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
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1916264515
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: 28.03.2024)
NAV: USD 112.45 (27.03.2024)
Rolling performance (27.03.2024)
AI2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
27.03.2023 - 27.03.2024 | -10.38% | -4.75% | 14.31% |
25.03.2022 - 27.03.2023 | -7.31% | -4.71% | -9.23% |
26.03.2021 - 25.03.2022 | -26.52% | -22.31% | -10.62% |
27.03.2020 - 26.03.2021 | 46.00% | 36.08% | 51.87% |
Annualized performance (27.03.2024)
AI2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1 year | -10.38% | -4.75% | 14.31% |
3 years | -15.15% | -10.97% | -2.48% |
5 years | -1.05% | 0.71% | 4.46% |
Since Inception p.a. | -0.61% | 0.79% | 5.08% |
Cumulative performance (27.03.2024)
AI2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
1M | -3.77% | -1.57% | 2.32% |
YTD | -3.13% | -1.85% | 4.75% |
1 year | -10.38% | -4.75% | 14.31% |
3 years | -38.97% | -29.49% | -7.27% |
5 years | -5.15% | 3.61% | 24.41% |
Since Inception | -3.20% | 4.28% | 30.22% |
Annual performance
AI2-USD | MSCI Asia Pacific Healthcare Index | MSCI Asia Pacific Index | |
2023 | -9.02% | -3.59% | 11.45% |
2022 | -23.18% | -16.97% | -16.88% |
2021 | -12.94% | -16.17% | -1.87% |
2020 | 47.54% | 33.01% | 19.70% |
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% |
ISIN number | LU1916264515 |
Valor number | 45071560 |
Bloomberg | BEAPA2U LX |
WKN | A2N92Q |
Total expense ratio (TER) | 1.44% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (29.02.2024, base currency USD)
Beta | 0.86 |
Volatility | 18.00 |
Tracking error | 10.27 |
Active share | 44.44 |
Correlation | 0.83 |
Sharpe ratio | -0.90 |
Information ratio | -0.52 |
Jensen's alpha | -6.47 |
No. of positions | 41 |
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
Daiichi Sankyo and its partner AstraZeneca announced that the US Food and Drug Administration (FDA) accepted their application for Dato-DXd (datopotamab deruxtecan) for the treatment of patients with non-small cell lung cancer. This is an important milestone that should further reduce the risk profile of Dato-DXd in the eyes of investors.
China TCM announced that its main shareholder Sinopharm intends to take the company private at a price of HKD 4.6 per share, which represented a premium of 34% versus the pre-announcement closing price. The two companies are already working closely together in areas such as procurement and invoicing. Whether Sinopharm can actually buy out its subsidiary is currently uncertain. We exited the position on this news, as the stock was trading at a discount of only 6% to the proposed buyout price.
The Danish biotech Zealand Pharma announced groundbreaking NASH/MASH (fatty liver) Phase II data on its glucagon/GLP-1 receptor Survodutide. It produced a statistically significant improvement in liver fibrosis, a first in this field of study. Innovent is one of the few companies worldwide that is developing a GLP-1 and glucagon receptor dual agonist for the Chinese market. An application for approval in obesity has already been filed with the Chinese authorities and a Phase III trial in NASH/MASH is currently under way. Expectations that Innovent will likewise produce positive results are high.
Shionogi, CSPC Pharma, Hygeia and Hengrui were added to the fund’s portfolio last month and existing positions in Dr. Reddy's and Akeso were increased. Positions in China TCM and Divi’s Lab were closed and shareholdings of Pro Medicus, Sun Pharma, Apollo Hospital and Max Healthcare were 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