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. LU1585228296
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: 26.07.2024)
NAV: USD 116.11 (26.07.2024)
Rolling performance (27.07.2024)
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
25.07.2023 - 25.07.2024 | -17.21% | -1.76% | 6.70% |
25.07.2022 - 25.07.2023 | -5.78% | -7.86% | 7.59% |
23.07.2021 - 25.07.2022 | -36.05% | -36.94% | -22.66% |
23.07.2020 - 23.07.2021 | 9.22% | 14.27% | 23.92% |
Annualized performance (27.07.2024)
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -17.21% | -1.76% | 6.70% |
3 years | -20.69% | -17.05% | -3.89% |
5 years | -3.22% | -0.83% | 2.86% |
Since Inception p.a. | -1.03% | -1.35% | 3.50% |
Cumulative performance (27.07.2024)
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | 4.77% | 4.51% | -0.53% |
YTD | -11.71% | -3.71% | 6.70% |
1 year | -17.21% | -1.76% | 6.70% |
3 years | -50.12% | -42.92% | -11.21% |
5 years | -15.07% | -4.10% | 15.17% |
Since Inception | -7.11% | -9.30% | 27.89% |
Annual performance
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -7.60% | -1.29% | 9.83% |
2022 | -18.82% | -23.50% | -20.09% |
2021 | -22.43% | -19.82% | -2.54% |
2020 | 50.72% | 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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1585228296 |
Valor number | 36153219 |
Bloomberg | BBAEMIU LX |
WKN | A2DPAS |
Total expense ratio (TER) | 1.55% (30.06.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.06.2024, base currency USD)
Beta | 0.98 |
Volatility | 23.26 |
Tracking error | 9.52 |
Active share | 46.15 |
Correlation | 0.91 |
Sharpe ratio | -1.09 |
Information ratio | -0.48 |
Jensen's alpha | -4.24 |
No. of positions | 43 |
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
As already mentioned, Chinese healthcare stocks underperformed the broader market in June. This can be traced to lingering uncertainty unleashed by the government's anti-corruption campaign and the ongoing general geopolitical tension. We were in contact with executives from numerous Chinese healthcare companies last month. They confirmed that the negative fallout of the government's anti-corruption efforts had eased significantly in recent weeks. Most of the Chinese companies in the fund's portfolio generate almost all of their sales in China, and we are confident that these companies in the portfolio will report significantly better results compared to the previous quarter. This would be an important stepping stone toward regaining the confidence of foreign investors.
At the American Diabetes Association's 84th annual meeting in June 2024, Innovent Biologics presented detailed data from its GLORY-1 trial of mazdutide, a GLP-1R/GCGR dual agonist, for fatty liver disease and weight loss. On average, the participants lost 18.6% of their body weight after 48 weeks of treatment with mazdutide with a dosage of 9 mg. This significant weight loss was accompanied by improvements in several metabolic parameters, including blood lipids, blood pressure, and insulin sensitivity. Most impressive was the reported 80.2% reduction in liver fat. These results clearly demonstrate the investigational drug’s effectiveness in treating nonalcoholic fatty liver disease (NAFLD) and in improving overall liver health.
Last month shareholdings of Cipla, Innovent and CSPC were increased and new positions in Torrent and HLB were opened. Positions in AK Medical, Shandong Weigao and Max Healthcare were trimmed and Aier Eye Hospitals, Sulaiman and JD Health are no longer in the portfolio.
Documents
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