Explained in 90 seconds
Portfolio consisting of high-quality growth stocks showing double-digit revenue growth
Regulation and stringent quality requirements limit the technological risk
Demographic changes and an aging general population demand greater efficiency and cost-effectiveness
Indexed performance (as at: 12.10.2026)
NAV: USD 147.61 (08.10.2026)
Rolling performance (12.10.2026)
| Bellevue Digital Health | Benchmark | |
| 08.10.2025 - 08.10.2026 | 2.78% | n.a. |
| 08.10.2024 - 08.10.2025 | 2.62% | n.a. |
| 08.10.2023 - 08.10.2024 | 21.89% | n.a. |
| 08.10.2022 - 08.10.2023 | -7.17% | n.a. |
Annualized performance (12.10.2026)
| Bellevue Digital Health | Benchmark | |
| 1 year | 2.78% | n.a. |
| 3 years | 8.74% | n.a. |
| 5 years | -6.71% | n.a. |
| Since Inception p.a. | 3.09% | n.a. |
Cumulative performance (12.10.2026)
| Bellevue Digital Health | Benchmark | |
| 1M | 0.99% | n.a. |
| YTD | 0.13% | n.a. |
| 1 year | 2.78% | n.a. |
| 3 years | 28.57% | n.a. |
| 5 years | -29.33% | n.a. |
| Since Inception | 27.00% | n.a. |
Annual performance
| Bellevue Digital Health | Benchmark | |
| 2025 | 5.16% | n.a. |
| 2024 | 4.84% | n.a. |
| 2023 | -4.01% | n.a. |
| 2022 | -27.57% | n.a. |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests globally at least two-thirds of the portfolio in companies whose business activities have a strong focus on the digitalization of the healthcare sector. 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 | 30.04.2018 |
| 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 | LU1916264945 |
| Valor number | 45074611 |
| Bloomberg | BBDHA2U LX |
| WKN | A2N92T |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (30.09.2026, base currency USD)
| Beta | 0.58 |
| Volatility | 22.83 |
| Tracking error | 21.29 |
| Correlation | 0.52 |
| Sharpe ratio | 0.27 |
| Information ratio | -0.73 |
| Jensen's alpha | -9.22 |
| No. of positions | 35 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Benefits & Risks
Benefits
- Demographic changes and an aging general population demand greater efficiency and cost-effectiveness.
- New technologies conquer the healthcare sector.
- Portfolio consisting of high-quality growth stocks showing double-digit revenue growth.
- Regulation and stringent quality requirements limit the technological risk.
- 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.
- Equities linked to technology and/or digitization can be subject to higher-than-average fluctuations in value.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
The broad equity market (-1.2%) closed lower in September, while the US technology sector (Nasdaq 100 +3.3%) posted a strong gain. The broader healthcare sector (-1.8%) also declined, although higher-growth segments such as biotech (NBI -0.1%) fared better than more defensive areas such as medtech (-6.1%). The Bellevue Digital Health Fund (-0.1%) benefited from stronger demand for growth stocks and significantly outperformed both the broad equity market and the healthcare sector. The Digital Health Fund (+15.0%) delivered an excellent performance in Q3 2026, significantly outperforming the US technology sector (+0.6%), the broad equity market (+1.9%) and the healthcare sector (+3.3%). The long-awaited rotation back into digital health is taking place, and investors in general are beginning to recognize the investment opportunities in the healthcare sector again.
13 of the 35 companies in the fund's portfolio made a positive contribution to performance in the month under review, including 10X Genomics (+44.7%), Natera (+28.4%), Illumina (+28.1%), Adaptive Biotech (+16.0%), Kestra (+9.9%), Intuitive Surgical (+7.9%), as well as smaller holdings such as Metis TechBio (+38.2%) and XtalPi (+9.8%).
Life sciences tools stocks performed well, supported by positive comments from Thermo Fisher CEO Marc Casper regarding the recovery of the Chinese market. This, together with the expected surge in demand for biological experiments to build comprehensive AI biology models, helped drive the share prices of 10X Genomics and Illumina, as well as Chinese autonomous lab operators Metis TechBio and XtalPi, higher. Natera announced the submission of 11 new indications to CMS (Centers for Medicare & Medicaid Services), which should increase the company's average selling price (ASP) per test from USD 1275 to at least USD 2000 within a 12-month period. After a prolonged period of underperformance, Intuitive Surgical's share price performance was primarily driven by multiple expansion. In addition, the company plans to allow customers to use surgical instruments for longer periods from 2027, combined with a below-average price increase. This should 1) accelerate procedure volume growth as lower instrument costs per procedure stimulate demand, 2) improve profit margins thanks to the price increase, and 3) help keep new competitors such as Medtronic at bay.
Large-cap, lower-growth companies in particular, such as Stryker (-14.7%), EssilorLuxottica (-11.4%), Abbott (-10.4%) and Dexcom (-5.2%), weighed on fund performance during the month under review. Smaller companies such as Globus Medical (-8.0%), Glaukos (-8.6%), Align (-9.0%), Procept BioRobotics (-14.1%) and Omada Health (-15.2%) also detracted. Stryker did not lower its full-year guidance but reported production issues at recently acquired Inari and stronger competition in hip implants. Investor impatience and nervousness surrounding Dexcom is increasing as the market awaits an announcement from CMS on expanded reimbursement for continuous glucose monitoring sensors to the important group of diabetes patients who are not yet using insulin.
All performance data in USD/B shares.
Looking at the fundamentals, digital health companies are on a stable, above-average growth trajectory that we expect to remain intact throughout the year. Positive sector momentum and renewed investor interest in healthcare make us very confident about the remainder of 2026 and the coming year. Inflows into the broader healthcare sector should also benefit digital health.
The approval and subsequent launch of relevant new products should continue to support strong sales growth. Besides innovation as the key driver of value, other factors such as attractive valuation levels and the anticipated acceleration in M&A and IPO activity also speak in favor of an investment in the Bellevue Digital Health Fund.
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