WS Bellevue Healthcare Fund
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. GB00BN0ZBH90
The investment objective is to provide Shareholders with capital growth and income over the long term, through investment in listed or quoted global healthcare companies.
Indexed performance (as at: 01.12.2023)
NAV: GBP 0.78 (01.12.2023)
Rolling performance (01.12.2023)
Acc-GBP | Benchmark | |
01.12.2022 - 01.12.2023 | -12.39% | -5.49% |
01.12.2021 - 01.12.2022 | -4.38% | 12.46% |
Annualized performance (01.12.2023)
Acc-GBP | Benchmark | |
1 year | -12.39% | -7.08% |
Since Inception p.a. | -10.58% | 2.07% |
Cumulative performance (01.12.2023)
Acc-GBP | Benchmark | |
1M | 8.44% | 2.23% |
YTD | -12.47% | -4.75% |
1 year | -12.39% | -7.08% |
Since Inception | -22.27% | 4.71% |
Annual performance
Acc-GBP | Benchmark | |
2022 | -10.13% | 5.82% |
Facts & Key figures
Investment Focus
The fund is an open-ended, high conviction, unconstrained, long-only vehicle invested in global healthcare equities, focusing on companies at the forefront of the rapid evolution of the healthcare sector. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management (UK) Ltd |
Custodian | CACEIS Bank, UK Branch |
Fund Administrator | CACEIS Bank, UK Branch |
Auditor | Grant Thornton UK LLP |
Launch date | 30.08.2021 |
Year end closing | 30. Nov |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 17:00 UK time |
Management Fee | 0.95% |
ISIN number | GB00BN0ZBH90 |
Bloomberg | WBHECGX LN |
Total expense ratio (TER) | 1.15% (31.10.2023) |
Legal Information
Legal form | UK OEIC |
SFDR category | Article 8 |
Key data (31.10.2023, base currency GBP)
Beta | 1.11 |
Volatility | 22.05 |
Tracking error | 17.36 |
Active share | 89.04 |
Correlation | 0.62 |
Sharpe ratio | -1.01 |
Information ratio | -0.74 |
Jensen's alpha | -11.03 |
No. of positions | 27 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Currency
Benefits & Risks
Benefits
- Healthcare has a strong, fundamental demographic-driven growth outlook
- The fund has a global and unconstrained investment remit
- It is a concentrated high conviction portfolio
- The fund is managed by the same portfolio management team that has been running Bellevue Healthcare Investment Trust since 2016
Risks
- The fund invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
- 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 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.
Review / Outlook
What a bizarre month! Echoes of the 2008/9 financial crisis intermingled with the usual “will they/won’t they” narrative around the Federal Reserve, every word being over-interpreted and analysed for hidden meaning, when there clearly isn’t any. Never have central bankers seemed to be winging it as much as they are now; surely it is no surprise that they fomented a banking crisis.
Amidst this kerfuffle, everyone decided that it was okay to own “Big Tech” again. The dissonance of all of these concurrent narratives is somewhat unfathomable, but that is hardly new; this has long been a market dynamic where fakery is the only constant.
Despite the bank-related fears, the MSCI World Index appreciated by 2.8% in dollar terms (+0.8% in sterling). If one accepts the two narratives (Tech is back in favour and banks or financial entities forced to hold significant exposure to long-dated, high-grade debt securities are now much more risky than previously thought), then the sector performance dispersion looks all too predictable (note – there are some changes to the classifications for real estate companies and some sectors have be renamed).
Software, hardware and entertainment (Apps) led the charge, with Banks, Financial Services and those most exposed to long-dated credit (as holder or customer, namely insurers and real-estate companies), lagging. If only one could foretell what selection of incongruous macro concerns the market was going to fixate on or ignore, it would be easy to make money...
More broadly, it feels as if wider sentiment is tilting bearishly once more. As discussed in the Musings section, central bank action feels like it has gained a momentum of its own that stands aside from various warning signals that the global economy is slowing. As with all these things, one can only see in hindsight how quickly things slowed, how far (too far) rates rose and whether or not the combination of the two was enough to trigger an otherwise avoidable recession. The market’s ongoing vacillations reflect the tension between the “bulls” (i.e. those who think the outlook is negative, but not too negative) and the bears, who fear another material leg down for asset prices.
Healthcare
During March, the MSCI World Healthcare Index rose 3.0% in dollars (+0.9% in sterling), outperforming the parent MSCI World Index by 0.2%. The sub-sector picture in some ways also mirrors the wider market dynamic. Health “Tech”, in the form of software (Healthcare IT) and wearable devices (Healthcare Technology) performed well.
Dental also showed strongly, which we continue to struggle with given it represents the apotheosis of consumer discretionary spending within healthcare (you don’t “need” to have teeth like Tom Cruise unless you are, well – a movie star). There were other signs of a more ‘risk-on’ mindset creeping back in with some of the more classically defensive areas lagging (Distributors, Conglomerates and Managed Care).
More broadly, it feels as if wider sentiment is tilting bearishly once more. As discussed in the Musings section, central bank action feels like it has gained a momentum of its own that stands aside from various warning signals that the global economy is slowing. As with all these things, one can only see in hindsight how quickly things slowed, how far (too far) rates rose and whether or not the combination of the two was enough to trigger an otherwise avoidable recession. The market’s ongoing vacillations reflect the tension between the “bulls” (i.e. those who think the outlook is negative, but not too negative) and the bears, who fear another material leg down for asset prices.
The Fund
In absolute terms, the fund NAV declined 6.5% when measured in sterling. The MSCI World Healthcare Index gained by 1.2%. The investment portfolio is currently 29 holdings.
We always appreciate the opportunity to interact with our investors directly and you can submit questions regarding The Fund at any time via: WSBellevueFunds@bellevue.ch
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