Bellevue Asia Pacific Healthcare
Access to defensive growth driven by increased demand for healthcare products and services due to rising share of the middle class
Asian Healthcare market is growing twice as fast as corresponding GDP
Above-average performance - complementary building block for an Asia investor
Explained in 90 seconds
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Investment Focus
ISIN-No. LU1587984763
This fund is actively managed and invests in healthcare stocks throughout the Asia-Pacific region. 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: 16.08.2024)
NAV: USD 169.28 (15.08.2024)
Rolling performance (16.08.2024)
I2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
15.08.2023 - 15.08.2024 | 0.47% | 6.17% | 13.10% |
15.08.2022 - 15.08.2023 | -11.40% | -10.73% | 1.34% |
15.08.2021 - 15.08.2022 | -29.88% | -21.82% | -16.20% |
15.08.2020 - 15.08.2021 | 5.96% | 5.37% | 19.10% |
Annualized performance (16.08.2024)
I2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | 0.47% | 6.17% | 13.10% |
3 years | -14.54% | -9.51% | -1.33% |
5 years | 1.67% | 2.20% | 5.95% |
Since Inception p.a. | 4.24% | 4.28% | 4.98% |
Cumulative performance (16.08.2024)
I2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | 3.30% | 2.79% | -4.74% |
YTD | 0.30% | 3.32% | 6.90% |
1 year | 0.47% | 6.17% | 13.10% |
3 years | -37.58% | -25.90% | -3.95% |
5 years | 8.63% | 11.52% | 33.50% |
Since Inception | 35.42% | 35.84% | 42.57% |
Annual performance
I2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -7.13% | -3.59% | 11.45% |
2022 | -23.18% | -17.33% | -17.22% |
2021 | -12.94% | -16.17% | -1.87% |
2020 | 47.55% | 33.01% | 19.70% |
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 stocks of companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of the Asia-Pacific region. 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 | 28.04.2017 |
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 | LU1587984763 |
Valor number | 36225516 |
Bloomberg | BEAPI2U LX |
WKN | A2DPA2 |
Total expense ratio (TER) | 1.45% (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 | 17.77 |
Tracking error | 10.08 |
Active share | 44.81 |
Correlation | 0.84 |
Sharpe ratio | -1.03 |
Information ratio | -0.80 |
Jensen's alpha | -9.08 |
No. of positions | 38 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Access to defensive growth – Asia’s emerging countries are facing aging populations and changing lifestyles.
- An interesting combination of investments in Asian emerging markets and Japanese cutting-edge technology.
- Broad spread across different sectors and company sizes in the Asia-Pacific healthcare industry.
- 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
Samsung Biologics, a biologics contract manufacturer, announced that it had signed a USD 1.1 bn contract with an undisclosed pharmaceutical company. This raised its order inflow for the year to USD 1.8 bn. More big orders should follow when the construction of the company’s fifth factory is completed in April 2025. Samsung Biologics is in an excellent position to benefit over the mid to long term from the pressure the US government is exerting on China, which is forcing Chinese competitors such as Wuxi Biologics to withdraw from the US market.
A meeting with executives from medtech company Mindray provided further insights into the current status of the Chinese government’s anti-corruption campaign that began in late July of 2023. This campaign to weed out corruption in the country’s health sector (especially in hospitals) is in its final stages. Hundreds of hospital administrators, procurement officers and other individuals have been arrested. This has led to high levels of uncertainty and a sharp drop in sector growth in certain parts of the country. While some urban areas have not yet been completely cleaned up, sector activity is slowly picking up again. We expect growth to improve during the second half of 2024 but it will probably still be below historical trend growth levels. It is important to note that the Chinese government is likely to initiate such campaigns every few years. This is because the root cause of the problem is the low salaries of hospital managers who also yield significant purchasing power, which sooner or later tempts them to exploit this situation for their personal gain.
The position in Hoya was increased during the past month. The position in Telix Pharma was reduced and Mindray is no longer in the fund's portfolio.
Japan, which has been referred to as “the world's demographic laboratory”, has championed cutting-edge innovation for decades. The Land of the Rising Sun boasts technology leadership in numerous fields, ranging from therapeutic antibody technology, immunotherapy and robotics to digitalization, diagnostics and medical imaging systems. The fund offers defensive access to Asian emerging markets as well as exciting investment opportunities in technology leaders throughout the entire region. It invests in the entire healthcare system value chain, from generic drug producers and biotechnology companies to medical device manufacturers and digital health specialists.
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