The Swiss investment company Bellevue Asset Management reported a profit of 7,4 million francs for the first half of 2024, as announced by the Zurich-based company on Thursday. This represents a 7 percent decline compared to the same period last year.

The group, which is primarily active in the biotech and medical technology sectors, continues to suffer from the cautious investor sentiment in this investment universe. However, some relief is now emerging, as stated by the company, which has been under the operational leadership of former Credit Suisse executive Gebhard Giselbrecht since this year.

Managed client assets have stabilized thanks to a slight market upswing. As of mid-2024, they amounted to 6,7 billion francs, compared to 6,9 billion  francs at the end of 2023.

Three Challenging Years

«We have used the more constructive market environment to achieve a solid, but not yet satisfactory, result. The largely positive investment performance of our strategies has sparked increasing investor interest and provides a good basis for acquiring additional client assets. Nevertheless, due to the below-average returns in the healthcare sector over the past three years, our group has faced reallocations of client assets,» explained Giselbrecht.

The positive investment performance and inflows, particularly in healthcare and entrepreneur strategies amounting to over 500 million Swiss francs, were able to partially compensate for the reallocations of client assets amounting to around 860 million francs due to the dry spell in the healthcare sector.

Focus on Growth Region Asia

Bellevue aims to leverage the significant potential in the growth region of Asia with a dedicated presence on-site. To this end, existing activities will be intensified, and the Bellevue brand will be actively positioned.

Bellevue also intends to continue pursuing its current strategic priorities in the coming months. The primary goal is to further optimize the product range and investment performance. By consolidating individual funds, the offering has already been streamlined, and various measures have been taken to utilize the more constructive markets for improved investment performance.

New Strategic Priorities

Under these premises, the company is convinced that the steps taken and the clear strategic priorities set the stage for gradually regaining growth momentum.

Bellevue assesses the valuations for the healthcare sector, particularly in its focus on small and mid-cap companies, as still attractive. «The largely positive investment returns will further support interest in Bellevue's equity strategies,» the statement on Thursday read.