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.
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: 30.11.2023)
NAV: USD 226.38 (29.11.2023)
Rolling performance (29.11.2023)
|29.11.2022 - 29.11.2023||-4.49%||-1.03%|
|29.11.2021 - 29.11.2022||-11.12%||-0.67%|
|27.11.2020 - 29.11.2021||10.86%||17.14%|
|29.11.2019 - 27.11.2020||23.77%||13.63%|
Annualized performance (29.11.2023)
|Since Inception p.a.||8.75%||9.87%|
Cumulative performance (29.11.2023)
Facts & Key figures
The fund’s aim is to achieve capital growth in the long term. 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. Experienced sector specialists focus on profitable companies that have a well-established product portfolio. The fund invests top down in the four regions North America, Western Europe, Emerging Markets and Japan/Oceania. For each of these regions, the most attractive companies are determined based on quantitative and qualitative criteria. The fund seeks to outperform the MSCI World Healthcare Index. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less
Investment suitability & Risk
|Investment Manager||Bellevue Asset Management AG|
|Custodian||CACEIS Investor Services Bank, Luxembourg|
|Fund Administrator||CACEIS Investor Services Bank, Luxembourg|
|Year end closing||30. Jun|
|NAV Calculation||Daily "Forward Pricing"|
|Cut of time||15:00 CET|
|Subscription Fee (max.)||5.00%|
|Total expense ratio (TER)||1.48% (31.10.2023)|
|Legal form||Luxembourg UCITS V SICAV|
|SFDR category||Article 8|
Key data (31.10.2023, base currency USD)
|No. of positions||40|
Top 10 positions
Breakdown by sector
Benefits & Risks
- 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.
- The fund 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
Disappointing quarterly results and guidance updates from some mega/large-cap healthcare stocks contributed to the sectors underperformance versus broader equities in the month (Pfizer, Sanofi, Thermo Fisher etc.).
Within MSCI World Healthcare, the healthcare services (+3.4%) subsector performed the best in the month driven by managed care company results/guides and raising yields. In contrast, disappointing performances from pharma (-4.0%), biotech (-4.7%), medtech (-5.5%), healthcare IT (-7.6%) and life science tools (-13.7%) were reported during the month. Within MSCI World Healthcare, the US (-3.4%) and Asia (-3.4%) regions performed the best and equally, followed by Europe (-5.6%).
Within the fund, strong absolute performances (in USD) were reported during the month from Hygeia Health (+7.7%; China HC stock recovery), Humana (+7.6%; positive reaction to UNH results), and Wuxi Bio (+6.6%; China HC stock recovery). On the other hand, negative absolute performances were seen for Lonza (-25.2%; mid-term guide cut), Genmab (-20.9%; mixed hexabody data), and Hypera (-19.0%; soft 3Q earnings and guidance cut).
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