Shareholder-friendly dividend policy with a proposed dividend of CHF 0.70 per share, 6.2% dividend yield Bellevue Group had to contend with stubborn market headwinds in 2024 stemming from the underperformance of the healthcare sector, Bellevue’s primary investment universe, compared to the global equity market. Those headwinds held back the performance of our healthcare strategies and intensified the reallocation of client assets to other sectors in response to the generally lower potential returns of healthcare investments compared to the global stock market. Healthcare remains an attractive investment proposition, thanks to the positive environment for the paramount US market and currently low valuations compared to the global equity market, offering an interesting entry point.
Bellevue’s strong balance sheet gives it the resilience it needs to successfully navigate adverse market conditions while enabling it to continue to refine and develop its business activities and its product range.
André Rüegg
Chief Executive Officer
Key figures
Assets under management
(in CHF bn)
5.8
6.9
2023
5.8
2024
Operating Income
(in CHF mn)
70.2
81.9
2023
70.2
2024
Operating profit (EBTDA) 1)
(in CHF mn)
16.7
23.7
2023
16.7
2024
Group net profit
(in CHF mn)
9.2
15.2
2023
9.2
2024
Cost/Income ratio (CIR)
in %
76.2
71.1
2023
76.2
2024
Return on equity 2)
in %
8.5
14.2
2023
8.5
2024
1) Earnings before taxes, depreciation and amortization 2) Based on reported net profit and average equity for the preceding 12-month period after distribution of the respective dividends Source: Bellevue Group, as at December 31, 2024
developments
Market environment
Healthcare sector still one of the sectors with the lowest investment performance in 2024
At current levels, the healthcare sector offers a historically attractive valuation with intact growth drivers
Fed, ECB and SNB initiated the interest rate turnaround and cut the key interest rate several times
Developments
Financial figures
AuM base declined to CHF 5.8 bn (-17%)
Group net profit declined to CHF 9.2 mn (-40%)
Attractive dividend proposal: CHF 0.70 per share (dividend yield of 6.2%)
Well-capitalized, debt-free balance sheet
Developments
Milestones 2024
Rationalization of product landscape and complementary new products launched
New senior executives appointed from internal talent pool (Healthcare, BB Biotech)
Sales subsidiary established in Singapore
Company head office relocated to Theaterstrasse 12 / Bellevue district in Zurich
Developments
Outlook 2025
Healthcare sector off to a good start in 2025
Attractive investment performance of selected core products
Further focus on product landscape, investment performance and sales
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