce an expansion of contracts with large customers in the contact lens business, but this led to a brief drop in orders for older products. This destocking effect should fade away over the next few quarters. Dexcom (-8.9%) beat analyst expectations for Q2, but investors were not entirely satisfied. While Dexcom performed well in the US, its sales growth there continued to lag the growth rates reported by its competitor Abbott, which can be traced to pricing strategies. This effect should subside over the next few quarters.
Healthcare services (portfolio share: 6.0%) had a positive impact on portfolio performance, led by the US health insurers UnitedHealth (+21.2%), Humana (+18.6%), Molina Healthcare (+11.8%), Elevance Health (+9.9%), Cigna (+9.8%), and Centene (+8.7%). Their rebound was triggered by the news that Warren Buffet’s investment company had invested USD 1.6bn in UnitedHealth. Hospital chain operator HCA Healthcare (+11.4%) and healthcare IT provider Privia (+15.2%) also performed well. All performance data is in EUR / B shares.
Based on the very good Q2 results and full-year guidance for 2025 reported by medtech companies as well as our latest talks with company executives, we expect surgical procedure volume growth to remain at a high level throughout 2025. A record-high valuation discount versus Wall Street and low valuations that were last seen during the height of the pandemic are additional arguments for investing in the Bellevue Medtech & Services (Lux) fund. Furthermore, there are already signs that M&A activity is gaining momentum and that large-cap companies are using their strong balance sheets to fund additional acquisition-led growth. The most important factor for success over the long run is the approval and subsequent launch of relevant new products that generate high sales growth. Examples here are Abbott’s Lingo, Libre Rio, Libre 3, TriClip, and AVEIR products, Boston Scientific’s Farapulse PFA system and Watchman FLX Pro device, and the new da Vinci 5 surgical robot from Intuitive Surgical.
Documents
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Legal notices
Ratings & Awards
Equity Analyst
Catharina Claes
Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.Senior Equity Analyst
Annie Zeng
Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.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.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).Equity Analyst
Catharina Claes
Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.Senior Equity Analyst
Annie Zeng
Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.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.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).