Bellevue Emerging Markets Healthcare (Lux)
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. LU1585229187
This fund 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: 03.07.2024)
NAV: EUR 110.41 (28.06.2024)
Rolling performance (27.06.2024)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
27.06.2023 - 27.06.2024 | -15.96% | -0.28% | 14.25% |
27.06.2022 - 27.06.2023 | -14.76% | -14.01% | -3.58% |
25.06.2021 - 27.06.2022 | -31.46% | -33.95% | -14.00% |
26.06.2020 - 25.06.2021 | 16.35% | 23.89% | 32.51% |
Annualized performance (27.06.2024)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -15.96% | -0.28% | 14.25% |
3 years | -21.06% | -17.22% | -1.78% |
5 years | -3.35% | -0.89% | 4.25% |
Since Inception p.a. | -1.62% | -1.42% | 4.29% |
Cumulative performance (27.06.2024)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | -0.84% | 1.49% | 1.06% |
YTD | -13.67% | -5.53% | 10.61% |
1 year | -15.96% | -0.28% | 14.25% |
3 years | -50.90% | -43.36% | -5.27% |
5 years | -15.69% | -4.38% | 23.14% |
Since Inception | -10.90% | -9.62% | 34.65% |
Annual performance
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -11.35% | -4.44% | 6.32% |
2022 | -14.11% | -18.67% | -15.06% |
2021 | -17.13% | -13.91% | 4.64% |
2020 | 36.52% | 40.37% | 8.67% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Emerging Markets Healthcare fund actively invests in companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of emerging countries. 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 | LU1585229187 |
Valor number | 36153238 |
Bloomberg | BBAEMBE LX |
WKN | A2DPA0 |
Total expense ratio (TER) | 2.29% (31.05.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
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 US Biosecure Act making its way through Congress represents the latest geopolitical attack out of Washington, this time explicitly targeting Chinese companies that provide services to the global biotech industry. The bill would prevent US companies from contracting with Chinese services providers deemed a threat to US national security. When it would take effect is not yet known. US lawmakers claim that genetic information of American patients is being collected and used for military purposes. The bill singles out five Chinese companies that allegedly have ties to the Chinese military: Wuxi Apptec, Wuxi Biologics, BGI, MGI and Complete Genomics. US companies will probably be granted a transition period, with 2032 a proposed cut-off date, to give them time to find new business partners. We assume that the bill will become law by the end of 2024 at the latest. It is still too early to say whether the bill will apply only to the contracts of US companies funded with US government money (best case) or to all domestic contracts of US companies (base case) or to all of their contracts ex China (worst case). Unfortunately, the latest news on this front not only put the shares of the companies specifically mentioned in the draft legislation under selling pressure, although there is no connection between the proposed law and any other companies.
The Chinese pharmaceutical company CSPC published a convincing set of quarterly results. Sales rose by more than 11% yoy and the gross profit margin increased by about 4 percentage points. Reported earnings were therefore well above analyst expectations. The solid results reflected CSPC’s strong performance in the therapeutic areas of nervous system disease, oncology and anti-infectives, driven by significant inroads into the hospital market.
Last month we increased the fund's positions in Akeso, Innovent and CSPC. Yuhan, Pharmaessentia and Gan & Lee were added to the portfolio. Shareholdings of Divis Laboratories, Aurobindo and Wuxi Biologics were reduced and the positions in Wuxi Apptec, SK Biopharmaceuticals and Remegen were closed.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less