Bellevue Sustainable Healthcare
Sustainability and health combined in a portfolio: First healthcare fund managed under consideration of ESG criteria
Investments in the 40 most attractive healthcare companies worldwide, regionally diversified and across sub sectors
The sustainability filter includes a "best-in-class" approach and the application of a strict exclusion process
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1819585370
The fund is based on the BB Healthcare Index and invests in healthcare companies worldwide. Alongside the established bottom-up process, companies are selected on the basis of the currently applicable sustainability criteria. We are assisted in this process by the sustainability specialist Sustainalytics.
Indexed performance (as at: 16.08.2024)
NAV: USD 171.79 (15.08.2024)
Rolling performance (16.08.2024)
I-USD | Benchmark | |
15.08.2023 - 15.08.2024 | 6.44% | 15.26% |
15.08.2022 - 15.08.2023 | -4.09% | 3.91% |
15.08.2021 - 15.08.2022 | -15.18% | -3.38% |
15.08.2020 - 15.08.2021 | 23.21% | 22.63% |
Annualized performance (16.08.2024)
I-USD | Benchmark | |
1 year | 6.44% | 15.26% |
3 years | -4.69% | 4.99% |
5 years | 7.33% | 11.89% |
Since Inception p.a. | 5.32% | 10.96% |
Cumulative performance (16.08.2024)
I-USD | Benchmark | |
1M | 2.65% | 3.64% |
YTD | 6.97% | 13.91% |
1 year | 6.44% | 15.26% |
3 years | -13.41% | 15.72% |
5 years | 42.46% | 75.34% |
Since Inception | 37.43% | 89.22% |
Annual performance
I-USD | Benchmark | |
2023 | -1.42% | 3.76% |
2022 | -13.85% | -5.41% |
2021 | 6.70% | 19.80% |
2020 | 29.23% | 13.52% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in healthcare firms with strong sustainability credentials and innovative business models. Examples of sustainability in the healthcare industry are environmentally sound procurement policies for drug makers, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
Auditor | PriceWaterhouseCoopers |
Launch date | 29.06.2018 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1819585370 |
Valor number | 41666672 |
Bloomberg | BBSHCIU LX |
WKN | A2JMRD |
Total expense ratio (TER) | 1.47% (31.07.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.07.2024, base currency USD)
Beta | 0.85 |
Volatility | 14.79 |
Tracking error | 10.23 |
Active share | 69.75 |
Correlation | 0.73 |
Sharpe ratio | -0.59 |
Information ratio | -1.01 |
Jensen's alpha | -10.60 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 45 most attractive healthcare stocks worldwide with due account taken of current sustainability criteria.
- Many years of recognized bottom up expertise coupled with comprehensive sustainability research from Sustainalytics.
- The sustainability filter combines a best-in-class approach with the application of a strict exclusion procedure.
- Proprietary investement process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices, and a strong focus on mid caps.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- 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.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- Investing in emerging markets entails the additional risk of political and social instability.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
Around the middle of the month, US CPI data showed further cooling inflation followed by a failed assignation attempt on Donald Trump. The combination of these events seemed to drive a strong size-rotation within equity markets. SMID-cap names rallied (Russell 2000; +10% in July), while mega-cap tech seemed to peak. Late in the month, further weakening economic data and some key Q2 earnings disappointments started a general market sell-off.
Within the MSCI World Healthcare Index, life science tools (+12.5%) was the best performing subsector in the month. This was followed by HC services (+8.2%), biotechnology (+5.9%), pharmaceuticals (+0.4%), with medtech being the clear laggard with a negative performance (-0.3%).
From a geographical point of view, the Asia healthcare (all country, +11.4%) performed best, supported by another strong month for Japanese equities. This was followed by Emerging Markets healthcare (all country, +8.4%), European healthcare (+3.3%, MSCI European healthcare), and US healthcare (+2.7%; MSCI US healthcare).
Within the fund, strong absolute performances were reported during the month from Samsung Biologics (+29.0% in USD; potential Biosecure Act winner), Otsuka (22.6%; pre-announced strong Q2 results), and Daiichi Sankyo (+19.0%; positive Q2 results). On the other hand, negative absolute performances were seen for Sinopharma (-11.6%; China healthcare weakness), Eli Lilly (-11.2%; pullback after strong rally), and Amplifon (-10.7%; weak European market dynamics).
In order to get into the fund portfolio, the companies must meet the following criteria: Appropriate ESG risk profile (best-in-class approach), not involved in severe ESG-relevant controversies and comply with the ten principles of the UN Global Compact. In the case of controversial business areas and practices, revenue thresholds are defined for inclusion. The results of the ESG filter application demonstrate that around 40-50% of the titles meet our strict sustainability requirements. The proven factor analysis is then carried out according to four quantitative and four qualitative parameters. The objective here is to select companies that are inexpensive, have strong growth and have an exceptional competitive position so that they can maintain their leading position also in the future.
The analysis results in a portfolio structure consisting of the 40 most sustainable stocks in the healthcare industry, ten of them per region (Western Europe, North America, Japan / Oceania, emerging markets). The application of the eight factors in the past has typically led to a focus on mid cap stocks and an underweight position in pharma and the North America region relative to the MSCI World Healthcare Index. The rebalancing takes place every six months.
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