Bellevue Diversified Healthcare (Lux)
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU2441707499
The Bellevue Diversified Healthcare Fund aim’s to achieve long-term capital growth. It invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, and engaged in the research, development, production and sale of products and services.
Indexed performance (as at: 10.05.2024)
NAV: EUR 128.61 (08.05.2024)
Rolling performance (08.05.2024)
B-EUR | Benchmark | |
08.05.2023 - 08.05.2024 | 7.47% | 8.76% |
06.05.2022 - 08.05.2023 | 0.45% | 2.05% |
Annualized performance (08.05.2024)
B-EUR | Benchmark | |
1 year | 7.47% | 8.76% |
Since Inception p.a. | 1.36% | 4.39% |
Cumulative performance (08.05.2024)
B-EUR | Benchmark | |
1M | 1.49% | 1.22% |
YTD | 9.94% | 7.63% |
1 year | 7.47% | 8.76% |
Since Inception | 2.89% | 9.48% |
Annual performance
B-EUR | Benchmark | |
2023 | -3.39% | 0.45% |
Facts & Key figures
Investment Focus
The Bellevue Diversified Healthcare fund aims to achieve long-term capital growth. It actively invests worldwide in companies with innovative business models that are active in all subsectors of the healthcare sector, such as biotechnology, medical technology, generics, pharma and healthcare services, 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 | 31.03.2022 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.60% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2441707499 |
Valor number | 116533071 |
Bloomberg | BDHCBEU LX |
WKN | A3DEAM |
Total expense ratio (TER) | 2.24% (30.04.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.04.2024, base currency USD)
Beta | 0.99 |
Volatility | 10.00 |
Tracking error | 3.00 |
Active share | 36.68 |
Correlation | 0.95 |
Sharpe ratio | -0.10 |
Information ratio | -0.40 |
Jensen's alpha | -1.26 |
No. of positions | 50 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Profit from the worldwide growth of the healthcare sector, which has clearly outpaced the growth of global GDP during the past ten years.
- Take advantage of the positive characteristics of the healthcare sector and generate alpha through a bottom-up selection process and factor allocation strategies.
- Strategic overweighting of the “structural growth” factor and underweighting of blue-chip pharmaceutical stocks.
- Low earnings risk – above-average earnings growth, even in crisis years, leading to stable portfolio components.
- Bellevue – healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.
Risks
- The fund actively invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
- 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.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- Investing in emerging markets entails the additional risk of political and social instability.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
From a macro perspective, US indicators over the last few months point to a “stronger-for-longer” scenario. The market seems to have digested the expectation of less aggressive future rate cuts (from 6 to 3 cuts in 2024 and yields increasing), with positive economic data helping to support equities. Along with a resilient consumer and GDP growth backdrop, we also saw strong earnings growth (SPX 4Q EPS was up ~9% yoy vs +4.3% consent heading into the quarter). Indeed, the most recent positive data point comes in the form of the ISM manufacturing index which increased to 50.3 in March from 47.8, the first print in expansionary territory since 2022. Overall we saw a broadening of performance across equities in March, in terms of sectors, subsector, style, and marketcapitalization.
Individual subsectors within the MSCI World Healthcare all performed solidly in the month. This was led by healthcare services (+2.9%) supported by the hospitals and drug distributors, followed by biotech (+2.8%) which saw continued support from momentum in M&A, life science tools (+2.5%) which rebounded from China fears, pharma (+2.3%) supported by some value-rebound, and finally a solid performance from medtech (+2.3%).
From a geographical point of view, the Europe (+3.6%) region within the MSCI World Healthcare Index performed best, driven by Novo Nordisk, AstraZeneca, and Lonza. This was followed by another strong performance in the US (+2.3%), with Asia lagging (-2.8%). From a market-capitalization perspective, mid- (USD 2-60 bn market capitalization +2.8%), large- (USD 60-200 bn; +2.4%), and mega-cap (>USD 200 bn; +2.4%) groupings within the sector performed broadly equally in the month.
Within the fund, strong absolute performances were reported during the month from Shockwave (24.8%; M&A bid speculation), Dexcom (20.5%; favourable patent decision), and Lonza (+14.1%; China competition facing potential restrictions). On the other hand, negative absolute performances were seen for Zoetis (-14.7%; EU Antitrust investigation), Sage therapeutics (-12.8%; weak Zurzuvae prescriptions launch trajectory), and Rhythm Pharma (-8.6%; lack of catalysts).
Parabolic raises in some share prices are creating risks, but our diversified approach should help mitigate these. While maintaining an overweight in structural growth, we have recently broadened our style exposure given the uncertain macro outlook.
In terms of thematics, we still see obesity as a key long-term theme within healthcare and maintain an overweight exposure. When looking at more underappreciated new modalities, we are looking forward to new data sets investigating cell therapy in auto-immune diseases.
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