Bellevue Asia Pacific Healthcare (Lux)
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
Explained in 90 seconds
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Investment Focus
ISIN-No. LU1587984920
This fund invests in healthcare stocks throughout the Asia-Pacific region. 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: 13.05.2024)
NAV: CHF 141.25 (10.05.2024)
Rolling performance (10.05.2024)
I-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
10.05.2023 - 10.05.2024 | -11.19% | -8.79% | 14.20% |
10.05.2022 - 10.05.2023 | -6.29% | -2.18% | -6.86% |
10.05.2021 - 10.05.2022 | -29.96% | -23.27% | -13.28% |
08.05.2020 - 10.05.2021 | 22.30% | 15.05% | 34.43% |
Annualized performance (10.05.2024)
I-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | -11.19% | -8.79% | 14.20% |
3 years | -16.45% | -11.85% | -2.65% |
5 years | -2.90% | -1.66% | 2.63% |
Since Inception p.a. | 1.75% | 1.94% | 3.62% |
Cumulative performance (10.05.2024)
I-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | 0.36% | 1.54% | -0.46% |
YTD | 1.55% | 3.08% | 14.00% |
1 year | -11.19% | -8.79% | 14.20% |
3 years | -41.71% | -31.54% | -7.76% |
5 years | -13.71% | -8.06% | 13.90% |
Since Inception | 13.00% | 14.45% | 28.40% |
Annual performance
I-CHF | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -15.54% | -12.23% | 1.45% |
2022 | -22.25% | -16.29% | -16.19% |
2021 | -9.94% | -13.41% | 1.36% |
2020 | 33.06% | 21.84% | 9.65% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Asia Pacific Healthcare fund actively 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 Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1587984920 |
Valor number | 36225562 |
Bloomberg | BEAAPIC LX |
WKN | A2DPA4 |
Total expense ratio (TER) | 1.50% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.04.2024, base currency USD)
Beta | 0.86 |
Volatility | 17.90 |
Tracking error | 10.16 |
Active share | 44.49 |
Correlation | 0.83 |
Sharpe ratio | -1.09 |
Information ratio | -0.48 |
Jensen's alpha | -6.50 |
No. of positions | 40 |
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
The Japanese pharmaceutical company Daiichi Sankyo reported a solid set of results. Sales and earnings were “only” in line with expectations. The announcement of a share buyback program and an increase in the dividend was greeted by investors and boosted the company’s shares. It plans to buy back the equivalent of about 3% of outstanding shares and raised its dividend by no less than 20%. Daiichi and its partner AstraZeneca also issued a press release announcing that Enhertu, its blockbuster for the treatment of HER2-low expression breast cancer, also demonstrated a significant PFS improvement in patients with HER2-ultralow expression. Investors are now keenly awaiting the more detailed results, which will most likely be presented at the next major oncology conference (ASCO), which takes place in late May/early June.
Innovent, one of the largest biotech companies in China, presented another convincing set of quarterly results. Its first-quarter sales surged 60% yoy and amounted to RMB 1.6 bn. Sales growth was no longer generated primarily by its PD-1 inhibitor Tyvyt, which was cheered by investors. Management efforts to diversify the company’s operations seem to be increasingly paying off. Innovent is now expected to generate sales of more than RMB 7 bn for the full year. Innovent will present a raft of data from its antibody-drug conjugates (ADC) studies at this year's ASCO. The market is eagerly awaiting these readouts, especially since this class of therapeutic agents has recently demonstrated a high level of efficacy in other studies.
New positions were opened in Aurobindo and Shimadzu during the past month. Sysmex, Sino Biopharmaceuticals and Celltrion Pharma are no longer in the fund's portfolio. The position in Celltrion was reduced.
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.
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