Bellevue Diversified Healthcare
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU2441706764
The Bellevue Diversified Healthcare Fund aim’s to achieve long-term capital growth, is actively managed and invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, and engaged in the research, development, production and sale of products and services.
Indexed performance (as at: 26.07.2024)
NAV: USD 131.26 (26.07.2024)
Rolling performance (27.07.2024)
B-USD | Benchmark | |
25.07.2023 - 25.07.2024 | 12.96% | 11.35% |
25.07.2022 - 25.07.2023 | 2.43% | 6.22% |
Annualized performance (27.07.2024)
B-USD | Benchmark | |
1 year | 12.96% | 11.35% |
Since Inception p.a. | 2.13% | 5.01% |
Cumulative performance (27.07.2024)
B-USD | Benchmark | |
1M | 0.77% | 1.35% |
YTD | 13.02% | 10.29% |
1 year | 12.96% | 11.35% |
Since Inception | 5.01% | 12.00% |
Annual performance
B-USD | Benchmark | |
2023 | 0.01% | 3.76% |
Facts & Key figures
Investment Focus
The Bellevue Diversified Healthcare fund aims to achieve long-term capital growth, is actively managed and invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, 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 | 31.03.2022 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.60% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2441706764 |
Valor number | 116533046 |
Bloomberg | BDHCBUS LX |
WKN | A3DEAN |
Total expense ratio (TER) | 2.23% (30.06.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.06.2024, base currency USD)
Beta | 1.01 |
Volatility | 9.96 |
Tracking error | 2.91 |
Active share | 31.76 |
Correlation | 0.96 |
Sharpe ratio | 0.77 |
Information ratio | -0.10 |
Jensen's alpha | -0.37 |
No. of positions | 57 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Profit from the worldwide growth of the healthcare sector, which has clearly outpaced the growth of global GDP during the past ten years.
- Take advantage of the positive characteristics of the healthcare sector and generate alpha through a bottom-up selection process and factor allocation strategies.
- Strategic overweighting of the “structural growth” factor and underweighting of blue-chip pharmaceutical stocks.
- Low earnings risk – above-average earnings growth, even in crisis years, leading to stable portfolio components.
- Bellevue – healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- 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 fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- Investing in emerging markets entails the additional risk of political and social instability.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
From a macro perspective, the month started with some mixed US job market data (big drop in job openings but a strong NFP), followed by encouraging US CPI inflation data. What followed was a mildly hawkish Fed FOMC meeting that forecasted just 1 cut this year (from 3 before), but that was widely expected and so the US market continued its momentum helped by enthusiasm around AI.
Within the MSCI World Healthcare Index, biotechnology (+5.2%) was the best performing subsector in the month. This was followed by pharmaceuticals (+3.1%), healthcare services (+0.5%), medtech (+0.3%) and life science tools (-2.9%).
From a geographical point of view, the MSCI US Healthcare (+2.1%) region performed best, supported by another strong month for mega cap diabetes play Eli Lilly. This was followed by Europe (+1.6%; slightly held back by the French election issue), with Asia lagging (0.4%). From a market-capitalization perspective, the mega cap grouping (>USD 200 bn; +4.4%) performed best (Eli Lilly and Novo Nordisk with strong contributions), followed by the large caps (USD 60 bn-USD 200 bn; +0.6%) with mid-caps (USD 2 bn-USD 60 bn; -0.9%) performing poorly in the month.
Within the fund, strong absolute performances were reported during the month from Alnylam (63.7%; positive vutrisiran HELIOS-B study data in ATTR-CM), Zealand Pharma (37.8%; positive Phase I results for Petrelintide), and Ionis pharmaceuticals (26.9%; positive read across from HELIOS-B study data). On the other hand, negative absolute performances were seen for Structure Therapeutics (-27.7%; pullback after strong run-up), Moderna (-16.7%; RSV data disappointing), and GSK (-14.0%; narrowed RSV population recommendation from ACIP).
Parabolic raises in some share prices are creating risks, but our diversified approach should help mitigate these. While maintaining an overweight in structural growth, we have recently broadened our style exposure given the uncertain macro outlook.
In terms of thematics, we still see obesity as a key long-term theme within healthcare and maintain an overweight exposure. When looking at more underappreciated new modalities, we are looking forward to new data sets investigating cell therapy in auto-immune diseases.
Documents
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I am happy to answer any questions you may have:
Senior Sales Germany
Alexander Jostes