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
Explained in 90 seconds
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU1585228296
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: 27.03.2024)
NAV: USD 118.12 (26.03.2024)
Rolling performance (26.03.2024)
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
24.03.2023 - 26.03.2024 | -12.63% | -0.10% | 9.88% |
25.03.2022 - 24.03.2023 | -9.91% | -15.39% | -11.05% |
26.03.2021 - 25.03.2022 | -29.85% | -27.13% | -12.09% |
26.03.2020 - 26.03.2021 | 50.94% | 61.44% | 56.85% |
Annualized performance (26.03.2024)
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | -12.63% | -0.10% | 9.88% |
3 years | -17.94% | -14.90% | -4.93% |
5 years | -3.18% | -2.22% | 2.31% |
Since Inception p.a. | -0.83% | -1.46% | 2.99% |
Cumulative performance (26.03.2024)
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | -4.31% | -0.89% | 1.85% |
YTD | -10.18% | -4.01% | 2.02% |
1 year | -12.63% | -0.10% | 9.88% |
3 years | -44.78% | -38.40% | -14.07% |
5 years | -14.94% | -10.65% | 12.11% |
Since Inception | -5.50% | -9.58% | 22.28% |
Annual performance
I-USD | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2023 | -7.60% | -1.29% | 9.83% |
2022 | -18.82% | -23.50% | -20.09% |
2021 | -22.43% | -19.82% | -2.54% |
2020 | 50.72% | 52.82% | 18.31% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term. The Bellevue Emerging Markets Healthcare fund actively invests in companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of emerging countries. 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 | 31.05.2017 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 09:00 CET |
Management Fee | 0.90% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1585228296 |
Valor number | 36153219 |
Bloomberg | BBAEMIU LX |
WKN | A2DPAS |
Total expense ratio (TER) | 1.53% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (29.02.2024, base currency USD)
Beta | 0.96 |
Volatility | 23.50 |
Tracking error | 9.61 |
Active share | 46.02 |
Correlation | 0.91 |
Sharpe ratio | -0.79 |
Information ratio | -0.34 |
Jensen's alpha | -3.56 |
No. of positions | 52 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- 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.
- Bellevue Healthcare Team – top-performing pioneer in the management of healthcare portfolios in Emerging Markets.
Risks
- The fund actively invests in equities. 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.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The fund may invest in China A equities. This entails the risk of supervisory changes, volume caps and operating restrictions which may lead to a higher counterparty risk.
- 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
China TCM announced that its main shareholder Sinopharm intends to take the company private at a price of HKD 4.6 per share, which represented a premium of 34% versus the pre-announcement closing price. The two companies are already working closely together in areas such as procurement and invoicing. Whether Sinopharm can actually buy out its subsidiary is currently uncertain. We reduced our China TCM shareholdings on this news, as the stock was trading at a discount of only 6% to the proposed buyout price.
The Danish biotech Zealand Pharma announced groundbreaking NASH/MASH (fatty liver) Phase II data on its glucagon/GLP-1 receptor Survodutide. It produced a statistically significant improvement in liver fibrosis, a first in this field of study. Innovent is one of the few companies worldwide that is developing a GLP-1 and glucagon receptor dual agonist for the Chinese market. An application for approval in obesity has already been filed with the Chinese authorities and a Phase III trial in NASH/MASH is currently under way. Expectations that Innovent will likewise produce positive results are high.
Sulaiman Al Habib, a hospital chain based in Saudi Arabia, pleased investors when it reported strong results. Top-line revenues rose by 14% while earnings per share jumped 24% year-on-year, lifting its net profit margin from 20% to 22%. Higher beds utilization and an increase in overall patient volumes fueled the improvement. In view of the strong results, Sulaiman Al Habib’s management increased the dividend payment by 24% and reiterated its guidance for the current year. Approximately 3% of the fund's assets are invested in Sulaiman.
Hygeia, Raia Drogasil and Shandong Weigao were added to the portfolio during the past month and existing positions in Dr. Reddys, Hengrui and Zai Lab were increased. Meanwhile shareholdings of Apollo Hospitals, Zydus and Max Health were reduced and the positions in Rede D’Or and Metropolis were closed.
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