Bellevue Emerging Markets Healthcare (Lux)
Increased demand for healthcare products/ DL due to rising share of the middle class
Above-average increase in healthcare spending in the Emerging Markets
Complementary building block for a diversified Emerging Markets portfolio
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1585228619
This fund invests in the entire emerging-market healthcare universe. Its investment universe consists of generics producers, pharma and biotech companies, medical technology and services firms. Experienced sector specialists focus on profitable companies that have a well-established product portfolio. Investments are made based on fundamental research analysis.
Indexed performance (as at: 17.05.2024)
NAV: CHF 115.52 (16.05.2024)
Rolling performance (16.05.2024)
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
16.05.2023 - 16.05.2024 | -13.89% | -1.74% | 16.31% |
16.05.2022 - 16.05.2023 | -4.35% | -7.05% | -10.50% |
14.05.2021 - 16.05.2022 | -36.74% | -36.95% | -12.51% |
15.05.2020 - 14.05.2021 | 25.83% | 36.14% | 37.38% |
Annualized performance (16.05.2024)
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -13.89% | -1.74% | 16.31% |
3 years | -19.48% | -16.76% | -3.06% |
5 years | -3.95% | -3.34% | 1.98% |
Since Inception p.a. | -1.13% | -2.27% | 2.79% |
Cumulative performance (16.05.2024)
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | 6.43% | 7.00% | 8.11% |
YTD | -2.25% | 4.37% | 16.59% |
1 year | -13.89% | -1.74% | 16.31% |
3 years | -47.90% | -42.41% | -8.92% |
5 years | -18.25% | -15.64% | 10.34% |
Since Inception | -7.58% | -14.77% | 21.14% |
Annual performance
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -15.92% | -10.15% | -0.02% |
2022 | -17.53% | -22.61% | -19.17% |
2021 | -20.02% | -17.45% | 0.34% |
2020 | 37.96% | 39.98% | 8.36% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Emerging Markets Healthcare fund actively invests in companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of emerging countries. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PriceWaterhouseCoopers |
Launch date | 31.05.2017 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 09:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1585228619 |
Valor number | 36153234 |
Bloomberg | BBAEI2C LX |
WKN | A2DPAW |
Total expense ratio (TER) | 1.51% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.04.2024, base currency USD)
Beta | 0.96 |
Volatility | 23.20 |
Tracking error | 9.63 |
Active share | 46.90 |
Correlation | 0.91 |
Sharpe ratio | -0.96 |
Information ratio | -0.43 |
Jensen's alpha | -4.15 |
No. of positions | 49 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Access to defensive growth – emerging countries are facing aging populations and changing lifestyles.
- Development of healthcare infrastructure combined with a growing middle class is an additional growth driver.
- High growth potential of Emerging Markets.
- Attractive valuations compared with the projected medium to long-term growth.
- Bellevue Healthcare Team – top-performing pioneer in the management of healthcare portfolios in Emerging Markets.
Risks
- The fund actively invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
- Investing in Emerging Markets entails the additional risk of political and social instability.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The fund may invest in China A equities. This entails the risk of supervisory changes, volume caps and operating restrictions which may lead to a higher counterparty risk.
- 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.
Review / Outlook
Innovent, one of the largest biotech companies in China, presented another convincing set of quarterly results. Its first-quarter sales surged 60% yoy and amounted to RMB 1.6 bn. Sales growth was no longer generated primarily by its PD-1 inhibitor Tyvyt, which was cheered by investors. Management efforts to diversify the company’s operations seem to be increasingly paying off. Innovent is now expected to generate sales of more than RMB 7 bn for the full year. Innovent will present a raft of data from its antibody-drug conjugates (ADC) studies at this year's ASCO. The market is eagerly awaiting these readouts, especially since this class of therapeutic agents has recently demonstrated a high level of efficacy in other studies.
The quarterly results published by the Brazilian pharmaceutical company Hypera beat analyst expectations, especially at the bottom line, which showed 14% yoy growth. Market expectations were very conservative though. The respiratory disease segment is an important segment for Hypera and sales here were crimped by the record-high temperatures in Brazil. In addition, the company reduced its stockpiles at the expense of margins. Strict cost management more than compensated for the margin erosion though. Hypera remains a company with convincing quality and a strong market position and we slightly increased our shareholdings after the latest earnings announcement. The stock is currently trading at a historically low valuation.
Jordanian drug manufacturer Hikma also presented strong quarterly results. All three of the company’s business segments showed good growth for the first three months of the year. Three new sterile injectable medicines were launched in the US. Its branded genercis segment benefited from strong demand for oncology drugs and for chronic disease treatments. Its generics segment also delivered good results thanks to strong demand and stable pricing.
Last month we added to our shareholdings of Mindray, Hansoh and Hypera and reduced our shareholdings of Sulaiman, Divis Laboratories, Cipla and Lupin. Positions in Sino Biopharmaceuticals and Oncoclinicas were exited.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less