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.
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: EUR 167.64 (30.11.2023)
Rolling performance (30.11.2023)
|30.11.2022 - 30.11.2023||-10.43%||-7.00%|
|30.11.2021 - 30.11.2022||-2.41%||12.69%|
|30.11.2020 - 30.11.2021||16.53%||21.57%|
|30.11.2019 - 30.11.2020||16.02%||4.93%|
Annualized performance (30.11.2023)
|Since Inception p.a.||5.56%||10.34%|
Cumulative performance (30.11.2023)
Facts & Key figures
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, high safety standards for medical products and services, and a commitment to ethics when conducting clinical trials. From the perspective of the patient, the early diagnosis of life-threatening diseases, personalized medicine enabling highly selective treatments and efficient treatment procedures are key sustainability indicators. A variety of high-growth themes, smart stock selection using our established investment process and the application of sustainability criteria are the fund’s tools for achieving attractive returns. 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)||1.34% (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 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.
- 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.
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