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
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Investment Focus
ISIN-No. LU1585229187
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: 30.08.2024)
NAV: EUR 120.20 (29.08.2024)
Rolling performance (30.08.2024)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
29.08.2023 - 29.08.2024 | -10.42% | 6.39% | 11.47% |
29.08.2022 - 29.08.2023 | -13.51% | -12.88% | -5.72% |
27.08.2021 - 29.08.2022 | -20.96% | -23.44% | -5.48% |
27.08.2020 - 27.08.2021 | 0.25% | 5.56% | 16.08% |
Annualized performance (30.08.2024)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -10.42% | 6.39% | 11.47% |
3 years | -15.08% | -10.81% | -0.23% |
5 years | -3.04% | 1.31% | 4.94% |
Since Inception p.a. | -0.54% | 0.05% | 4.07% |
Cumulative performance (30.08.2024)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | 2.05% | 3.45% | -0.52% |
YTD | -6.83% | 3.67% | 8.87% |
1 year | -10.42% | 6.39% | 11.47% |
3 years | -38.76% | -29.04% | -0.68% |
5 years | -14.32% | 6.75% | 27.28% |
Since Inception | -3.84% | 0.34% | 33.53% |
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, 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 | LU1585229187 |
Valor number | 36153238 |
Bloomberg | BBAEMBE LX |
WKN | A2DPA0 |
Total expense ratio (TER) | 2.27% (31.08.2024) |
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
Samsung Biologics, a biologics contract manufacturer, announced that it had signed a USD 1.1 bn contract with an undisclosed pharmaceutical company. This raised its order inflow for the year to USD 1.8 bn. More big orders should follow when the construction of the company’s fifth factory is completed in April 2025. Samsung Biologics is in an excellent position to benefit over the mid to long term from the pressure the US government is exerting on China, which is forcing Chinese competitors such as Wuxi Biologics to withdraw from the US market.
A meeting with executives from medtech company Mindray provided further insights into the current status of the Chinese government’s anti-corruption campaign that began in late July of 2023. This campaign to weed out corruption in the country’s health sector (especially in hospitals) is in its final stages. Hundreds of hospital administrators, procurement officers and other individuals have been arrested. This has led to high levels of uncertainty and a sharp drop in sector growth in certain parts of the country. While some urban areas have not yet been completely cleaned up, sector activity is slowly picking up again. We expect growth to improve during the second half of 2024 but it will probably still be below historical trend growth levels. It is important to note that the Chinese government is likely to initiate such campaigns every few years. This is because the root cause of the problem is the low salaries of hospital managers who also yield significant purchasing power, which sooner or later tempts them to exploit this situation for their personal gain.
The Indian specialty pharmaceutical company Torrent Pharma published a convincing set of quarterly results. Sales in its home market rose an impressive 15% yoy. This is about 5 percentage points above the underlying market growth rate. Torrent's top-line growth was fueled by the successful launch of new products, especially in its diabetes care business.
Fund positions in Cipla, Lupin and Celltrion were increased last month and a new position in Alteogen was opened. Shareholdings of Hygeia and Legend Biotech were reduced and positions in Gan & Lee and Hengrui were closed.
Dokumente
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