Explained in 90 seconds
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
Indexed performance (as at: 13.11.2024)
NAV: USD 113.42 (12.11.2024)
Rolling performance (13.11.2024)
B-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
12.11.2023 - 12.11.2024 | -12.38% | 4.64% | 19.17% |
12.11.2022 - 12.11.2023 | -1.22% | 1.87% | 9.47% |
12.11.2021 - 12.11.2022 | -30.82% | -29.42% | -24.90% |
12.11.2020 - 12.11.2021 | -5.25% | -1.73% | 10.98% |
Annualized performance (13.11.2024)
B-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -12.38% | 4.64% | 19.17% |
3 years | -15.72% | -10.53% | -2.44% |
5 years | -4.89% | -0.48% | 3.35% |
Since Inception p.a. | -1.30% | -0.52% | 3.79% |
Cumulative performance (13.11.2024)
B-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | -10.08% | -8.34% | -4.91% |
YTD | -10.39% | 2.09% | 10.07% |
1 year | -12.38% | 4.64% | 19.17% |
3 years | -40.13% | -28.37% | -7.15% |
5 years | -22.18% | -2.38% | 17.92% |
Since Inception | -9.26% | -3.83% | 31.93% |
Annual performance
B-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -8.24% | -1.29% | 9.83% |
2022 | -19.39% | -23.50% | -20.09% |
2021 | -22.96% | -19.82% | -2.54% |
2020 | 49.43% | 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 | 1.60% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1585228452 |
Valor number | 36153232 |
Bloomberg | BBAEMBU LX |
WKN | A2DPAU |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (31.10.2024, base currency USD)
Beta | 1.00 |
Volatility | 22.52 |
Tracking error | 9.36 |
Active share | 43.04 |
Correlation | 0.91 |
Sharpe ratio | -0.76 |
Information ratio | -0.56 |
Jensen's alpha | -4.83 |
No. of positions | 48 |
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
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.
The Brazilian specialty pharmaceutical company Hypera reported its results for the third quarter. They missed consensus expectations by a mile. Excess inventory at distributors led to a sharp drop in Hypera's quarterly sales versus the same quarter of the prior year. Hypera's management also scrapped its guidance for the year as a whole and announced changes in company strategy. The changes are intended to significantly improve the company’s working capital in the medium term. Hypera is shortening the payment periods for customer invoices with the aim of reducing accounts receivable days from services and deliveries to 60 days in the medium term, compared to the current level of 126 days. Management also launched a program to buy back up to 30 mn of the company’s shares, which corresponds to about 5% of total shares. Our view of this news flow is negative overall, not least because of the lack of visibility regarding the future course of business.
Last month we increased the fund's positions in Akeso, Innovent and Summit Therapeutics and opened a new position in Microport.
Shareholdings of Cipla, Celltrion and Samsung Biologics were reduced. CSPC is no longer in the portfolio.
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Alexander Jostes