Explained in 90 seconds
Indexed performance (as at: 27.12.2024)
NAV: EUR 155.58 (24.12.2024)
Rolling performance (27.12.2024)
I-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
23.12.2023 - 23.12.2024 | -0.78% | 4.31% | 19.05% |
22.12.2022 - 22.12.2023 | -13.80% | -10.00% | 3.33% |
22.12.2021 - 22.12.2022 | -17.26% | -11.18% | -9.53% |
22.12.2020 - 22.12.2021 | -4.99% | -7.39% | 8.12% |
Cumulative performance (27.12.2024)
I-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | n.a. | n.a. | n.a. |
YTD | n.a. | n.a. | n.a. |
1 year | n.a. | n.a. | n.a. |
Since Inception | n.a. | n.a. | n.a. |
Annual performance
I-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -10.30% | -6.66% | 7.89% |
2022 | -18.47% | -12.12% | -12.01% |
2021 | -5.34% | -9.43% | 6.02% |
2020 | 32.25% | 22.18% | 9.95% |
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. Its investment universe consists of generics producers, pharma and biotechnology 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. Stock selection is exclusively bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.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 | LU1587985224 |
Valor number | 36225573 |
Bloomberg | BEAAPIE LX |
WKN | A2DPA7 |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.11.2024, base currency USD)
Beta | 0.86 |
Volatility | 18.03 |
Tracking error | 10.05 |
Active share | 46.92 |
Correlation | 0.84 |
Sharpe ratio | -0.92 |
Information ratio | -0.64 |
Jensen's alpha | -7.51 |
No. of positions | 36 |
Portfolio
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
China’s Ministry of Health released its updated National Reimbursement Drug List (NRDL). 91 new drugs were added to the list, including 26 cancer drugs, 15 drugs for diabetes and 13 for orphan diseases. 43 drugs low in efficacy were taken off the list to make room for more innovative treatments. The overall price cut was 63%, which is within the range of the past few years. Once a drug makes it to the list, its price generally doesn’t change much in the ensuing years, and sometimes prices have actually been raised. It is worth noting that Daiichi Sankyo’s global blockbuster Enhertu was included in the NRDL. The Chinese biotech company Akeso was likewise successful in getting its top product candidate, the bispecific antibody ivonescimab (PD1 and VEGF) on the list. This follows the publication of excellent data from a Phase III trial comparing ivonescimab with Keytruda, the current standard of care in certain cancers, around the middle of this year.
Pro Medicus, an Australian software provider specializing in cloud-based medical imaging solutions and IT/communications systems for hospital radiology departments, announced another contract win. It secured a 10-year AUD 330 mn contract with Trinity Health, which represents the largest contract the company has ever won. Trinity is one of the largest "not-for-profit" hospital chains in the US, operating 93 hospitals in 26 states, and it employs about 650 radiologists.
The fund's position in Peptidream was increased during the past month. Shareholdings of Daiichi Sankyo, Celltrion and Akeso were reduced.
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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Lead Portfolio Manager
Oliver Kubli
Oliver Kubli joined Bellevue Asset Managment in 2015 and is lead portfolio manager of the Bellevue Asia Pacific Healthcare fund and portfolio manager of the Bellevue Emerging Markets Healthcare and Bellevue Healthcare Strategy/Sustainable funds. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.Portfolio Manager
Remo Krauer
Remo Krauer joined Bellevue Asset Management in 2018 and is lead portfolio manager of the Bellevue Emerging Markets Healthcare and portfolio manager of the funds Bellevue Asia Pacific Healthcare and Bellevue Obesity Solutions. Previously, he worked at Zürcher Kantonalbank, first as Senior Portfolio Manager, then as Head Portfolio Construction for Private Asset Management. He holds a Bachelors degree in Business Administration from the Zurich University of Applied Sciences.Lead Portfolio Manager
Oliver Kubli
Oliver Kubli joined Bellevue Asset Managment in 2015 and is lead portfolio manager of the Bellevue Asia Pacific Healthcare fund and portfolio manager of the Bellevue Emerging Markets Healthcare and Bellevue Healthcare Strategy/Sustainable funds. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.Portfolio Manager
Remo Krauer
Remo Krauer joined Bellevue Asset Management in 2018 and is lead portfolio manager of the Bellevue Emerging Markets Healthcare and portfolio manager of the funds Bellevue Asia Pacific Healthcare and Bellevue Obesity Solutions. Previously, he worked at Zürcher Kantonalbank, first as Senior Portfolio Manager, then as Head Portfolio Construction for Private Asset Management. He holds a Bachelors degree in Business Administration from the Zurich University of Applied Sciences.Lead Portfolio Manager
Oliver Kubli
Oliver Kubli joined Bellevue Asset Managment in 2015 and is lead portfolio manager of the Bellevue Asia Pacific Healthcare fund and portfolio manager of the Bellevue Emerging Markets Healthcare and Bellevue Healthcare Strategy/Sustainable funds. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.Portfolio Manager
Remo Krauer
Remo Krauer joined Bellevue Asset Management in 2018 and is lead portfolio manager of the Bellevue Emerging Markets Healthcare and portfolio manager of the funds Bellevue Asia Pacific Healthcare and Bellevue Obesity Solutions. Previously, he worked at Zürcher Kantonalbank, first as Senior Portfolio Manager, then as Head Portfolio Construction for Private Asset Management. He holds a Bachelors degree in Business Administration from the Zurich University of Applied Sciences.