Your browser is out-of-date!

Update your browser to view this website correctly.

To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO



By using the website, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.


Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

For a full explanation of risks and the overall risk profile of financial products mentioned on this site, please refer to the relevant Key Investor Information Documents (KIDs) and Prospectuses.


By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.


By clicking on "Accept", you confirm that you agree to the legal provisions. Alternatively, you can select "I don't accept" if you wish to leave the website

Investment process

The portfolio comprises a single pool of investments, selected for their 3 to 5 year total return potential. Organic dividend yield is not a consideration in portfolio decisions and the focus is on maximisation of total shareholder return. Stocks are only considered for inclusion in the portfolio following a comprehensive multi-stage due diligence process. The investment process is based on bottom-up fundamental analysis. Whilst the hypothetical investable universe is very broad, the requirements around levels of daily liquidity and financial disclosure mean that the realistic investable universe is typically approximately 800 stocks at any given time. Companies in the portfolio are selected on the basis of their merits rather than their weighting in any particular benchmark or index.

The investment process can be summarised as consisting of four broad stages:


These include analysis of sub-sectors within the healthcare industry, including their relative valuations, growth prospects and regulatory outlook. Also, the risks and opportunities associated with the political environment and sector M&A activity. The Portfolio Manager is happy to discount ownership of certain healthcare sub-sectors for multi-year periods based on this analysis.


This includes the use of proprietary screening tools to narrow the investable universe to the most promising candidates. Management quality and accessibility are key criteria.


This is driven by the Portfolio Manager’s fundamental analysis of the narrowed investable universe, including the relative attractiveness of sub-sectors, expected returns, downside risk and trading liquidity in potential investee company securities.


This is provided by a combination of the Portfolio Manager’s own risk management tools and the oversight provided by a highly experienced, independent Board of non-executive directors. An integral part of this framework is a rigorous selling discipline in relation to portfolio holdings, with position prices and valuations continuously monitored against the Portfolio Manager’s views on valuations and expected returns.