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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 and Spain. 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 . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Austria . Paying and information agent : Erste Bank der oesterreichischen Sparkassen AG, Graben 21 , A - 1010 Vienna . The Bellevue Funds (Lux) SICAV is admitted for public distribution in Germany . Paying and information agent : Bank Julius Bär Europe AG, An der Welle 1 , P . O . Box, D - 60062 Frankfurt a . M . The Bellevue Funds (Lux) SICAV is registered with the CNMV under the number 938 . Prospectus, Key Investor Information Document (“KIID”), 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, Seestrasse 16 , CH - 8700 Kusnacht. 

StarCapital: You can obtain the sales prospectus, the annual reports and the german key investor information documents free of charge from StarCapital AG, 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 („KIID“), 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, Sihlstrasse 95 , CH - 8001 Zürich or Bellevue Asset Management AG, Seestrasse 16, CH - 8700 Kusnacht. 

Fund documents Bellevue Funds and Bellevue Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), 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, Seestrasse 16 , CH - 8700 Kusnacht

Fund documents StarCapital Equity Value plus, StarCapital Multi Income, StarCapital Strategy 1 and StarCapital Dynamic Bonds.

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual report are available free of charge in German from StarCapital AG, 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 investor information document (KIID), the management regulations and the semi-annual and annual reports are available free of charge in German from StarCapital AG, 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.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document (KIID), the management regulations and the semi-annual and annual reports. These can be obtained free of charge in German from StarCapital AG, 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 Donner & Reuschel AG, Ballindamm 27, 20095 Hamburg, https://www.donner-reuschel.de. 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 (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

Bellevue Asia Pacific Healthcare explained in 90 seconds

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU1587984680

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: 23.09.2022)

NAV: USD 158.21 (22.09.2022)


Fund (gross)
01 Jan 2010 - 01 Jan 2010
An error occurred - no data to display
I-USD
Benchmark

Rolling performance (22.09.2022)

I-USDBenchmark
21.09.2021 - 22.09.2022-40.69%-35.27%
18.09.2020 - 21.09.20214.26%6.95%
20.09.2019 - 18.09.202057.19%38.74%
21.09.2018 - 20.09.2019-6.29%-5.26%

Annualized performance (22.09.2022)

I-USDBenchmark
1 year-40.69%-35.27%
3 years-0.94%-1.33%
5 years2.68%2.93%
Since Inception p.a.4.46%3.94%

Cumulative performance (22.09.2022)

I-USDBenchmark
1M-11.11%-10.73%
YTD-30.86%-24.97%
1 year-40.69%-35.27%
3 years-2.80%-3.95%
5 years14.16%15.53%
Since Inception26.57%23.22%

Annual performance

I-USDBenchmark
2021-12.88%-16.17%
202045.04%33.01%
201923.61%30.06%
2018-9.32%-4.44%

Investment Focus

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. Stock selection is exclusively bottom-up, independent of benchmark weightings.Show moreShow less

Investment suitability & Risk

SRRI

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
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
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%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU1587984680
Valor number36225512
BloombergBEAAPIU LX
WKNA2DPA1
Total expense ratio (TER)1.47% (31.08.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.08.2022, base currency USD)

Beta0.78
Volatility18.10
Tracking error11.72
Active share47.48
Correlation0.83
Sharpe ratio0.21
Information ratio0.01
Jensen's alpha0.83
No. of positions32

Top 10 positions

Daiichi Sankyo
Wuxi Biologics
Takeda
Olympus
Terumo
Legend Biotech
Hoya
CSL
JD Health
M3 Inc.
7.8%
7.2%
6.1%
5.1%
5.1%
5.0%
4.5%
4.2%
4.0%
3.9%

Market capitalization

2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
6.0%
21.6%
6.1%
62.0%
4.3%

Geographic breakdown

Japan
China
Australia
India
South Korea
Thailand
Cash
41.9%
34.5%
5.5%
5.3%
2.9%
2.5%
7.4%

Breakdown by sector

Services
Pharma
Medtech
Biotechnology
Generics/Spec.Pharma
Healthcare Technology
Cash
29.4%
23.4%
15.5%
13.3%
7.1%
4.0%
7.4%

Currency

JPY
HKD
AUD
INR
USD
KRW
THB
Others
41.9%
20.8%
5.5%
5.3%
5.0%
2.9%
2.5%
7.4%

Opportunities

  • 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.
  • BB Adamant Team – top-performing pioneer in the management of healthcare portfolios in emerging markets.

Risks

  • The fund 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.
  • There is a higher counterparty risk due to regulatory changes, volume caps or operational restrictions when investing in Chinese A equities.
  • The fund may invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.

