
Bellevue Asia Pacific Healthcare
ISIN-No.: LU1587984847
YTD: 9.25%
Active share: 10.38
Number of positions: 53
Indexed performance (as at: 13.11.2026)
NAV: USD 166.08 (12.11.2026)
Rolling performance (13.11.2026)
| Bellevue Asia Pacific Healthcare | MSCI AC Asia Pacific Health Care Net TR | |
| 12.11.2025 - 12.11.2026 | 6.82% | 8.19% |
| 12.11.2024 - 12.11.2025 | 3.16% | -0.07% |
| 12.11.2023 - 12.11.2024 | -1.50% | 10.96% |
| 10.11.2022 - 10.11.2023 | -4.40% | -6.80% |
Annualized performance (13.11.2026)
| Bellevue Asia Pacific Healthcare | MSCI AC Asia Pacific Health Care Net TR | |
| 1 year | 6.82% | 8.19% |
| 3 years | 2.77% | 6.25% |
| 5 years | -7.04% | -3.47% |
| Since Inception p.a. | 3.02% | 4.02% |
Cumulative performance (13.11.2026)
| Bellevue Asia Pacific Healthcare | MSCI AC Asia Pacific Health Care Net TR | |
| 1M | 5.99% | 6.17% |
| YTD | 9.25% | 10.76% |
| 1 year | 6.82% | 8.19% |
| 3 years | 8.53% | 19.96% |
| 5 years | -30.58% | -16.19% |
| Since Inception | 32.86% | 45.73% |
Annual performance
| Bellevue Asia Pacific Healthcare | MSCI AC Asia Pacific Health Care Net TR | |
| 2025 | 7.82% | 4.46% |
| 2024 | -9.82% | -4.19% |
| 2023 | -7.81% | -3.59% |
| 2022 | -23.75% | -17.33% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests in healthcare stocks of companies that have their registered office or carry out the majority of their economic activity in the healthcare markets of the Asia-Pacific region. 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 | 28.04.2017 |
| 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% |
| ISIN number | LU1587984847 |
| Valor number | 36225520 |
| Bloomberg | BEAAPBU LX |
| WKN | A2DPA3 |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
| Redemption period | Daily |
Key data (31.10.2026, base currency USD)
| Beta | 0.99 |
| Volatility | 17.56 |
| Tracking error | 6.51 |
| Active share | 10.38 |
| Correlation | 0.93 |
| Sharpe ratio | -0.02 |
| Information ratio | -0.70 |
| Jensen's alpha | -4.93 |
| No. of positions | 53 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Access to defensive growth – Asia’s emerging countries are facing aging populations and changing lifestyles.
- An interesting combination of investments in Asian emerging markets and Japanese cutting-edge technology.
- Broad spread across different sectors and company sizes in the Asia-Pacific healthcare industry.
- 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
Asia-Pacific equities declined 6.1% in October, as gains in India’s Nifty 50 (+3.0%) and Australia’s S&P/ASX 200 (+2.5%) were outweighed by declines in South Korea’s KOSPI (-14.8%), China’s CSI 300 (-7.6%), Japan’s Nikkei 225 (-5.3%) and Hong Kong’s Hang Seng Index (-5.2%).
The Asia-Pacific healthcare sector gained 1.8% in October, outperforming the broader market, as investors reduced exposure to AI-related stocksmid a global sell-off in semiconductor stocks. The Bellevue Asia Pacific Healthcare Fund gained 1.2% during the month, slightly underperforming its benchmark.
Takeda (+14.9%), Hoya (+11.0%), Astellas (+10.7%), CSL (+10.2%) and Chugai (+9.5%) were the fund’s top contributors to absolute performance during the month. Takeda beat quarterly estimates and raised its outlook, with its shares reaching a one-year high. Hoya rose steadily through the month, with its second-quarter results meeting expectations. Astellas gained after its partner Vir Biotechnology secured FDA Fast Track status for VIR-5500, a prostate cancer T-cell engager the two are co-developing. CSL reaffirmed its guidance for the 2027 financial year at its Annual General Meeting (AGM), targeting underlying net profit after tax (NPAT) growth of around 5% at constant currency. Chugai rebounded from its lows after nine-month core revenue rose 17.2%, and the company said it expects full-year results to exceed its forecast.
Akeso (-25.0%), GenScript (-21.9%), WuXi Biologics (-20.6%), Innovent (-18.6%) and WuXi AppTec (-13.8%) were the fund’s largest detractors from absolute performance during the month. Akeso came under pressure after announcing a discounted share placement, which raised concerns over dilution. Chinese biotech and CDMO stocks sold off after their strong September rally as well as intensified geopolitical risk. Contributing factors were renewed share sales by some shareholders of Chinese CDMOs and a proposed revision to China’s technology export catalogue covering certain biomedical technologies, although the actual impact on WuXi AppTec is viewed as limited, as most project IP belongs to its clients. Innovent fell with the sector despite third-quarter product revenue rising more than 40% year-on-year.
All performance data shown in USD, based on B-share class.
Asia is the world’s most dynamic growth region, home to more than half of the global population. By 2050, Asian emerging markets are projected to account for over 50% of global GDP. As household incomes rise, economic growth in many Asian countries is expected to shift from manufacturing toward services. A growing middle class is driving stronger demand for modern medicine, with healthcare increasingly ranking as a top priority. Billions are being invested in infrastructure, technology, and research to modernize healthcare systems across emerging markets, expanding access to quality care. At the same time, rapid population aging is further boosting demand. In 25 years’ time, China alone is expected to have nearly 400 million people over the age of 65, creating a significant need for advanced healthcare services and medicines.
Japan, often referred to as «the world’s demographic laboratory», has been a champion of cutting-edge innovation for decades. The country holds technology leadership in fields ranging from therapeutic antibody development and immunotherapy to robotics, digitalization, diagnostics, and medical imaging systems.
The fund provides defensive exposure to Asian emerging markets while offering attractive opportunities in the region’s technology leaders. Its investments span the entire healthcare value chain, from generic drug manufacturers and biotechnology firms to medical device makers and digital health specialists.
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