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. LU1585228619
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: 10.05.2024)
NAV: CHF 114.07 (08.05.2024)
Rolling performance (08.05.2024)
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
08.05.2023 - 08.05.2024 | -15.14% | -3.12% | 13.16% |
06.05.2022 - 08.05.2023 | -2.06% | -6.10% | -11.04% |
07.05.2021 - 06.05.2022 | -36.67% | -35.46% | -14.44% |
08.05.2020 - 07.05.2021 | 26.86% | 35.90% | 40.31% |
Annualized performance (08.05.2024)
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -15.14% | -3.12% | 13.16% |
3 years | -19.23% | -16.24% | -4.85% |
5 years | -4.61% | -4.40% | 0.48% |
Since Inception p.a. | -1.31% | -2.42% | 2.41% |
Cumulative performance (08.05.2024)
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | 1.06% | 2.01% | 2.17% |
YTD | -3.48% | 3.30% | 13.57% |
1 year | -15.14% | -3.12% | 13.16% |
3 years | -47.37% | -41.29% | -13.87% |
5 years | -21.05% | -20.18% | 2.41% |
Since Inception | -8.74% | -15.65% | 18.00% |
Annual performance
I2-CHF | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -15.92% | -10.15% | -0.02% |
2022 | -17.53% | -22.61% | -19.17% |
2021 | -20.02% | -17.45% | 0.34% |
2020 | 37.96% | 39.98% | 8.36% |
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 Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
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 | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1585228619 |
Valor number | 36153234 |
Bloomberg | BBAEI2C LX |
WKN | A2DPAW |
Total expense ratio (TER) | 1.51% (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 | 0.96 |
Volatility | 23.20 |
Tracking error | 9.63 |
Active share | 46.90 |
Correlation | 0.91 |
Sharpe ratio | -0.96 |
Information ratio | -0.43 |
Jensen's alpha | -4.15 |
No. of positions | 48 |
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 Chinese cancer care hospital chain Hygeia released its results for the second half of fiscal 2023. Sales rose 39% year-on-year and net profit increased by 19%, thanks in large part to acquisition activity. Management also said business during the first few months of the new fiscal year had been very pleasing with sales growth holding steady at around 40%, fueled for the most part by an improvement in capacity utilization rates at recently acquired hospitals. Hygeia also gave a much more positive outlook for the full year 2024 than it did as recently as late last year. The company’s shares jumped after the results announcement. We have invested about 2% of the fund's assets in Hygeia.
Proposed legislation known as the Biosecure Act currently moving through the US House of Representatives (and a similar bill in the Senate) that is said to address national security concerns has led to significant volatility in Chinese CRO/CDMO stocks, especially for the three Wuxi companies (Apptec, Biologics and XDC). It is still unclear to what extent Chinese suppliers would be locked out of the US market. The act might only affect contracts that are funded by US taxpayer money. But it could also apply to every contract that US companies have with certain Chinese biotech companies. The extreme scenario would be if it applied to every Chinese biotech project beyond China’s borders. What can be said with certainty is that the draft legislation marks the start of a prolonged political process. A grandfather clause for existing contracts and the timelines for technology transfer restrictions could lessen the impact of the proposed legislation to a certain degree. We have retained only a small position in Wuxi Biologics and have closed the position in Wuxi Apptec.
Medanta Global Health, Rainbow Hospital and Kelun Biotech were added to the portfolio last month and existing positions in Dr. Reddy's, Legend Biotech and Hygeia were increased. Shareholdings in Oncoclinicas, Zydus Lifesciences and Sulaiman were reduced and positions in Fleury and Traditional Chinese Medicine 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