
Bellevue Emerging Markets Healthcare
ISIN-No.: LU1585229187
YTD: 0.91%
Active share: 22.01
Anzahl Positionen: 52
Indexed performance (as at: 10.07.2025)
NAV: EUR 117.88 (09.07.2025)
Rolling performance (10.07.2025)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
09.07.2024 - 09.07.2025 | 5.51% | 8.54% | 4.33% |
09.07.2023 - 09.07.2024 | -15.44% | 2.72% | 18.00% |
09.07.2022 - 09.07.2023 | -20.96% | -21.60% | -6.07% |
09.07.2021 - 09.07.2022 | -23.16% | -24.49% | -9.10% |
Annualized performance (10.07.2025)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1 year | 5.51% | 8.54% | 4.33% |
3 years | -10.99% | -4.24% | 4.82% |
5 years | -10.29% | -5.69% | 4.38% |
Since Inception p.a. | -0.72% | -0.01% | 4.54% |
Cumulative performance (10.07.2025)
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
1M | 2.16% | -0.75% | 0.82% |
YTD | 0.91% | -1.43% | 2.50% |
1 year | 5.51% | 8.54% | 4.33% |
3 years | -29.48% | -12.18% | 15.15% |
5 years | -41.90% | -25.40% | 23.92% |
Since Inception | -5.70% | -0.09% | 43.41% |
Annual performance
B-EUR | MSCI Emerging Markets Healthcare Index | MSCI Emerging Markets Index | |
2024 | -9.45% | 5.94% | 14.93% |
2023 | -11.35% | -4.44% | 6.32% |
2022 | -14.11% | -18.67% | -15.06% |
2021 | -17.13% | -13.91% | 4.64% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of emerging countries. Its investment universe consists of generics producers, Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
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 | 1.60% |
Subscription Fee (max.) | 5.00% |
Performance Fee | 10.00% (with High Water Mark) |
ISIN number | LU1585229187 |
Valor number | 36153238 |
Bloomberg | BBAEMBE LX |
WKN | A2DPA0 |
Total expense ratio (TER) | 2.15% (30.06.2025) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Redemption period | Daily |
Key data (30.06.2025, base currency USD)
Beta | 1.01 |
Volatility | 20.04 |
Tracking error | 8.73 |
Active share | 22.01 |
Correlation | 0.90 |
Sharpe ratio | -0.45 |
Information ratio | -0.82 |
Jensen's alpha | -7.37 |
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
The emerging markets healthcare equity sector (+4.1%) underperformed the broader market. Negative rhetoric from the US government regarding its Most Favoured Nation (MFN) pricing model and the prospect of tariffs on biopharma products weighed on pharmaceutical and biotech stocks, while hospital names offered little support. The Bellevue Emerging Markets Healthcare Fund (+4.7%) outperformed its benchmark during that period.
Innovent (+26.4%), Legend (+22.6%), Sino Biopharm (+19.0%), Hansoh (+15.0%), and Max Healthcare (+13.2%) were among the top contributors to the fund’s absolute performance. Innovent attracted a new wave of interest as the company presented encouraging data from its clinical asset – IBI363, a PD1/IL2alpha bispecific for solid cancers including lung cancer, colorectal cancer and melanoma. Strong efficacy and a manageable safety profile added to investor confidence for IBI363’s path to success. Legend regained momentum because new data suggests Carvykti’s differentiation and competitive advantage in multiple myeloma. FDA’s signal of openness to cell and gene therapy also helped. Sino Biopharm jumped on the rumour that its first landmark out-licensing deal was finalising. Although no more details released, we think there are 2-3 solid assets in its pipeline that hold high out-licensing potential. Hansoh has a solid innovative pipeline and rose on its potential for out-licensing. In addition, Hansoh’s aumolertinib, a third-generation EGFR (epidermal growth factor receptor) targeting drug for non-small cell lung cancer (NSCLC) got approval by the UK, adding to its sales potential. Max Healthcare climbed for no particular reason, but the underlying solid business, management execution and weakness seen in Thai hospitals may have contributed to the stock's gain.
Hengrui (-4.7%), CSPC (-3.9%), Bangkok Dusit (-2.1%), BeOne (-1.9%), and Samsung Biologics (-1.8%) were the largest detractors from the fund’s absolute performance. Hengrui corrected as investor interest in China healthcare started to spill into smaller and less known biotech stocks. CSPC investors took profits after the stock soaring on announcements of potential out-licensing deals. Bangkok Dusit declined because its major competitor – Bumrungrad – will build a hospital in Phuket, the area used to be dominated by Bangkok Dusit. BeOne slipped despite positive pipeline updates because some brokers increased short positions in the stock. Similar to CSPC, Samsung Biologics also pulled back slightly after a recent mark-up on new contract announcements.
All performance figures in USD, with fund performance based on the B share (USD).
In addition to Asia, attractive investment opportunities are increasingly opening up for beneficiaries of Brazil's rapidly growing private healthcare market. Since the public healthcare system in Brazil is no longer acceptable in terms of quality and waiting times for many well-off Brazilians, they are increasingly turning to the private sector for new services. Hospital chains in their own vertically integrated ecosystem are just one example of the beneficiaries of this sustainable development.
The fund offers defensive access to the above-average growth of emerging markets. We invest in the entire healthcare value chain, from hospital chains, drug and device manufacturers, and research to digital health companies.
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