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Bellevue Digital Health

Explained in 90 seconds

Bellevue Digital Health Fund 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: 13.11.2026)

NAV: CHF 169.52 (12.11.2026)


01 Jan 2010 - 01 Jan 2010
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Bellevue Digital Health
Benchmark

Rolling performance (13.11.2026)

Bellevue Digital HealthBenchmark
12.11.2025 - 12.11.202611.86%n.a.
12.11.2024 - 12.11.2025-9.50%n.a.
12.11.2023 - 12.11.202437.78%n.a.
10.11.2022 - 10.11.2023-30.92%n.a.

Annualized performance (13.11.2026)

Bellevue Digital HealthBenchmark
1 year11.86%n.a.
3 years11.73%n.a.
5 years-8.88%n.a.
Since Inception p.a.3.63%n.a.

Cumulative performance (13.11.2026)

Bellevue Digital HealthBenchmark
1M5.48%n.a.
YTD13.22%n.a.
1 year11.86%n.a.
3 years39.49%n.a.
5 years-37.18%n.a.
Since Inception35.62%n.a.

Annual performance

Bellevue Digital HealthBenchmark
2025-8.84%n.a.
202411.93%n.a.
2023-13.40%n.a.
2022-27.07%n.a.

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. A global network of experts spanning scientific and industrial fields support the Management Team in forming opinions. The selection of portfolio companies is bottom-up. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s investment objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to selectively diversify their portfolio with investments in companies whose business activities have a strong focus on the digitalization of the healthcare sector and who are willing to accept the equity risk typical of this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date30.04.2018
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time15:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
ISIN numberLU1811047833
Valor number41450810
BloombergBBDIGBC LX
WKNA2JJBA

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8

Key data (31.10.2026, base currency USD)

Beta0.56
Volatility22.41
Tracking error21.26
Correlation0.51
Sharpe ratio0.66
Information ratio-0.36
Jensen's alpha0.90
No. of positions35

Top 10 positions

Dexcom
Veeva Systems
Glaukos
Procept BioRobotics
Abbott Laboratories
Intuitive Surgical
Align Technology
EssilorLuxottica
Waystar
TransMedics
8.4%
8.0%
7.0%
5.3%
5.0%
4.9%
4.7%
4.6%
4.2%
4.0%

Market capitalization

0 - 1 bn
1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
3.2%
9.9%
13.2%
24.9%
0.7%
46.8%
1.3%

Geographic breakdown

United States
France
Great Britain
Denmark
China
Cash
86.0%
4.6%
3.2%
3.0%
1.7%
1.6%

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.

The broader equity market (-0.8%) closed slightly lower in October, while the US technology sector, represented by the Nasdaq 100 (-6.6%), declined significantly. The long-awaited rotation back into the digital health sector appears to support this trend: the Bellevue Digital Health fund (+3.6%) outperformed the Nasdaq 100 by more than 10 percentage points. Share price movements suggest a more critical assessment of the risks associated with AI stocks. The healthcare sector could benefit from the Democrats’ election victory. At the same time, stricter environmental and investment requirements could delay the construction of new data centers in the US and increase costs.

During the month, 23 of the 35 portfolio companies contributed positively to performance, including Glaukos (+44.7%), EssilorLuxottica (+24.5%), Phreesia (+20.4%), Ambu (+15.9%), Waystar (+10.5%), Veeva (+9.6%), Abbott (+8.1%), Intuitive Surgical (+6.2%) and Stryker (+6.0%). This was primarily driven by the start of the Q3 2026 earnings season, with several companies exceeding analyst expectations. Despite weaker consumer sentiment, EssilorLuxottica reported strong revenue growth in both its core business and AI glasses. Strength in the core business has continued into Q4 2026. In addition to Glaukos’s better-than-expected Q3 2026 results, the more significant positive surprise was the substantial increase in its full-year 2026 guidance. Its initial outlook for 2027 was also well above analyst expectations. The main driver was a sharp increase in demand for its keratoconus treatment Epioxa, supported by new reimbursement arrangements effective since July.
After expressing some caution about procedure volume trends during its Q2 2026 reporting, Intuitive Surgical largely met analyst expectations in Q3 2026 and reaffirmed its full-year 2026 guidance. Although Abbott reported disappointing Q3 2026 results, it also announced the spin-off of its Nutrition division, which should strengthen the group’s profile. The division grows more slowly than the rest of the company and is less profitable. Stryker’s Q3 2026 results also fell short of expectations, but the company announced a CEO transition and appointed COO Spencer Stiles as its next CEO. Investors expect Ambu to report strong Q4 2026 results in November (its financial year ends in September), followed by accelerating growth in the new 2026/27 financial year, and positioned themselves accordingly during the month. Investor sentiment towards healthcare IT companies such as Phreesia and Veeva continued to improve, as integrating AI into their own solutions reduces the competitive threat from AI companies outside the sector. Waystar announced that it was considering strategic options, including a sale.

Profit-taking in life sciences tools companies 10X Genomics (-22.4%) and Illumina (-13.8%) was the main drag on fund performance. This sentiment also affected the smaller holdings Metis TechBio (-37.5%) and XtalPi (-25.2%). Publicly available flight data also indicated lower flight activity at TransMedics (-20.9%) in October. Dexcom (-4.6%) lost its contract with US pharmacy chain CVS in October, while competitor Abbott reported disappointing Q3 2026 results in its diabetes business and lowered its targets for the coming quarters.

All performance figures are in USD; fund performance refers to B shares.

From a fundamental perspective, digital health companies remain on a steady path towards above-average growth, which we expect to continue through the remainder of the year. Positive sector momentum and renewed investor interest in healthcare underpin our confidence in the outlook for the remainder of 2026 and the coming year. Inflows into the broader healthcare sector should also benefit the digital health sector.

The approval and launch of relevant new products should support continued strong revenue growth. Alongside innovation as the key value driver, factors such as attractive valuations and an expected acceleration in M&A and IPO activity support the investment case for the Bellevue Digital Health Fund.

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Ratings & Awards

  • 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).
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