Stock markets stayed in a cheery mood and tacked on some more gains until the middle of August. Positive earnings announcements, a consumer price inflation reading that came in below market expectations and, last but not least, hopes that central banks would put an early end to their monetary tightening were factors that pushed stocks higher. However, Jerome Powell's speech at the annual gathering of central bankers in Jackson Hole poured a big bucket of cold water on the positive sentiment. Powell stated quite clearly that the Fed would maintain a more restrictive monetary policy course for some time to come to bring inflation down to 2%. He also pointed out that the past experience served as a strong warning not to revert to a loose policy stance too early. His speech caused bond yields around the world to spike and put stock markets under pressure. The MSCI World Index returned a negative 4% in USD terms for the month and has fallen 17.5% since the beginning of the year. Asia-Pacific equities ended the month about 1% lower and healthcare stocks in the region closed 2.3% lower.

Thai hospital chain Bangkok Dusit Medical Services reported excellent quarterly results. Particularly pleasing was the news that company grew its core business (excluding COVID-19-related sales) by 28% year-on-year, bringing it close to pre-pandemic levels. Dusit management expects the recovery in business to continue during the second half of the year, driven by medical tourism in the wake of the economic reopening.

Chinese digital healthcare services provider JD Health reported a convincing set of half-year results. Sales increased nearly 50% year-on-year, beating market expectations. Management confirmed its forecast for the second half of the year, which was somewhat disappointing for investors. The high sales base in the previous year and uncertainties regarding consumer sentiment were the reasons given for not raising full-year guidance. We believe the rather cautious outlook leaves some room for positive surprises and have therefore slightly increased our position in JD Health.

Japanese biopharmaceutical company Daiichi Sankyo issued several positive news announcements in August. In the US, Enhertu, a groundbreaking treatment for breast cancer patients, was approved for patients whose tumors do not overexpress the HER2 protein (HER2-low) only two weeks after the application was submitted. In addition, Daiichi Sankyo won its patent dispute with Seagen, which helped its shares tack on more gains.

Eisai was added to the fund’s portfolio as a new position last month and existing positions in M3, Celltrion, Takeda, JD Health and Olympus were increased. JCR Pharma, Pharmaron and Fosun Pharma were removed from the portfolio and shareholdings of Astellas, Ono Pharma and Otsuka were reduced.

Asia is the most dynamic growth region in the world and it accounts for more than half of the world's population. Asian emerging markets are forecast to account for more than 50% of global GDP by 2050. As household incomes rise, the economic growth model of Asian countries will shift from manufacturing to the services sector. A growing middle class fuels demand for modern medicine. Healthcare ranks increasingly high on their wish list. Billions are being invested in infrastructure, technology and research to modernize the healthcare systems in emerging market countries. This is giving a greater swath of the population access to better healthcare. Meanwhile rapid population aging is also stoking demand for healthcare. In 30 years’ time there will be 400 to 500 million people over 60 in China alone, and they will have a growing need for modern health services and medicines.

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.

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. All performance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares, if any. Individual costs are not taken into account and would have a negative impact on the performance. With an investment amount of EUR 1,000 over an investment period of five years, the investment result in the first year would be reduced by the front-end load of up to EUR 50 (5%) as well as by additional individual custody charges. In subsequent years, the investment result would also be reduced by the individual custody account costs incurred. The reference benchmark of this class is used for performance comparison purposes only (dividend reinvested). No benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to. There can be no assurance that a return will be achieved or that a substantial loss of capital will not be incurred. All figures in base currency in %, calculated by the total return / BVI method.Show moreShow less

Ratings

  • Co-Lead Portfolio Manager

    Oliver Kubli

    Oliver Kubli has been Managing Director, Head Portfolio Management Healthcare Funds & Mandates since 2015. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.
  • Co-Lead Portfolio Manager

    Remo Krauer

    Remo Krauer has been a Senior Portfolio Manager Healthcare Funds & Mandates at Bellevue Asset Management since 2018. Previously, he worked at Zürcher Kantonalbank, first as Senior Portfolio Manager, then as Head Portfolio Construction for Private Asset Management. He holds a Bachelors degree in Business Administration from the Zurich University of Applied Sciences.
  • Portfolio Manager

    Cyrill Zimmermann

    Dr. Cyrill Zimmerman is Head of Healthcare Funds & Mandates and a member of the Executive Board of Bellevue Asset Management. He founded Adamant Biomedical Investments in 2001 and managed the investment boutique until its acquisition by Bellevue in 2014. Cyrill Zimmerman holds a PhD from the University of Zurich.
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