Sustainability and health combined in a portfolio: First healthcare fund managed under consideration of ESG criteria
Investments in the 40 most attractive healthcare companies worldwide, regionally diversified and across sub sectors
The sustainability filter includes a "best-in-class" approach and the application of a strict exclusion process
Indexed performance (as at: 08.10.2024)
NAV: EUR 174.55 (07.10.2024)
Rolling performance (08.10.2024)
B-EUR | Benchmark | |
07.10.2023 - 07.10.2024 | 6.22% | 13.81% |
07.10.2022 - 07.10.2023 | -2.49% | -0.21% |
07.10.2021 - 07.10.2022 | -8.58% | 8.34% |
07.10.2020 - 07.10.2021 | 17.50% | 20.07% |
Annualized performance (08.10.2024)
B-EUR | Benchmark | |
1 year | 6.22% | 13.81% |
3 years | -1.80% | 7.67% |
5 years | 6.52% | 11.31% |
Since Inception p.a. | 5.46% | 11.47% |
Cumulative performance (08.10.2024)
B-EUR | Benchmark | |
1M | -1.35% | -1.70% |
YTD | 6.87% | 12.78% |
1 year | 6.22% | 13.81% |
3 years | -5.31% | 24.81% |
5 years | 37.12% | 70.84% |
Since Inception | 39.64% | 97.71% |
Annual performance
B-EUR | Benchmark | |
2023 | -5.42% | 0.45% |
2022 | -9.17% | 0.55% |
2021 | 14.41% | 28.63% |
2020 | 17.73% | 4.27% |
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 firms with strong sustainability credentials and innovative business models. Examples of sustainability in the healthcare industry are environmentally sound procurement policies for drug makers, 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 | 29.06.2018 |
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 | LU1819586261 |
Valor number | 41670707 |
Bloomberg | BBSHCBE LX |
WKN | A2JMRM |
Total expense ratio (TER) | 2.17% (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 | 14.86 |
Tracking error | 10.16 |
Active share | 72.09 |
Correlation | 0.74 |
Sharpe ratio | -0.43 |
Information ratio | -0.92 |
Jensen's alpha | -9.56 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 45 most attractive healthcare stocks worldwide with due account taken of current sustainability criteria.
- Many years of recognized bottom up expertise coupled with comprehensive sustainability research from Sustainalytics.
- The sustainability filter combines a best-in-class approach with the application of a strict exclusion procedure.
- Proprietary investement process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices, and a strong focus on mid caps.
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
After broadly inline inflation data and strong labour data early in the month, the Fed surprised by cutting the base rate by 50 bps. The US economy continued to surprise to the upside on various metrics through September, supporting a goldilocks scenario for equities. Indeed, the S&P 500 has had its best first 9 months of the year since 1997. Towards the end of the month, China stimulus drove a rally in Chinese mainland and Hong Kong-listed stocks.
Within the MSCI World Healthcare Index, medtech (+1.3%) was the best performing subsector in the month. This was followed by life science tools (+1.1%), healthcare tech (+0.9%), biotech (-2.7%), with pharmaceuticals being the clear laggard with a negative performance (-6.1%).
From a geographical point of view, the Emerging Market healthcare (all country, +7.2%) performed best, supported by a strong month for China equities. This was followed by Asia healthcare (all country, -0.4%), US healthcare (+1.8%), and European healthcare (-6.1%). From a market-capitalization perspective, the mid caps (USD 2-60 bn mrk-cap; -0.6%) performed best supported by a size rotation mid-month. This was followed by the large-cap grouping (USD 60-200 bn; -1.7%), with the mega-cap grouping (>USD 200 bn; -4.9%) performing weakly (driven by Novo Nordisk; - 15.4% in September).
Within the fund, strong absolute performances were reported during the month from Pro Medicus (+21.1%; continued positive metrics), Bumrundgrad Hospital (+16.1%; continued strong momentum after Q2 results in late August), and Sinopharma (+14.9%; China stimulus). On the other hand, negative absolute performances were seen for Biomarin (-22.9%; increasing achondroplasia competition), Daiichi Sankyo (-21.0%; negative clinical trial update), and Novo Nordisk (-15.4%; negative clinical trial update).
In order to get into the fund portfolio, the companies must meet the following criteria: Appropriate ESG risk profile (best-in-class approach), not involved in severe ESG-relevant controversies and comply with the ten principles of the UN Global Compact. In the case of controversial business areas and practices, revenue thresholds are defined for inclusion. The results of the ESG filter application demonstrate that around 40-50% of the titles meet our strict sustainability requirements. The proven factor analysis is then carried out according to four quantitative and four qualitative parameters. The objective here is to select companies that are inexpensive, have strong growth and have an exceptional competitive position so that they can maintain their leading position also in the future.
The analysis results in a portfolio structure consisting of the 40 most sustainable stocks in the healthcare industry, ten of them per region (Western Europe, North America, Japan / Oceania, emerging markets). The application of the eight factors in the past has typically led to a focus on mid cap stocks and an underweight position in pharma and the North America region relative to the MSCI World Healthcare Index. The rebalancing takes place every six months.
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