Bellevue Asset Management AG
Bellevue Asset Management AG: A safe place in the event of unexpected coronavirus troubles
EQS Group-News: Bellevue Asset Management AG
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Market commentary May 27, 2020 A safe place in the event of unexpected coronavirus troubles A commentary by Stefan Blum and Marcel Fritsch, Portfolio Managers of the BB Adamant Medtech & Services Fund, Bellevue Asset Management The medtech & services sector continued to display its defensive qualities amid the corona crisis and performed relatively well while the market tanked. Covid-19 is likely to have an only mild, temporary effect on this sector’s fundamental factors. The sector’s resilience can be traced to the non-cyclical nature of market demand for its solutions. Many health problems must still be treated regardless of the crisis (e.g. heart issues, bone fractures, etc.). That said, during the height of the pandemic, less urgent procedures such as hip and knee replacement surgery did have to be postponed. These operations were not permanently canceled, though – they will be performed at a later point in time, which will boost underlying demand when the time comes. Even a recession would have little impact on the medtech & services sector because demand as well as prices are very stable, the latter due to the reimbursement of costs from health insurers. Return to normalcy The trends are pointing in the right direction, especially considering that statements by government officials and medical associations support the forecast of a market recovery in the fourth quarter of 2020. We therefore expect a return to normal market growth by year-end – and we might already see a sequential acceleration in growth in the third quarter. Against the backdrop of the largely positive company earnings announcements for the first quarter of 2020, this scenario is also encouraging for investors. US health insurance stocks heavily discounted A significant acceleration in growth is particularly likely at insurers that specialize in Medicaid, the government program for low-income households, or in health insurance marketplaces. Even insurers who do much of their business in the commercial health insurance segment are likely to report an only mid-single-digit decline in earnings next year, which would be due to a decline in the number of insured persons. Focus on large caps Significant outperformance For further information: Bellevue Asset Management AG, Seestrasse 16 / P.O. Box, CH-8700 Küsnacht/Zurich
Bellevue Asset Management Bellevue Asset Management and its sister company StarCapital based in Oberursel outside Frankfurt, Germany are part of Bellevue Group, an independent, Swiss financial group registered in Zurich and listed on the Swiss Exchange SIX. Bellevue was established in 1993 and is a leading investment boutique specialized in healthcare equities and traditional as well as alternative investment strategies with assets under management of CHF 10.6 billion. Disclaimer: This document is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. It is particularly not intended for US persons, as defined under Regulation S of the U.S. Securities Act of 1933, as amended. The information and data presented in this document are not to be considered as an offer to buy, sell or subscribe to any securities or financial instruments. The information, opinions and estimates contained in this document reflect a judgment at the original date of release and are subject to change without notice. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient and in particular tax treatment depends on individual circumstances and may be subject to change. This document is not to be relied upon in substitution for the exercise of independent judgment. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in the light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. The details and opinions contained in this document are not to be considered as recommendation or investment advice. Every investment involves risk, especially with regard to fluctuations in value and return, and investors’ capital may be at risk. If the currency of a financial product is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. Past performance is no indicator for the current or future performance. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions. Commissions and costs have a negative impact on performance. For more information about the associated costs, please refer to the related costs and fees section of the prospectus. Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of the subfund. The performance of a benchmark shall not be indicative of past or future performance of the subfund. Financial transactions should only be undertaken after having carefully studied the current valid prospectus and are only valid on the basis of the latest version of the prospectus and available annual and halfyearly reports. Please take note of the risk factors. Countries of distribution and local representatives The Bellevue Funds (Lux) is registered and admitted for public distribution in Austria, Germany, Luxembourg, Spain and Switzerland. Austria Paying and information agent: ERSTE BANK der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna Germany Information agent: ACOLIN Europe GmbH, Reichenaustrasse 11a-c, D-78467 Konstanz Spain Representative: atl Capital, Calle de Montalbán 9, ES-28014 Madrid – CNMV under the number 938 Switzerland The Bellevue Funds (Lux) SICAV is registered for public offering and distribution in Switzerland with the Swiss Financial Market Supervisory Authority. Representative agent in Switzerland: ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich Paying agent in Switzerland: Bank am Bellevue AG, Seestrasse 16, P.O.Box, CH-8700 Küsnacht You can obtain the sales prospectus, Key Investor Information Document (“KIID”), statutes and the current annual and half-yearly reports, the current share prices and further information about the fund free of charge in German from the management company Bellevue Asset Management AG, Seestrasse 16, CH-8700 Küsnacht, the representative agent in Switzerland or online at www.bellevue.ch. In respect of the units distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the representative agent.
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