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Principles 

By using the website www.bellevue.ch, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

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The information, products, data, services, tools and documents contained or described on this site ("website content") are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation (to buy) or redemption (sell) investment instruments, to effect any transaction or to enter into any legal relations.

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The financial products mentioned on this site are not suitable for all investors. The information contained on this site does not constitute a financial, legal, fiscal or any other recommendation. Investment or other decisions should not be made solely on the basis of this document. In particular, you should not enter into any investment before you have read the corresponding fund agreement or legal prospectus, the annual and semi-annual reports, the articles of association (as far as they are applicable), as well as all other documents, as required in accordance with local legislation or the regulations applied in the legal jurisdictions or countries in which the corresponding investment fund has been licensed or approved for public offer or sale to the public.

In order to determine whether the investment in shares of a certain investment fund meets your specific requirements and matches your envisaged risks, we recommend that you contact an independent financial adviser. Furthermore, we recommend that you consult an independent tax adviser in order to obtain information on the tax regulations relating to a specific investment in your legal jurisdiction and with regard to your personal circumstances. In particular tax treatment depends on individual circumstances and may be subject to change.

As the funds are recognised (ie. registered) but not authorised in the UK, the UK Financial Services Authority's financial services compensation scheme does not apply to investments in the fund but the Financial Services Authority regulated firm approving this document for the purposes of UK regulation has taken reasonable steps to satisfy itself that Bellevue will deal in an honest and reliable way and is so satisfied.

Performance

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. The performance data are calculated without taking account of commissions and costs that result from subscriptions and redemptions and commissions and costs have a negative impact on performance. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

Target group of the sites 

The sites are intended exclusively for use by legal entities and natural persons having their registered office or residing in countries in which the investment funds or the related subfunds or share classes of the Bellevue Group have been properly licensed or approved for public offer or sale in accordance with the applicable local legislation. The funds are currently registered for public distribution offer in the following countries: Luxembourg, Switzerland, Germany, Austria, Spain and Portugal. In all other countries, the funds may, if any, via "Private Placement" according to the local applicable laws.

It is explicitly stated, that alternative fund products are not allowed for public distribution in any country and that they may only and exclusively be solicited to institutional and qualified private investors according to the applicable local laws of each country.

The information and services provided on the sites are not intended for offer to or use by legal entities or natural persons in legal jurisdictions or countries in which the offer or use thereof would violate local legislation or legal provisions, or in which business units forming part of Bellevue Group would be subject to registration requirements in such jurisdictions or countries. Legal entities or natural persons to which such prohibitions apply must not access or use these sites.

The Bellevue funds have NOT been licensed for public offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933, or in Canada, Japan, Taiwan, Malaysia, Hong Kong or Israel in accordance with the laws in force in those countries. Therefore, particular importance is attached to ensuring that these sites are not intended for legal entities or natural persons, who have their registered office or who reside in such countries, their territories or dependencies or who, on account of their citizenship or similar status, are subject to the law of one of these countries.

Fund documents Luxembourg Fund

Bellevue SICAV: The Bellevue Funds (Lux) SICAV is admitted for public offering and distribution in Switzerland . Representative agent in Switzerland   Waystone Fund Services (Switzerland) SA, Avenue Villamont 17, CH-1005 Lausanne and paying agent in Switzerland: DZ PRIVATBANK (Schweiz) AG Münsterhof 12, PO Box, CH-8022 Zürich. Austria: Paying and information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Germany: information agent: Zeidler Legal Process Outsourcing Limited., 19-22 Lower Baggot Street, Dublin 2, D02 X658, Ireland. Spain: The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938. Paying and information agent: atl Capital, Calle de Montalbán 9, ES-28014 Madrid.  Prospectus, Key Investor Information Document (“KID”), the articles of association as well as the annual and semi - annual reports of the Bellevue Funds under Luxembourg law are available free of charge from the above mentioned representative, paying, facilities and information agents as well as from Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Bellevue Asset Management (Deutschland) GmbH: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from Bellevue Asset Management (Deutschland) GmbH, and also from banks and financial advisers. Paying agent in Switzerland is DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, PO Box, CH-8022 Zurich. The swiss agent is IPConcept (Schweiz) AG, In Gassen 6, PO Box, CH-8022 Zurich. In Switzerland you can obtain sales prospectus, the annual reports and the german key investor information documents free of charge from the agent and also from the paying agent. 

