Institutional Investors
Explained in 90 seconds
Medtech & Services is an investment in 10% of global gross domestic product: Healthcare sector excluding drugs
Bottom line: above-average and steady growth compared to the broad market
Digitalization and the use of GenAI is boosting sales and earnings growth
Indexed performance (as at: 13.11.2026)
NAV: GBP 579.11 (12.11.2026)
Rolling performance (13.11.2026)
| Bellevue Medtech & Services | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
| 12.11.2025 - 12.11.2026 | -8.59% | -10.82% | 18.10% |
| 12.11.2024 - 12.11.2025 | -0.31% | 1.43% | 2.71% |
| 12.11.2023 - 12.11.2024 | 24.83% | 25.69% | 12.52% |
| 12.11.2022 - 12.11.2023 | -9.79% | -9.02% | -7.49% |
Annualized performance (13.11.2026)
| Bellevue Medtech & Services | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
| 1 year | -8.59% | -10.82% | 18.10% |
| 3 years | 4.39% | 4.37% | 10.92% |
| 5 years | -0.80% | -2.87% | 6.92% |
| 10 years | 8.53% | 8.21% | n.a. |
| Since Inception p.a. | 11.05% | 11.82% | n.a. |
Cumulative performance (13.11.2026)
| Bellevue Medtech & Services | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
| 1M | 8.81% | 8.56% | 9.74% |
| YTD | -3.94% | -6.21% | 18.98% |
| 1 year | -8.59% | -10.82% | 18.10% |
| 3 years | 13.75% | 13.70% | 36.48% |
| 5 years | -3.91% | -13.53% | 39.74% |
| 10 years | 126.73% | 120.20% | n.a. |
| Since Inception | 363.29% | 412.92% | n.a. |
Annual performance
| Bellevue Medtech & Services | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
| 2025 | -2.83% | -1.64% | 6.87% |
| 2024 | 10.76% | 10.02% | 3.10% |
| 2023 | -0.77% | 2.63% | -1.65% |
| 2022 | -6.31% | -15.28% | 5.82% |
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. 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 | 28.09.2009 |
| Year end closing | 30. Jun |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 0.90% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU0767969719 |
| Valor number | 18316252 |
| Bloomberg | BFLBBIG LX |
| WKN | A1JWD9 |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (31.10.2026, base currency EUR)
| Beta | 0.97 |
| Volatility | 15.79 |
| Tracking error | 4.89 |
| Active share | 77.93 |
| Correlation | 0.95 |
| Sharpe ratio | 0.17 |
| Information ratio | -0.23 |
| Jensen's alpha | -1.06 |
| No. of positions | 42 |
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
The broad equity market (+0.9%) ended October slightly higher, while the tech-heavy Nasdaq 100 (-5.1%) suffered significant losses. The broad healthcare sector (+11.7%) and the medtech sector (+9.0%) delivered outstanding performance, while the Bellevue Medtech & Services Fund (+9.6%) also outperformed its benchmark.
The long-awaited rotation back into the medtech sector has clearly begun. The Bellevue Medtech & Services Fund outperformed the US technology sector by almost 15 percentage points in the month under review. Share price movements suggest that investors are taking a more critical view of the risks associated with AI stocks. In October, investors also appeared to be positioning themselves for a potential Democratic victory in the US midterm elections. Healthcare services providers such as hospital operators, as well as medtech companies supplying hospitals, were seen as potential beneficiaries of such an election outcome.
The Q3 reporting season began in October, with several companies beating analyst expectations, including Glaukos (+47.1%), EssilorLuxottica (+26.6%), GE HealthCare (+17.2%) and Hoya (+12.9%). Despite weaker consumer sentiment, EssilorLuxottica reported strong sales growth in both its core business and AI-powered glasses. The strong momentum in its core business has continued into Q4 so far. At Glaukos, the biggest positive surprise was a significant upgrade to its full-year 2026 guidance and initial guidance for 2027 that was well above analyst expectations. The main driver was a sharp increase in demand for its keratoconus treatment Epioxa, supported by new reimbursement coverage introduced in July.
In addition to reporting better-than-expected Q3 results, GE HealthCare announced the acquisition of SOFIE Biosciences, which is expected to have a positive impact on both sales and margins. Hoya beat analyst expectations in both its Life Care and IT segments in Q2. In response to strong demand, the company also plans to bring forward the expansion of its production capacity for glass-based data storage substrates. After taking a rather cautious stance on procedure volume trends during its Q2 earnings announcement, Intuitive Surgical (+8.0%) largely met analyst expectations in Q3 and confirmed its full-year 2026 guidance.
Abbott (+9.9%) reported disappointing Q3 results but also announced plans to spin off its Nutrition business, a move that should strengthen the group's business profile. The division has shown slower growth and lower profitability than the rest of the company. Stryker (+7.8%) also reported Q3 results that fell short of expectations, but announced a CEO transition, appointing COO Spencer Stiles as its new CEO.
Outside the Q3 reporting season, Medtronic (+13.8%) completed the spin-off of its MiniMed diabetes business, while Becton Dickinson (+12.4%) announced a partnership with the US government that will reduce future tariffs for the company.
Only a few portfolio holdings detracted from performance in the month under review: TransMedics (-19.6%), Dexcom (-3.0%) and Boston Scientific (-2.2%). Publicly available flight data indicated lower flight activity at TransMedics in October. Dexcom lost its contract with US pharmacy chain CVS in October, while competitor Abbott reported disappointing Q3 results in its diabetes business and lowered its guidance for the coming quarters. Boston Scientific largely met investor expectations for Q3, which had already been lowered following the cyberattack in August. However, the company reduced its full-year 2026 guidance once again.
US health insurers UnitedHealth (+12.7%) and Elevance (+9.8%) reported strong quarterly results and raised their full-year 2026 guidance. Cigna (+11.6%) and Humana (+10.7%) are also expected to benefit from these trends, leading to higher investor expectations ahead of their respective Q3 earnings announcements in November.
All performance data in EUR/B shares.
Innovative medtech companies are demonstrating that leading market positions and high-margin product pipelines can generate positive earnings, surprises and guidance upgrades even in a more challenging market environment. This holds true despite shifts in the payer mix at hospitals and changes in insurance coverage conditions.
There are also clear signs that M&A activity is accelerating again and that large-cap companies will use their strong balance sheets to drive additional external growth. The most important long-term success factor remains the approval and subsequent launch of relevant new products, which will continue to support strong sales growth.
We expect a significant recovery in profit margins among US health insurers, particularly in the Medicare Advantage segment. Persistently high market interest rates could provide additional support for earnings growth.
Dokumente
Show moreShow less
