The global growth rate of the healthcare sector has consistently outpaced global GDP growth
Broadly diversified healthcare all-rounder with a focus on mega and large caps, complemented by small and mid caps
Active approach with a focus on structural growth and disciplined monitoring of portfolio metrics
Indexed performance (as at: 09.10.2025)
NAV: CHF 114.42 (08.10.2025)
Rolling performance (09.10.2025)
I2-CHF | Benchmark | |
08.10.2024 - 08.10.2025 | -8.65% | -8.63% |
08.10.2023 - 08.10.2024 | 12.23% | 11.65% |
08.10.2022 - 08.10.2023 | -2.74% | -0.99% |
Annualized performance (09.10.2025)
I2-CHF | Benchmark | |
1 year | -8.65% | -8.63% |
3 years | -0.10% | 0.84% |
Since Inception p.a. | -2.48% | -0.90% |
Cumulative performance (09.10.2025)
I2-CHF | Benchmark | |
1M | 5.44% | 5.71% |
YTD | -4.22% | -4.18% |
1 year | -8.65% | -8.63% |
3 years | -0.29% | 2.54% |
Since Inception | -8.46% | -3.13% |
Annual performance
I2-CHF | Benchmark | |
2024 | 10.62% | 9.40% |
2023 | -8.16% | -5.55% |
Facts & Key figures
Investment Focus
The Bellevue Diversified Healthcare fund aims to achieve long-term capital growth, is actively managed and invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, 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 | 31.03.2022 |
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 | LU2441706921 |
Valor number | 116533048 |
Bloomberg | BDHCI2C LX |
WKN | A3DEAS |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.09.2025, base currency USD)
Beta | 0.92 |
Volatility | 11.76 |
Tracking error | 3.86 |
Active share | 27.94 |
Correlation | 0.95 |
Sharpe ratio | 0.05 |
Information ratio | -0.62 |
Jensen's alpha | -2.35 |
No. of positions | 64 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Profit from the worldwide growth of the healthcare sector, which has clearly outpaced the growth of global GDP during the past ten years.
- Take advantage of the positive characteristics of the healthcare sector and generate alpha through a bottom-up selection process and factor allocation strategies.
- Strategic overweighting of the “structural growth” factor and underweighting of blue-chip pharmaceutical stocks.
- Low earnings risk – above-average earnings growth, even in crisis years, leading to stable portfolio components.
- 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
Global equities rose in September 2025 (MSCI World Index; +3.2%), while healthcare lagged (MSCI World Health Care Index; +1.0%) as political uncertainty weighed on stocks for much of the month. The Bellevue Diversified Healthcare (Lux) Fund (I shares) gained 0.8% in USD, slightly underperforming its benchmark by 14 bps.
Large-cap healthcare lagged in September amid tariff headlines, MFN drug pricing concerns, and the risk of a US government shutdown. However, late-month news flow helped sentiment recover. In contrast, SMID-cap biotech outperformed (Russell 2000 Biotech; +11%), supported by M&A activity (Roche/89bio, Pfizer/Metsera, Genmab/Merus), positive clinical readouts (e.g. Ionis Pharmaceuticals, uniQure), and the Fed’s base rate cut.
Ahead of the September 29 drug pricing deadline, pharma and the industries lobby group (PhRMA) signaled flexibility through direct-pay obesity models, selective EU price cuts, and US CapEx pledges. On September 30, Pfizer struck a deal with the administration: MFN pricing in Medicaid (<5% of US sales), a global pricing framework for new drugs, discounted direct-to-consumer sales («TrumpRx»), and a USD 70 bn US manufacturing/R&D investment – giving Trump a visible «deal moment.» This helped to change sentiment on the sector, driving a rally on the last day of September. Beyond the political noise, we note the CEO transition announcement at GSK was taken positively by the market.
Among portfolio holdings, UCB (weak competitor data; +18%), McKesson (updated guidance at its Capital Markets Day; +13%), and Protagonist Therapeutics (+13%; clinical data with icotrokinra at the EADV) delivered the strongest absolute performance for the month.
Healthcare equities remain under-indexed at <9% of the S&P 500 versus ~18% of US GDP and are still trading at near-decade-low relative multiples. Pharmaceutical valuations reflect EPS downgrades tied to drug-pricing reform, which looks increasingly unlikely to come. After several difficult years of headwinds, we are increasingly confident that the sector is healing.
Along with discounted valuations and improving certainty around the operating environment, the macro backdrop could move toward a supportive phase for healthcare. The sector, and biotech in particular, has also tended to benefit during Fed cutting cycles. In addition, the sector has historically proven to be a good hedge in slowdowns, outperforming in every US recession since 1990 with an average 10-point excess return versus the S&P 500.
Long-term structural growth drivers remain intact, including aging populations, expanding access in emerging markets, and innovation in areas like robotics and AI. Importantly, innovation is central to addressing rising societal costs through efficiency gains and reduced long-term care burdens. Against this backdrop, the fund maintains a selective, high-conviction strategy with diversified exposure to healthcare. We currently hold overweight positions in biotechnology and life science tools.
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