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Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

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The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

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Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht. 

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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Bellevue Asia Pacific Healthcare

ISIN-No.: LU1587985570

YTD: -5.25%

Active share: 46.92

Anzahl Positionen: 36

Explained in 90 seconds

Bellevue Asia Pacific Healthcare explained in 90 seconds

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

Indexed performance (as at: 23.12.2024)

NAV: EUR 145.83 (22.12.2024)


01 Jan 2010 - 01 Jan 2010
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B-EUR
MSCI Asia Pacific Healthcare Index
MSCI Asia Pacific Index

Rolling performance (23.12.2024)

B-EURMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
22.12.2023 - 22.12.2024-2.00%3.48%17.48%
22.12.2022 - 22.12.2023-14.39%-10.00%3.33%
22.12.2021 - 22.12.2022-17.84%-11.18%-9.53%
22.12.2020 - 22.12.2021-5.79%-7.39%8.12%

Annualized performance (23.12.2024)

B-EURMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
1 year-2.00%3.48%17.48%
3 years-11.66%-6.13%3.17%
5 years-3.38%-1.90%4.63%
Since Inception p.a.2.03%3.51%5.49%

Cumulative performance (23.12.2024)

B-EURMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
1M-3.62%-2.60%-1.70%
YTD-5.25%0.56%14.62%
1 year-2.00%3.48%17.48%
3 years-31.07%-17.28%9.83%
5 years-15.82%-9.14%25.37%
Since Inception16.66%30.26%50.61%

Annual performance

B-EURMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
2023-10.93%-6.66%7.89%
2022-19.04%-12.12%-12.01%
2021-6.15%-9.43%6.02%
202030.97%22.18%9.95%

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

SRI

Low risk

High risk

The Fund’s objective is to generate an attractive return over a long-term horizon. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to diversify their portfolio with selective exposure to the healthcare sector in Asia and who are willing to accept the risks typically associated with stocks in this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date28.04.2017
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time09:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU1587985570
Valor number36225578
BloombergBEAAPBE LX
WKNA2DPA9

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (30.11.2024, base currency USD)

Beta0.86
Volatility18.03
Tracking error10.05
Active share46.92
Correlation0.84
Sharpe ratio-0.92
Information ratio-0.64
Jensen's alpha-7.51
No. of positions36

Top 10 positions

CSL
Hoya
Daiichi Sankyo
Takeda
Otsuka
Olympus
Terumo
Akeso
Chugai
Samsung Biologics
7.2%
6.6%
6.2%
5.6%
5.0%
4.7%
4.6%
4.2%
3.8%
3.4%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.7%
6.1%
30.9%
7.2%
47.5%
6.6%

Geographic breakdown

Japan
China
Australia
South Korea
Thailand
India
United States
New Zealand
Cash
44.1%
24.6%
9.3%
7.9%
4.0%
1.5%
1.5%
1.1%
5.9%

Breakdown by sector

Biotechnology
Pharma
Medtech
Services
Generics/Spec.Pharma
Cash
27.6%
25.0%
19.9%
11.9%
9.6%
5.9%

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.

The MSCI World Index rallied in November and closed 4.6% higher in USD. Once again, Wall Street performed the best, led by tech stocks. Donald Trump’s election victory boosted risk assets across a broad front and also gave the dollar some tailwind. Not very surprisingly, Tesla was the high flyer, gaining almost 40%. Elon Musk was selected to co-head a new advisory commission reporting to the White House, a move that is likely to benefit his company. Outside the US, almost all other stock exchanges came under pressure. Trump’s policies are very likely to stoke inflation in the US. As a result, nominal bond yields climbed considerably higher as US bonds sold off. European and Asian equity markets also headed south. This is mainly because of Trump’s plans to impose blanket tariffs on all imports. Markets in the Asia-Pacific region closed on average about 1.5% lower. Healthcare stocks in this region came under more pressure and closed about 3% lower.

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.   

Asia is the most dynamic growth region in the world and it accounts for more than half of the world's population. Asian emerging markets are forecast to account for more than 50% of global GDP by 2050. As household incomes rise, the economic growth model of Asian countries will shift from manufacturing to the services sector. A growing middle class fuels demand for modern medicine. Healthcare ranks increasingly high on their wish list. Billions are being invested in infrastructure, technology and research to modernize the healthcare systems in emerging market countries. This is giving a greater swath of the population access to better healthcare. Meanwhile rapid population aging is also stoking demand for healthcare. In 30 years’ time there will be 400 to 500 million people over 60 in China alone, and they will have a growing need for modern health services and medicines.

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.
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