Bellevue Emerging Markets Healthcare
Increased demand for healthcare products/ DL due to rising share of the middle class
Above-average increase in healthcare spending in the Emerging Markets
Complementary building block for a diversified Emerging Markets portfolio
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1585228379
This fund is actively managed and invests in the entire emerging-market healthcare universe. 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: USD 131.81 (25.09.2024)
Rolling performance (26.09.2024)
I2-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
25.09.2023 - 25.09.2024 | -2.38% | 16.52% | 21.80% |
23.09.2022 - 25.09.2023 | 6.21% | 4.55% | 8.53% |
23.09.2021 - 23.09.2022 | -43.32% | -44.48% | -26.79% |
23.09.2020 - 23.09.2021 | 5.24% | 12.98% | 20.51% |
Annualized performance (26.09.2024)
I2-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -2.38% | 16.52% | 21.80% |
3 years | -15.87% | -11.85% | -0.89% |
5 years | -1.43% | 2.45% | 5.03% |
Since Inception p.a. | 0.73% | 0.19% | 4.28% |
Cumulative performance (26.09.2024)
I2-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | 4.55% | 5.09% | 3.48% |
YTD | -2.98% | 7.67% | 13.42% |
1 year | -2.38% | 16.52% | 21.80% |
3 years | -40.46% | -31.50% | -2.65% |
5 years | -6.96% | 12.85% | 27.83% |
Since Inception | 5.45% | 1.42% | 35.94% |
Annual performance
I2-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -7.56% | -1.29% | 9.83% |
2022 | -18.79% | -23.50% | -20.09% |
2021 | -22.40% | -19.82% | -2.54% |
2020 | 51.13% | 52.82% | 18.31% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of emerging countries. Its investment universe consists of generics producers, 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 | 31.05.2017 |
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 | LU1585228379 |
Valor number | 36153231 |
Bloomberg | BBAEI2U LX |
WKN | A2DPAT |
Total expense ratio (TER) | 1.51% (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 | 0.99 |
Volatility | 22.58 |
Tracking error | 9.51 |
Active share | 35.61 |
Correlation | 0.91 |
Sharpe ratio | -0.82 |
Information ratio | -0.47 |
Jensen's alpha | -4.16 |
No. of positions | 44 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Access to defensive growth – emerging countries are facing aging populations and changing lifestyles.
- Development of healthcare infrastructure combined with a growing middle class is an additional growth driver.
- High growth potential of Emerging Markets.
- 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 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.
The latest results from Hapvida, a fully integrated Brazilian healthcare provider, topped market expectations. The company increased EBITDA by 55% yoy, which was about 15% above the consensus forecast. The strong performance was largely attributed to strict cost management and synergies arising from the company’s fully integrated business model. Higher-than-expected tax expense was the only fly in the soup.
Fund positions in Alteogen, SK Biopharmaceuticals, Sino Biopharmaceuticals and Celltrion were increased last month and Kalbe Farma was added to the portfolio. Shareholdings of CSPC, Mindray, Sinopharm and Shandong Weigao were reduced and two positions were closed, Hygeia and Aier Eye Hospitals.
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