Bellevue Sustainable Healthcare (Lux)
Sustainability and health combined in a portfolio: First healthcare fund managed under consideration of ESG criteria
Investments in the 40 most attractive healthcare companies worldwide, regionally diversified and across sub sectors
The sustainability filter includes a "best-in-class" approach and the application of a strict exclusion process
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1819585883
The fund is based on the BB Healthcare Index and invests in healthcare companies worldwide. Alongside the established bottom-up process, companies are selected on the basis of the currently applicable sustainability criteria. We are assisted in this process by the sustainability specialist Sustainalytics.
Indexed performance (as at: 01.12.2023)
NAV: CHF 130.94 (30.11.2023)
Rolling performance (30.11.2023)
| B-CHF | Benchmark | |
| 30.11.2022 - 30.11.2023 | -14.09% | -9.71% |
| 30.11.2021 - 30.11.2022 | -8.86% | 6.24% |
| 30.11.2020 - 30.11.2021 | 11.15% | 16.87% |
| 30.11.2019 - 30.11.2020 | 13.03% | 3.17% |
Annualized performance (30.11.2023)
| B-CHF | Benchmark | |
| 1 year | -14.09% | -9.71% |
| 3 years | -4.53% | 3.88% |
| 5 years | 1.35% | 4.87% |
| Since Inception p.a. | 0.86% | 6.44% |
Cumulative performance (30.11.2023)
| B-CHF | Benchmark | |
| 1M | 0.98% | 2.92% |
| YTD | -10.98% | -5.70% |
| 1 year | -14.09% | -9.71% |
| 3 years | -12.98% | 12.11% |
| 5 years | 6.92% | 26.85% |
| Since Inception | 4.75% | 40.29% |
Annual performance
| B-CHF | Benchmark | |
| 2022 | -13.37% | -4.32% |
| 2021 | 9.52% | 23.35% |
| 2020 | 17.14% | 3.98% |
| 2019 | 21.47% | 21.19% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Sustainable Healthcare fund invests in healthcare firms with strong sustainability credentials and innovative business models. Examples of sustainability in the healthcare industry are environmentally sound procurement policies for drug makers,Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS Investor Services Bank, Luxembourg |
| Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
| Auditor | PriceWaterhouseCoopers |
| Launch date | 29.06.2018 |
| Year end closing | 30. Jun |
| NAV Calculation | Daily "Forward Pricing" |
| Cut of time | 15:00 CET |
| Management Fee | 1.60% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU1819585883 |
| Valor number | 41670704 |
| Bloomberg | BBSHCBC LX |
| WKN | A2JMRJ |
| Total expense ratio (TER) | 2.19% (31.10.2023) |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (31.10.2023, base currency USD)
| Beta | 0.84 |
| Volatility | 15.40 |
| Tracking error | 10.94 |
| Active share | 69.09 |
| Correlation | 0.72 |
| Sharpe ratio | -0.17 |
| Information ratio | -0.65 |
| Jensen's alpha | -6.77 |
| No. of positions | 40 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Investments in the 40 most attractive healthcare stocks worldwide with due account taken of current sustainability criteria.
- Many years of recognized bottom up expertise coupled with comprehensive sustainability research from Sustainalytics.
- The sustainability filter combines a best-in-class approach with the application of a strict exclusion procedure.
- Proprietary investement process: Half-yearly company evaluation and rebalancing.
- Underweighting of pharma and US stocks against the relevant healthcare indices, and a strong focus on mid caps.
Risks
- 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 Humana (7.6%; positive reaction to UNH results), Shandong Weigao (6.7%; China HC stock recovery), and Wuxi Bio (6.6%; China HC stock recovery). On the other hand, negative absolute performances were seen for Lonza (-25.2%; mid-term guidance cut), Genmab (-20.9%; mixed hexabody data), and Sinopharm Group (-17.6%; Q3 results below expectations).
In order to get into the fund portfolio, the companies must meet the following criteria: Appropriate ESG risk profile (best-in-class approach), not involved in severe ESG-relevant controversies and comply with the ten principles of the UN Global Compact. In the case of controversial business areas and practices, revenue thresholds are defined for inclusion. The results of the ESG filter application demonstrate that around 40-50% of the titles meet our strict sustainability requirements. The proven factor analysis is then carried out according to four quantitative and four qualitative parameters. The objective here is to select companies that are inexpensive, have strong growth and have an exceptional competitive position so that they can maintain their leading position also in the future.
The analysis results in a portfolio structure consisting of the 40 most sustainable stocks in the healthcare industry, ten of them per region (Western Europe, North America, Japan / Oceania, emerging markets). The application of the eight factors in the past has typically led to a focus on mid cap stocks and an underweight position in pharma and the North America region relative to the MSCI World Healthcare Index. The rebalancing takes place every six months.
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
ESG
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Österreichisches Umweltzeichen
