Your browser is out-of-date!

Update your browser to view this website correctly.

Disclaimer
To continue, please select your country of domicile and investor type. Depending on your domicile and the investor type that you select, you will have full or restricted access to the information due to legal reasons.

Retail clients: according to Art. 4 Abs. 2 FinSA

Professional/Institutional investors: according to Art. 4 paragraph 3-5 and Art. 5 paragraph 1 and 3-4 FinSA and Art. 10 paragraph 3 and 3ter CISA in conjunction with Art. 6a CISO

Important

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.

No recommendation and/or offer for subscription (or for purchase) and/or redemption (or for sale)

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.

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.rlich sind.

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 BB Entrepreneur Switzerland

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB securities 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 BB Adamant Funds and BB Adamant Healthcare Strategy

Prospectus, Key Investor Information Document („KIID“), fund contract as well as the annual and semi - annual reports of the BB Adamant Global 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

Data protection

By accessing this website you state that you agree with the data protection statement. If you do not agree with this statement you should refrain from accessing any further pages of this website. This statement may be updated at any time. We therefore recommend that you check this statement regularly.

Confirmation

By clicking on "Accept", you confirm that you agree to the legal provisions. Alternatively, you can select "I don't accept" if you wish to leave the website.

Bellevue Emerging Markets Healthcare (Lux)

 Increased demand for healthcare products/ DL due to rising share of the middle class      

Above-average increase in healthcare spending in the Emerging Markets

 Complementary building block for a diversified Emerging Markets portfolio 

Please select a share class.

Please find a more detailed description of share classes here.

Investment Focus

ISIN-No. LU1585228700

This fund invests in the entire emerging-market healthcare universe. 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: 20.05.2022)

NAV: CHF 128.39 (19.05.2022)


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

Rolling performance (19.05.2022)

B-CHFBenchmark
18.05.2021 - 19.05.2022-40.18%-39.68%
19.05.2020 - 18.05.202125.95%36.93%
17.05.2019 - 19.05.202025.50%9.87%
18.05.2018 - 17.05.2019-17.56%-23.65%

Annualized performance (19.05.2022)

B-CHFBenchmark
1 year-40.18%-39.68%
3 years-1.84%-3.18%
Since Inception p.a.0.54%-2.02%

Cumulative performance (19.05.2022)

B-CHFBenchmark
1M-6.97%-9.17%
YTD-20.52%-23.07%
1 year-40.18%-39.68%
3 years-5.44%-9.26%
Since Inception2.71%-9.66%

Annual performance

B-CHFBenchmark
2021-20.60%-17.45%
202036.67%39.98%
201912.83%1.94%
2018-12.56%-20.14%

Investment Focus

This fund invests in the entire emerging-market healthcare universe. 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 emerging markets 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 date31.05.2017
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time09:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU1585228700
Valor number36153235
BloombergBBAEMBC LX
WKNA2DPAX
Total expense ratio (TER)2.26% (29.04.2022)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8
Redemption periodDaily

Key data (29.04.2022, base currency USD)

Beta0.83
Volatility21.80
Tracking error10.03
Active share64.71
Correlation0.91
Sharpe ratio0.05
Information ratio0.06
Jensen's alpha0.70
No. of positions36

Opportunities

  • Access to defensive growth – emerging countries are facing aging populations and changing lifestyles.
  • Development of healthcare infrastructure combined with a growing middle class is an additional growth driver.
  • High growth potential of emerging markets.
  • 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

  • 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.
  • Investments in foreign currencies are subject to currency risks.
  • 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.

Recent company earnings announcements have indicated quite clearly that growth momentum is about to weaken during the months ahead. That has been underscored by the very cautious guidance some companies have given. Input costs are rising on several fronts. Interest rates, commodity prices and labor costs continue to point upward. The tight US labor market suggests that wage costs will remain higher than generally expected. Persisting high inflation is also posing a headache for central bankers. Investors are already pricing in as many as 10 quarter-point rate hikes in the US for 2022. All these factors put stock markets around the world under considerable pressure in April. The MSCI World lost more than 8% in USD in April. Emerging market healthcare stocks were unable to escape the general trend either and likewise retreated about 8%.

Hikma Pharmaceuticals published its latest results at the end of April. Its generics business in the US got off to a slow start in 2022 due to stiffer competition and a challenging pricing environment, but Hikma’s management nevertheless raised its outlook for the current fiscal year thanks to the completion of the Custopharm acquisition. What's more, the Jordanian company projected slightly higher sales growth from its Injectables division. Despite the solid news flow, Hikma's shares came under selling pressure on the day of the announcement.

Shares of Hygeia Healthcare, an operator of hospitals focused on treating cancer patients, recovered strongly from their lows. Robust quarterly results and more positive sentiment towards this sector fueled this rebound. Reported sales were more than 65% higher yoy, while earnings soared 160% yoy. Hygeia reported both organic and inorganic growth. To meet steadily growing demand, Hygeia increased its capacity of licensed hospital beds by 87% to 5,000 beds and is aiming to double this capacity by the end of 2023. 

Trading in South Korean medtech company Osstem Implants, which had been suspended since December 31, 2021, resumed on April 28, 2022. Its shares had been suspended pending an investigation into the alleged embezzlement of KRW 220 bn (USD 184 mn) by one of the company’s employees. Osstem managed to avoid being delisted, but there are still some basic questions regarding the company’s compliance policies and practices. It appears that the company’s system of checks and balances was inadequate. We consequently closed the position in this stock.

Orient Gene Biotech was added to the fund's portfolio during the past month. Shareholdings of Gland Pharma, Sinopharm and Innocare were increased. Positions in Remegen, Kingmed, Hapvida, Zhifei and Osstem were closed, and the fund's shareholdings of Wuxi Apptec, Tigermed and Pharmaron were reduced.

The fastest growing countries in the world can be found in emerging markets and they contain more than half of the world's population. Asian emerging markets are also forecast to account for more than 50% of global GDP by 2050. It is known that the economic growth model of countries shifts from manufacturing to the services sector as household incomes rise. 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.

Outside Asia, Brazil’s rapidly expanding private-sector healthcare market offers a range of interesting investment opportunities. The quality and long waiting times of the country’s public health system are no longer acceptable to many higher-income Brazilian households and they are increasingly embracing these new services offered by private-sector healthcare providers. Hospital chains embedded in a fully-integrated ecosystem are but one example of the beneficiaries of this structural change. The fund serves as a defensive vehicle for capturing the above-average growth potential emerging markets offer. It invests in the entire healthcare system value chain, from hospital chains, drug developers and device manufacturers to medical research specialists and digital health companies.

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

    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.
  • 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.
  • 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.
1

These insights might interest you