Fund documents Bellevue Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Fund under Swiss law are available free of charge from: Switzerland : PMG Fonds Management AG, Dammstrasse 23, 6300 Zug or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KID“), fund contract as well as the annual and semi - annual reports of the Bellevue Medtech and Services fund established under Swiss law in the category "Other Funds for Traditional Investments" are available free of charge from : Switzerland : Swisscanto Fondsleitung AG, Bahnhofstrasse 9 , CH - 8001 Zürich or Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich.

Fund documents StarCapital Multi Income and StarCapital Dynamic Bonds

Prospectus, the key information document ("PRIIP-KID"), the management regulations and the semi-annual and annual report are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the relevant custodian bank or from the management company IPConcept (Luxembourg) S.A. (société anonyme), 4, rue Thomas Edison, L-1445 Luxembourg, Luxembourg, https://www.ipconcept.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.ipconcept.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

Fund documents Bellevue Option Premium fund

Prospectus, the key information document ("PRIIP-KID"), and the semi-annual and annual reports are available free of charge in German from Bellevue Asset Management (Deutschland) GmbH, your advisor or intermediary, the paying agents, the responsible depositary (UBS Europe SE, Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main) or from the management company Universal-Investment-Gesellschaft mbH, Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, https://www.universal-investment.com. For information on opportunities and risks as well as tax information, please refer to the current detailed sales prospectus. Further information on investor rights can be found on the Management Company's website (https://www.universal-investment.com). The management company may decide to cancel the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.

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Bellevue Asia Pacific Healthcare

ISIN-No.: LU1587985067

YTD: 1.17%

Active share: 20.46

Anzahl Positionen: 43

Indexed performance (as at: 12.09.2025)

NAV: CHF 141.28 (11.09.2025)


01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I2-CHF
MSCI Asia Pacific Healthcare Index
MSCI Asia Pacific Index

Rolling performance (12.09.2025)

I2-CHFMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
11.09.2024 - 11.09.2025-4.49%-5.71%16.54%
11.09.2023 - 11.09.2024-1.25%4.90%8.09%
09.09.2022 - 11.09.2023-13.89%-13.22%-0.28%
09.09.2021 - 09.09.2022-30.95%-25.63%-19.07%

Annualized performance (12.09.2025)

I2-CHFMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
1 year-4.49%-5.71%16.54%
3 years-6.70%-4.97%7.90%
5 years-9.54%-6.84%4.58%
Since Inception p.a.1.47%1.30%4.35%

Cumulative performance (12.09.2025)

I2-CHFMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
1M-0.30%-1.34%2.46%
YTD1.17%-3.18%7.06%
1 year-4.49%-5.71%16.54%
3 years-18.78%-14.17%25.62%
5 years-39.41%-29.82%25.08%
Since Inception13.02%11.40%42.90%

Annual performance

I2-CHFMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
2024-2.13%3.64%18.52%
2023-15.52%-12.23%1.45%
2022-22.22%-16.38%-16.27%
2021-9.89%-13.41%1.36%

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. Its investment universe consists of generics producers, pharma and biotechnology 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. Stock selection is exclusively bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk

SRI

Low risk

High risk

The Fund’s objective is to generate an attractive return over a long-term horizon. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to diversify their portfolio with selective exposure to the healthcare sector in Asia and who are willing to accept the risks typically associated with stocks in this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianCACEIS BANK, LUXEMBOURG BRANCH
Fund AdministratorCACEIS BANK, LUXEMBOURG BRANCH
AuditorPriceWaterhouseCoopers
Launch date28.04.2017
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time09:00 CET
Management Fee0.90%
Subscription Fee (max.)5.00%
ISIN numberLU1587985067
Valor number36225563
BloombergBEAPI2C LX
WKNA2DPA5

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.08.2025, base currency USD)

Beta0.88
Volatility17.35
Tracking error8.49
Active share20.46
Correlation0.88
Sharpe ratio-0.33
Information ratio-0.36
Jensen's alpha-3.41
No. of positions43

Top 10 positions

Takeda
Hoya
CSL
Daiichi Sankyo
Chugai
Otsuka
Terumo
Sino Biopharmaceutical
Akeso
Astellas Pharma
8.2%
8.0%
7.5%
6.1%
5.0%
4.4%
3.8%
3.8%
3.6%
3.5%

Market capitalization

2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.8%
15.3%
17.6%
64.7%
0.7%

Geographic breakdown

Japan
China
Australia
South Korea
Thailand
Other
Cash
46.1%
30.5%
11.5%
8.2%
2.1%
1.1%
0.5%

Breakdown by sector

Pharma
Biotechnology
Medtech
Generics/Spec.Pharma
Services
Other
Cash
32.0%
22.5%
16.6%
13.9%
13.3%
1.2%
0.5%

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.

