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: 13.11.2024)
NAV: EUR 168.04 (12.11.2024)
Rolling performance (13.11.2024)
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
12.11.2023 - 12.11.2024 | -0.21% | 11.71% | 22.20% |
10.11.2022 - 10.11.2023 | -8.10% | -11.47% | 5.29% |
10.11.2021 - 10.11.2022 | -23.53% | -14.71% | -15.20% |
10.11.2020 - 10.11.2021 | 2.50% | -0.75% | 13.01% |
Annualized performance (13.11.2024)
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | -0.21% | 11.71% | 22.20% |
3 years | -11.43% | -5.77% | 2.37% |
5 years | -1.19% | -0.06% | 5.38% |
Since Inception p.a. | 4.00% | 4.41% | 5.77% |
Cumulative performance (13.11.2024)
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | -5.57% | -2.93% | -0.86% |
YTD | 1.01% | 6.95% | 16.25% |
1 year | -0.21% | 11.71% | 22.20% |
3 years | -30.53% | -16.33% | 7.29% |
5 years | -5.81% | -0.29% | 29.93% |
Since Inception | 34.43% | 38.53% | 52.74% |
Annual performance
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -10.27% | -6.66% | 7.89% |
2022 | -18.44% | -12.12% | -12.01% |
2021 | -5.49% | -9.43% | 6.02% |
2020 | 34.65% | 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. 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 | LU1587985497 |
Valor number | 36225575 |
Bloomberg | BEAPI2E LX |
WKN | A2DPA8 |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.10.2024, base currency USD)
Beta | 0.86 |
Volatility | 17.97 |
Tracking error | 9.99 |
Active share | 46.28 |
Correlation | 0.84 |
Sharpe ratio | -0.90 |
Information ratio | -0.62 |
Jensen's alpha | -7.23 |
No. of positions | 37 |
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
The Chinese biotech company Innovent was in the headlines towards the end of the month. It announced that its founder and chairman, together with another company manager, had acquired a stake of approximately 20% in Fortvita. All of Innovent’s foreign business operations are consolidated at Fortvita. The disclosed value of the transaction was said to be just over USD 20 mn. This news triggered considerable concern about Innovent's corporate governance practices within the international investment community. Investors also questioned the valuation of the subsidiary. Innovent shares plunged about 20% within the space of two days. Innovent’s board convened during the first weekend of November and then announced on November 4 that the transaction was being called off. It also announced excellent sales figures for the third quarter. Sales were up 40% year-on-year, driven by a booming domestic market. Innovent shares recovered somewhat on this news.
Japanese pharma company Otsuka published excellent quarterly results. Sales rose by 17% year-on-year, while operating profit surged 43%, lifting the operating profit margin from 18.1% to 23.9%. A diversified product portfolio is Otsuka’s strongest point. The latest quarterly results were fueled for example by drugs used to treat central nervous system disorders, renal disease and cancer.
Shareholdings of Legend Biotech, SK Biopharma, Hoya and Summit Therapeutics were increased during the past month. Positions in Chugai, Samsung Biologics, Takeda, Celltrion and Astellas were reduced and Cipla and Sinopharm were removed from 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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Senior Sales Germany
Alexander Jostes