Bellevue Asia Pacific Healthcare (Lux)
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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1587984680
This fund 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: 17.07.2024)
NAV: USD 157.30 (16.07.2024)
Rolling performance (11.07.2024)
I-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
11.07.2023 - 11.07.2024 | -5.23% | 3.80% | 19.41% |
11.07.2022 - 11.07.2023 | -11.77% | -8.00% | 5.83% |
09.07.2021 - 11.07.2022 | -32.26% | -25.62% | -20.53% |
10.07.2020 - 09.07.2021 | 14.97% | 10.24% | 24.96% |
Annualized performance (11.07.2024)
I-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | -5.23% | 3.80% | 19.41% |
3 years | -17.22% | -10.75% | 0.14% |
5 years | -0.11% | 1.09% | 5.72% |
Since Inception p.a. | 3.15% | 3.87% | 5.83% |
Cumulative performance (11.07.2024)
I-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | 2.88% | 4.70% | 5.66% |
YTD | -4.20% | 0.02% | 12.78% |
1 year | -5.23% | 3.80% | 19.41% |
3 years | -43.36% | -28.97% | 0.43% |
5 years | -0.54% | 5.56% | 32.13% |
Since Inception | 25.02% | 31.49% | 50.40% |
Annual performance
I-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -7.16% | -3.59% | 11.45% |
2022 | -23.21% | -16.97% | -16.88% |
2021 | -12.88% | -16.17% | -1.87% |
2020 | 45.04% | 33.01% | 19.70% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Asia Pacific Healthcare fund actively 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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1587984680 |
Valor number | 36225512 |
Bloomberg | BEAAPIU LX |
WKN | A2DPA1 |
Total expense ratio (TER) | 1.49% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
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
As already mentioned, Chinese healthcare stocks underperformed the broader market in June. This can be traced to lingering uncertainty unleashed by the government's anti-corruption campaign and to the ongoing general geopolitical tension. We were in contact with executives from numerous Chinese healthcare companies last month. They confirmed that the negative fallout of the government's anti-corruption efforts had eased significantly in recent weeks. Most of the Chinese companies in the fund's portfolio generate almost all of their sales in China, and we are confident that the companies in the portfolio will report significantly better results compared to the previous quarter. This would be an important stepping stone toward regaining the confidence of foreign investors.
At the American Diabetes Association's 84th annual meeting in June 2024, Innovent Biologics presented detailed data from its GLORY-1 trial of mazdutide, a GLP-1R/GCGR dual agonist, for fatty liver disease and weight loss. On average, the participants lost 18.6% of their body weight after 48 weeks of treatment with mazdutide with a dosage of 9 mg. This significant weight loss was accompanied by improvements in several metabolic parameters, including blood lipids, blood pressure, and insulin sensitivity. Most impressive was the reported 80.2% reduction in liver fat. These results clearly demonstrate the investigational drug’s effectiveness in treating nonalcoholic fatty liver disease (NAFLD) and in improving overall liver health.
Positions in Eisai, CSPC Pharma and Hansoh were increased during the past month. Shareholdings of Max Healthcare and Sun Pharma were reduced and Apollo Hospitals and Dr. Reddy’s are no longer in the 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.
Dokumente
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