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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1587985067
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: 26.09.2024)
NAV: CHF 148.01 (25.09.2024)
Rolling performance (26.09.2024)
I2-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
25.09.2023 - 25.09.2024 | -0.94% | 5.19% | 13.62% |
22.09.2022 - 25.09.2023 | -7.41% | -5.88% | 4.62% |
22.09.2021 - 22.09.2022 | -36.92% | -31.24% | -19.66% |
22.09.2020 - 22.09.2021 | 5.15% | 8.72% | 19.40% |
Annualized performance (26.09.2024)
I2-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | -0.94% | 5.19% | 13.62% |
3 years | -16.75% | -12.51% | -2.27% |
5 years | -2.06% | -1.52% | 2.91% |
Since Inception p.a. | 2.30% | 2.31% | 3.60% |
Cumulative performance (26.09.2024)
I2-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | -1.50% | -3.45% | 2.49% |
YTD | 3.74% | 6.73% | 15.39% |
1 year | -0.94% | 5.19% | 13.62% |
3 years | -42.31% | -33.03% | -6.67% |
5 years | -9.89% | -7.39% | 15.44% |
Since Inception | 18.41% | 18.49% | 29.96% |
Annual performance
I2-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -15.52% | -12.23% | 1.45% |
2022 | -22.22% | -16.38% | -16.27% |
2021 | -9.89% | -13.41% | 1.36% |
2020 | 34.52% | 21.84% | 9.65% |
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 | LU1587985067 |
Valor number | 36225563 |
Bloomberg | BEAPI2C LX |
WKN | A2DPA5 |
Total expense ratio (TER) | 1.44% (31.08.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.08.2024, base currency USD)
Beta | 0.86 |
Volatility | 17.94 |
Tracking error | 9.94 |
Active share | 44.24 |
Correlation | 0.84 |
Sharpe ratio | -0.86 |
Information ratio | -0.59 |
Jensen's alpha | -6.93 |
No. of positions | 39 |
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
Chinese healthcare stocks also made pleasing gains, driven in part by strong quarterly results. Investors cheered the fast sales growth at Innovent, one of the fund's largest positions. Product sales revenue soared 55% in the latest quarterly reporting period compared to the same quarter in the previous year. Its checkpoint inhibitor that was recently approved in China as a treatment for numerous types of cancer was a major driver of this growth. Phase III data for its obesity drug is keenly awaited. Innovent is expected to release the data at the European Association for the Study of Diabetes (EASD) in September.
A large number of Chinese healthcare companies reported on business activity in the past quarter during the month under review and many medtech, generics and hospital companies conspicuously fell short of expectations. It appears that the extensive anti-corruption campaign the government launched last August is still casting a shadow over these subsectors within the healthcare system and has clearly put a damper on market activity. Contract manufacturers are also encountering headwinds due to geopolitical tension, so we have realigned our shareholdings in China again and sharpened the focus on innovation, especially in biotechnology.
Fisher & Paykel Healthcare delivered an excellent performance in August. The New Zealand-based medtech company’s very positive guidance took investors by surprise. Fisher & Paykel said business was growing strongly across all products and regions. Management cited the successful launch of F&P 950 (respiratory humidifier) and Airvo 3 (respiratory support system) in the US this year, a continued high number of influenza hospital admissions, and the good uptake of the latest OSA masks (obstructive sleep apnea).
The fund's shareholdings of Sino Biopharmaceutical, Astellas and SK Biopharmaceuticals were increased during the past month. Positions in CSPC and Otsuka were trimmed. Hygeia and Cochlear 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.
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