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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.

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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, Seestrasse 16 , CH - 8700 Kusnacht. 

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, Seestrasse 16, CH - 8700 Kusnacht. 

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, 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 ("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 investor information document ("KID"), the management regulations 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.

 Fund documents StarCapital Premium Bonds plus  

Prospectus, the key investor information document ("KID"), the management regulations and the semi-annual and annual reports. These can be obtained 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 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. LU1587984763

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: 11.04.2024)

NAV: USD 157.63 (10.04.2024)


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

Rolling performance (10.04.2024)

I2-USDMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
06.04.2023 - 10.04.2024-12.47%-11.28%12.61%
08.04.2022 - 06.04.2023-7.47%-2.54%-6.12%
09.04.2021 - 08.04.2022-26.64%-22.14%-12.93%
09.04.2020 - 09.04.202136.16%26.88%49.33%

Annualized performance (10.04.2024)

I2-USDMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
1 year-12.47%-11.28%12.61%
3 years-15.91%-12.34%-2.71%
5 years-1.65%-0.51%4.05%
Since Inception p.a.3.39%2.96%4.98%

Cumulative performance (10.04.2024)

I2-USDMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
1M-6.99%-7.43%-0.04%
YTD-6.60%-6.81%5.13%
1 year-12.47%-11.28%12.61%
3 years-40.59%-32.68%-7.94%
5 years-7.98%-2.54%21.96%
Since Inception26.10%22.51%40.20%

Annual performance

I2-USDMSCI Asia Pacific Healthcare IndexMSCI Asia Pacific Index
2023-7.13%-3.59%11.45%
2022-23.18%-16.97%-16.88%
2021-12.94%-16.17%-1.87%
202047.55%33.01%19.70%

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. 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

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
CustodianCACEIS Investor Services Bank, Luxembourg
Fund AdministratorCACEIS Investor Services Bank, 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%
ISIN numberLU1587984763
Valor number36225516
BloombergBEAPI2U LX
WKNA2DPA2
Total expense ratio (TER)1.44% (31.03.2024)

Legal Information

Legal formLuxembourg UCITS V SICAV
SFDR categoryArticle 8
Redemption periodDaily

Key data (31.03.2024, base currency USD)

Beta0.85
Volatility17.80
Tracking error10.29
Active share44.12
Correlation0.83
Sharpe ratio-0.93
Information ratio-0.28
Jensen's alpha-4.61
No. of positions41

Top 10 positions

Daiichi Sankyo
Hoya
Legend Biotech
Otsuka
CSL
Samsung Biologics
Terumo
Takeda
Innovent Biologics
Celltrion
7.7%
6.4%
6.2%
6.1%
5.2%
4.6%
4.2%
4.2%
3.4%
3.3%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.5%
6.1%
32.3%
5.2%
49.9%
5.0%

Geographic breakdown

Japan
China
South Korea
India
Australia
Thailand
New Zealand
Cash
39.0%
23.2%
11.5%
11.4%
6.9%
3.0%
1.1%
4.0%

Breakdown by sector

Pharma
Biotechnology
Services
Medtech
Generics/Spec.Pharma
Others
Cash
24.4%
20.0%
17.4%
17.3%
14.8%
2.2%
4.0%

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.

The MSCI World Index gained 3.3% in USD during the past month. Investors are still watching US data on inflation and the economy very closely. Any sign of weakness on these fronts immediately raises hopes that the interest rate cycle will indeed be reversed in June. This explains the continued positive sentiment on Wall Street. Even the renewed rise in bond yields and stubbornly high inflation have not been able to stymie the market advance. The Swiss National Bank surprised investors in March when it lowered its key interest rate after a series of rate hikes. The Swiss franc’s significant appreciation had a substantial deflationary impact, which enabled the SNB to cut its rates, a move that also led to a substantial weakening of the Swiss franc. Meanwhile the Bank of Japan raised its key interest rate for the first time in almost two decades, ending its negative interest rate policy. Equities in the Asia-Pacific region gained 2.5% in March. However, healthcare stocks in the region were weak and closed almost 3% lower mom.

Proposed legislation known as the Biosecure Act currently moving through the US House of Representatives (and a similar bill in the Senate) that is said to address national security concerns has led to significant volatility in Chinese CRO/CDMO stocks, especially for the three Wuxi companies (Apptec, Biologics and XDC). It is still unclear to what extent Chinese suppliers would be locked out of the US market. The act might only affect contracts that are funded by US taxpayer money. But it could also apply to every contract that US companies have with certain Chinese biotech companies. The extreme scenario would be if it applied to every Chinese biotech project beyond China’s borders. What can be said with certainty is that the draft legislation marks the start of a prolonged political process. A grandfather clause for existing contracts and the timelines for technology transfer restrictions could lessen the impact of the proposed legislation to a certain degree. We have retained only a small position in Wuxi Biologics and have closed the position in Wuxi Apptec.

The Chinese cancer care hospital chain Hygeia released its results for the second half of fiscal 2023. Sales rose 39% year-on-year and net profit increased by 19%, thanks in large part to acquisition activity. Management also said business during the first few months of the new fiscal year had been very pleasing with sales growth holding steady at around 40%, fueled for the most part by an improvement in capacity utilization rates at recently acquired hospitals. Hygeia also gave a much more positive outlook for the full year 2024 than it did as recently as late last year. The company’s shares jumped after the results announcement. We have invested about 2% of the fund's assets in Hygeia.

New positions were opened in Fisher Paykel and Hansoh during the past month and existing positions in Samsung Biologics, Olympus and Legend were increased. The position in Wuxi Apptec was closed and positions in Wuxi Biologics, Asahi Intecc and Chugai 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.

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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

  • 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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