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: 30.10.2024)
NAV: EUR 171.82 (29.10.2024)
Rolling performance (30.10.2024)
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
29.10.2023 - 29.10.2024 | 4.60% | 14.70% | 23.31% |
27.10.2022 - 27.10.2023 | -10.13% | -12.59% | 6.58% |
27.10.2021 - 27.10.2022 | -24.81% | -17.27% | -17.53% |
27.10.2020 - 27.10.2021 | 4.30% | 6.00% | 17.88% |
Annualized performance (30.10.2024)
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | 4.60% | 14.70% | 23.31% |
3 years | -10.68% | -5.74% | 2.92% |
5 years | 0.17% | 0.73% | 5.84% |
Since Inception p.a. | 4.33% | 4.46% | 5.71% |
Cumulative performance (30.10.2024)
I2-EUR | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | -2.23% | -1.35% | -2.10% |
YTD | 3.28% | 7.15% | 15.46% |
1 year | 4.60% | 14.70% | 23.31% |
3 years | -28.73% | -16.24% | 9.02% |
5 years | 0.87% | 3.71% | 32.82% |
Since Inception | 37.46% | 38.79% | 51.71% |
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 |
Total expense ratio (TER) | 1.44% (30.09.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.09.2024, base currency USD)
Beta | 0.86 |
Volatility | 17.96 |
Tracking error | 9.98 |
Active share | 46.62 |
Correlation | 0.84 |
Sharpe ratio | -0.87 |
Information ratio | -0.55 |
Jensen's alpha | -6.61 |
No. of positions | 38 |
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
In contrast to earlier government attempts to shore up Chinese capital markets and stabilize the economy, this time China’s leaders have crafted a broad stimulus package that includes monetary and fiscal policy measures that should provide some relief for households in particular. This is intended to lift household consumption and ease deflationary pressure. It appears that the Communist Party leadership has finally acknowledged that the situation is dramatic and that it must use every means at its disposal to fix it. President Xi Jinping recently spoke about the new policy stance in surprisingly frank terms. This represents a paradigm shift and could help to improve foreign investors’ confidence in China's capital markets. Besides lowering borrowing rates and providing relief for homeowners as well as support for the equity market, the package includes the equivalent of almost USD 450 bn for Chinese households. These measures range from tax cuts and government subsidies for household purchases of new cars and appliances to more generous unemployment benefits and cash handouts for young families and low-income households. The government is forecasting that its fiscal deficit will rise above 3% of GDP as a result of the stimulus spending.
Chinese biotech company Akeso published groundbreaking Phase III data from its Chinese trial of ivonescimab, a bispecific antibody, in lung cancer patients. In a head-to-head comparison with Keytruda, the current standard of care, progression-free survival increased to more than 11 months compared to 5.8 months for Keytruda. This data has increased the likelihood that the international study being conducted by Akeso's partner Summit Therapeutics will also show a superior outcome. The fund is invested in both of these companies.
Existing fund positions in Bumrungrad and Akeso were increased during the past month. Telix is no longer in the fund's 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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