Asian stock markets posted broad gains in August, with the Nikkei 225 climbing +6.8%, the Hang Seng Index up +2.1%, and the CSI 300 advancing +11.6%. Australia’s benchmark S&P/ASX 200 also rose +5.1%. Overall, Asia-Pacific equities ended the month higher, gaining +3.1%.

The Asia-Pacific healthcare sector (-2.4%) lagged the broader Asia-Pacific equity market. Persistent concerns over the most-favored-nation (MFN) pricing model in the US and potential tariffs on biopharma products weighed on sentiment. The Bellevue Asia Pacific Healthcare (Lux) Fund (-1.0%) outperformed its benchmark.

JD Health (+25.7%), Sino Biopharm (+9.3%), Otsuka (+9.1%), Takeda (+8.0%), and Terumo (+6.7%) were among the top contributors to the fund’s absolute performance. JD Health’s Q2 results beat expectations, and the company raised its full-year guidance. Strong performance in the branded drug segment, coupled with disciplined investment in its platform and AI, drove the upside. Sino Biopharm reported results ahead of investor expectations and predicted double-digit revenue and EPS growth in FY 2025. With over 19 products expected to gain approval in the next three years and a strong likelihood of out-licensing deals, Sino Biopharm is becoming increasingly attractive to investors. Otsuka raised its H2 royalty income guidance, driven primarily by Kisqali, a breast cancer therapy licensed to Novartis, came in strong. Despite a weak Q1, investor sentiment regarding Takeda has improved ahead of the anticipated launch of its key orexin drug for the treatment of narcolepsy, a disorder that causes excessive daytime sleepiness and sudden sleep attacks. Previous data suggest the drug could be first to market with strong efficacy. Terumo delivered a positive earnings surprise, with revenue growth and margin expansion supported by favorable pricing and cost-cutting initiatives.

Sysmex (-22.6%), CSL (-20.0%), Legend Biotech (-11.1%), Chugai (-9.3%), and Celltrion (-6.2%) were the largest detractors from the fund’s absolute performance. Sysmex reported disappointing results, dashing investor hopes of a China recovery story. CSL declined on the back of weak results and a guidance cut driven by macroeconomic uncertainties. . Despite solid results, Legend Biotech saw waning investor interest as the company has few catalysts lined up post-Q2, prompting investors to shift focus to other outperforming biotech stocks. Chugai suffered after orforglipron failed to demonstrate a differentiated profile versus Novo Nordisk’s rival therapy. Celltrion delivered largely in-line Q2 results, and lowered guidance that had previously been viewed as aggressive.

All performance figures are in USD, with fund performance shown for B shares.

Asia is the world’s most dynamic growth region, home to more than half of the global population. By 2050, Asian emerging markets are projected to account for over 50% of global GDP. As household incomes rise, economic growth in many Asian countries is expected to shift from manufacturing toward services. A growing middle class is driving stronger demand for modern medicine, with healthcare increasingly ranking as a top priority. Billions are being invested in infrastructure, technology, and research to modernize healthcare systems across emerging markets, expanding access to quality care. At the same time, rapid population aging is further boosting demand. In 25 years’ time, China alone is expected to have nearly 400 million people over the age of 65, creating a significant need for advanced health services and medicines.

Japan, often referred to as «the world’s demographic laboratory,» has been a champion of cutting-edge innovation for decades. The country holds technology leadership in fields ranging from therapeutic antibody development and immunotherapy to robotics, digitalization, diagnostics, and medical imaging systems.

The fund provides defensive exposure to Asian emerging markets while offering attractive opportunities in the region’s technology leaders. Its investments span the entire healthcare value chain, from generic drug manufacturers and biotechnology firms to medical device makers and digital health specialists.

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  • Lead Portfolio Manager

    Marcel Fritsch

    Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
  • Equity Analyst

    Annie Zeng

    Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.
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