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: 09.10.2025)
NAV: EUR 125.28 (08.10.2025)
Rolling performance (09.10.2025)
U2-EUR | Benchmark | |
08.10.2024 - 08.10.2025 | -3.15% | -7.64% |
08.10.2023 - 08.10.2024 | 8.84% | 14.22% |
06.10.2022 - 06.10.2023 | -3.17% | -0.21% |
06.10.2021 - 06.10.2022 | -3.68% | 11.10% |
Annualized performance (09.10.2025)
U2-EUR | Benchmark | |
1 year | -3.15% | -7.64% |
3 years | 1.12% | 2.21% |
Since Inception p.a. | 0.05% | 5.67% |
Cumulative performance (09.10.2025)
U2-EUR | Benchmark | |
1M | 3.84% | 5.90% |
YTD | -0.66% | -3.30% |
1 year | -3.15% | -7.64% |
3 years | 3.40% | 6.79% |
Since Inception | 0.22% | 27.78% |
Annual performance
U2-EUR | Benchmark | |
2024 | 6.02% | 8.12% |
2023 | -5.74% | 0.45% |
2022 | -5.18% | 0.55% |
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 | 0.60% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2334253387 |
Valor number | 111276258 |
Bloomberg | BVBAU2E LX |
WKN | A3CNBB |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.09.2025, base currency USD)
Beta | 0.76 |
Volatility | 11.79 |
Tracking error | 7.98 |
Active share | 60.39 |
Correlation | 0.78 |
Sharpe ratio | 0.04 |
Information ratio | -0.32 |
Jensen's alpha | -1.97 |
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
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 Healthcare Strategy (Lux) Fund (I shares) gained 0.5% in USD, underperforming its benchmark by 48 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, Alibaba Health (Chinese tech rally; +22% in USD), UCB (weak competitor data; +18%), and McKesson (updated guidance at its Capital Markets Day; +13%) 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 global exposure to healthcare.
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