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. 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: 27.01.2023)
NAV: USD 188.07 (20.01.2023)
Rolling performance (20.01.2023)
I-USD | Benchmark | |
20.01.2022 - 20.01.2023 | -10.99% | -6.25% |
20.01.2021 - 20.01.2022 | -23.32% | -22.59% |
20.01.2020 - 20.01.2021 | 45.75% | 30.98% |
18.01.2019 - 20.01.2020 | 22.28% | 25.90% |
Annualized performance (20.01.2023)
I-USD | Benchmark | |
1 year | -10.99% | -6.25% |
3 years | -0.17% | -1.68% |
5 years | 2.16% | 3.13% |
Since Inception p.a. | 7.38% | 6.56% |
Cumulative performance (20.01.2023)
I-USD | Benchmark | |
1M | 8.49% | 6.69% |
YTD | 7.03% | 5.60% |
1 year | -10.99% | -6.25% |
3 years | -0.51% | -4.95% |
5 years | 11.26% | 16.69% |
Since Inception | 50.46% | 43.99% |
Annual performance
I-USD | Benchmark | |
2022 | -23.21% | -16.97% |
2021 | -12.88% | -16.17% |
2020 | 45.04% | 33.01% |
2019 | 23.61% | 30.06% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Asia Pacific Healthcare Fund 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 | RBC Investor Services, Luxembourg |
Fund Administrator | RBC Investor Services, 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% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1587984680 |
Valor number | 36225512 |
Bloomberg | BEAAPIU LX |
WKN | A2DPA1 |
Total expense ratio (TER) | 2.18% (30.12.2022) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.12.2022, base currency USD)
Beta | 0.80 |
Volatility | 19.50 |
Tracking error | 11.56 |
Active share | 49.26 |
Correlation | 0.83 |
Sharpe ratio | -0.03 |
Information ratio | 0.04 |
Jensen's alpha | 0.27 |
No. of positions | 45 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Currency
Opportunities & Risks
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.
- Bellevue Healthcare 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.
- The subfund 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
The MSCI World index climbed higher in November, 7% in USD, extending the upward trend that began in the middle of October. Macroeconomic data continued to move the markets much more than company-specific news. Lower-than-expected October inflation numbers in the US were cheered by investors, for example, although inflation was still clocked at a high 8% yoy. Nevertheless, that data readout gave risk assets a big boost as it fueled hopes that the Fed would moderate the pace of its rate increases compared to its previous two FOMC meetings. Jerome Powell confirmed this market expectation shortly afterwards during a speech on November 30 when he flagged an increase of 50 basis points at the bank’s next policy meeting in December. Subsiding US inflation and falling bond yields weakened the dollar too, which helped to lead stocks in emerging markets and the entire Asia-Pacific region to higher ground.
After the very negative reaction to the 20th National Congress of the Communist Party, stock markets in Hong Kong and mainland China turned positive in November on hopes that China’s economy would continue to gain momentum thanks to the gradual unwinding of government measures to control COVID-19. Even widespread protests against the government's zero-COVID policy, which were stamped out after a few days, were unable to hold back the market rally. Large-scale campaigns to encourage citizens to get vaccinated or boosted, especially those 80 and older, have been launched so that the traditional Chinese New Year celebrations at the end of January can still take place. The MSCI Asia-Pacific Index surged 16.1% in the wake of these developments. The defensive healthcare sector was unable to keep pace with the broader market but still delivered a pleasing return of 9.4%.
The Japanese pharma company Eisai presented detailed data from its Phase III study of Lecanemab at the CTAD Alzheimer’s conference. The results indicated that at 18 months the patients who were taking lecanemab continued to show less decline on clinical measures of cognition and function compared to the placebo group. Patients receiving lecanemab still showed a decline, but disease progression was slower compared to placebo. There’s hope that longer-term trials will further widen the two curves. Lecanemab also met all secondary endpoints and its safety profile did not deteriorate compared to the Phase II trial. The US FDA is expected to decide whether to grant accelerated approval to lecanemab on January 6, 2023. Key factors will be the cost of treatment and whether the US CMS will cover the cost of treatment under Medicare.
In November positions were opened in Fisher & Paykel, Ashai Intecc, Zai Lab and Shin Nippon Biomedical. Shareholdings of Hengrui, Dr. Reddy’s, Bangkok Dusit and Beigene were increased. Positions in Divi’s Lab, Ono Pharma and Otskua were closed and shareholdings of Olympus, CSPC Pharma and Terumo 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.
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