Bellevue Healthcare Strategy (Lux)
Investments in the 40 most attractive healthcare stocks worldwide, regionally diversified and across sub sectors
Profiting from pent-up demand in Emerging Markets as well as from innovation in industrialized countries
Strong focus on quality mid caps and underweight in pharma stocks
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1477742818
The Bellevue Healthcare Strategy Fund invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, medical technology and services companies as well as generics producers that are involved in the development, manufacturing or sale of products and services.
Indexed performance (as at: 28.03.2024)
NAV: USD 243.18 (27.03.2024)
Rolling performance (27.03.2024)
I-USD | Benchmark | |
27.03.2023 - 27.03.2024 | 7.13% | 15.06% |
25.03.2022 - 27.03.2023 | -11.98% | -4.37% |
26.03.2021 - 25.03.2022 | 0.93% | 13.65% |
27.03.2020 - 26.03.2021 | 45.13% | 34.72% |
Annualized performance (27.03.2024)
I-USD | Benchmark | |
1 year | 7.13% | 15.06% |
3 years | -1.63% | 7.73% |
5 years | 5.97% | 10.57% |
Since Inception p.a. | 9.40% | 11.28% |
Cumulative performance (27.03.2024)
I-USD | Benchmark | |
1M | 0.55% | 1.07% |
YTD | 3.73% | 7.44% |
1 year | 7.13% | 15.06% |
3 years | -4.83% | 25.06% |
5 years | 33.68% | 65.33% |
Since Inception | 94.54% | 120.66% |
Annual performance
I-USD | Benchmark | |
2023 | -2.96% | 3.76% |
2022 | -11.17% | -5.41% |
2021 | 5.98% | 19.80% |
2020 | 27.94% | 13.52% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Healthcare Strategy fund actively invests in global healthcare companies with innovative business models. Its investment universe consists of biotechnology and pharma companies, 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 | 31.10.2016 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU1477742818 |
Valor number | 33635311 |
Bloomberg | BVBAHIU LX |
WKN | A2ASDJ |
Total expense ratio (TER) | 1.48% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (29.02.2024, base currency USD)
Beta | 0.82 |
Volatility | 14.10 |
Tracking error | 9.70 |
Active share | 72.00 |
Correlation | 0.74 |
Sharpe ratio | -0.27 |
Information ratio | -0.94 |
Jensen's alpha | -8.80 |
No. of positions | 40 |
Portfolio
Top 10 positions
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 40 most attractive healthcare stocks worldwide.
- Proprietary investment process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices.
- Strong focus on quality mid-caps.
- 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 through the month pointed towards a “soft-landing scenario” (weakening consumer confidence, declining durable goods orders, inflation-adjusted consumer spending declined, real-disposable income little changed, declining US home-buying demand, core PCE in line with estimates). Ultimately, this is a “Goldilocks” scenario for stocks, with investors/traders seeing the slowly weakening economic data as supportive of Fed rate cuts as soon as June 2024.
Turning to individual subsectors within the MSCI World Healthcare, life science tools (+5.5%) was the best performer in the month driven by a rebound in biotech funding and M&A activity, followed by pharma (+3.7%) which saw continued support from momentum in obesity theme stocks (Eli Lilly and Novo Nordisk). These two subsectors were followed by medtech (+3.1%; positive Q4 results), healthcare services (-0.6%; regulatory scrutiny on PBMs), and finally biotech (-2.7% within the MSCI World Healthcare Index, although the broader SMID-cap focused XBI performed strongly).
From a geographical point of view, the Asia (+3.9%) region within the MSCI World Healthcare Index performed best, driven by Japan. This was followed by another strong performance in the US (+3.1%), with Europe lagging (-0.2%). From a market-capitalization perspective, mega caps (<USD 200 bn) performed best in the month with a return of 5%, driven by Eli Lilly.
Within the fund, strong absolute performances (in USD) were reported during the month from UCB (21.5%; Bimzelx launch trajectory), Eli Lilly (+16.9%; obesity and strong FY2023 results), and Hygeia Healthcare (+16.0%; technical and sentiment rebound). On the other hand, negative absolute performances were seen for Wuxi Apptec (-10.0%; geopolitical risk increased with draft US Biosecure Act bill), Bumrungrad (-7.7%; mixed quarterly results), and Samsung Biologics (-7.7%; technical pullback after strong January).
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