Bellevue Asia Pacific Healthcare (Lux)

Access to defensive growth driven by increased demand for healthcare products/ DL due to rising share of the middle class                                                                                                                                                      

 Asian Healthcare market  is growing twice as fast as corresponding GDP  

Above-average performance - complementary building block for an Asia investor

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Investment Focus

ISIN-No. LU1587984847

This fund invests in healthcare stocks throughout the Asia-Pacific region. 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: 20.01.2022)

NAV: USD 203.22 (19.01.2022)


Fonds (Brutto)
01 Jan 2010 - 01 Jan 2010
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Rolling performance (19.01.2022)

B-USDBenchmark
19.01.2021 - 19.01.2022-23.20%n.a.
19.01.2020 - 19.01.202141.99%30.05%
19.01.2019 - 19.01.202023.25%26.54%
19.01.2018 - 19.01.2019-9.28%-2.56%

Annualized performance (19.01.2022)

B-USDBenchmark
1 year-23.20%n.a.
3 years9.78%n.a.
Since Inception p.a.10.82%n.a.

Cumulative performance (19.01.2022)

B-USDBenchmark
1M-8.18%n.a.
YTD-8.62%n.a.
1 year-23.20%n.a.
3 years32.38%n.a.
Since Inception62.58%n.a.

Annual performance

B-USDBenchmark
2021-13.54%-16.17%
202044.02%33.01%
201922.73%30.06%
2018-9.93%-4.44%

Investment Focus

This fund invests in healthcare stocks throughout the Asia-Pacific region. 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. Stock selection is exclusively bottom-up, independent of benchmark weightings.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The Fund’s objective is to generate an attractive return over a long-term horizon. It is therefore particularly suited to investors with an investment horizon of at least 5 years who want to diversify their portfolio with selective exposure to the healthcare sector in Asia and who are willing to accept the risks typically associated with stocks in this sector.

General Information

Investment ManagerBellevue Asset Management AG
CustodianRBC Investor Services, Luxembourg
Fund AdministratorRBC Investor Services, Luxembourg
AuditorPriceWaterhouseCoopers
Launch date28.04.2017
Year end closing30. Jun
NAV CalculationDaily "Forward Pricing"
Cut of time09:00 CET
Management Fee1.60%
Subscription Fee (max.)5.00%
Performance Fee10.00% (with High Water Mark)
ISIN numberLU1587984847
Valor number36225520
BloombergBEAAPBU LX
WKNA2DPA3
Total expense ratio (TER)2.22% (31.12.2021)

Legal Information

Legal formSICAV Luxembourg jurisdiction
SFDR categoryArticle 8
Redemption periodDaily

Top 10 positions

Takeda
Legend Biotech
Shionogi
Daiichi Sankyo
Wuxi Biologics
CSPC Pharmaceutical
Wuxi Apptec
Olympus
Sino Biopharmaceutical
Astellas Pharma
6.5%
4.9%
4.2%
4.0%
4.0%
3.7%
3.3%
3.1%
3.0%
3.0%

Market capitalization

1 - 2 bn
2 - 5 bn
5 - 15 bn
15 - 20 bn
> 20 bn
Others
1.2%
14.1%
23.0%
6.1%
49.1%
6.5%

Geographic breakdown

China
Japan
India
South Korea
Australia
Thailand
Others
Cash
42.8%
29.5%
6.2%
5.2%
4.4%
1.6%
1.0%
9.3%

Breakdown by sector

Services
Pharma
Biotechnology
Generics/Spec.Pharma
Medtech
Generics
Others
Cash
25.1%
21.7%
17.3%
10.7%
10.3%
3.5%
2.1%
9.3%

Currency

JPY
HKD
USD
INR
KRW
AUD
THB
29.5%
22.2%
18.3%
7.9%
5.2%
4.4%
1.6%

Opportunities

  • 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.
  • BB Adamant Team – top-performing pioneer in the management of healthcare portfolios in emerging markets.

Risks

  • The fund 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.
  • There is a higher counterparty risk due to regulatory changes, volume caps or operational restrictions when investing in Chinese A equities.
  • The fund may invest in financial instruments that might have a rather low level of liquidity, which can in turn affect the fund’s liquidity.

Global equity markets quickly bounced back from their minor correction at the end of November. Data indicating that Omicron causes much less severe illness than the Delta variant breathed a sigh of relief into the stock market and led prices higher. Rising US bond yields were unable to cast a shadow over the positive sentiment either. The MSCI World index ended the month with a pleasing return of 4.3%, which lifted its full-year performance to more than 22% in USD. The MSCI Asia-Pacific index delivered a somewhat weaker monthly return of 1.7%. Health stocks were sold off because of – ultimately false – rumors that some Chinese biotech companies would be blacklisted by the US and they lost about 2.7% of their value mom.

Several of China's largest healthcare companies experienced heavy selling on speculation that they would be included on President Biden’s blacklist. After a corresponding report in the Financial Times, investors and traders feared that Chinese biotechs would be targeted by new US sanctions. That turned out to be mere speculation. The updated list of companies sanctioned by the US did not include any Chinese healthcare stocks. We therefore believe the sell-off was an overreaction and that the fundamentals of the companies affected are the same as before.

Legend Biotech published impressive, updated data for its cell therapy for multiple myeloma at the annual gathering of the American Society of Hematology (ASH). The clinical trial data showed a stunning 98% overall response rate. The first patients enrolled in the trial were treated about 22 months ago. More than 60% of those patients were still progression-free and 74% were still alive, which is without precedent in this indication. The data is even more exciting considering that all the trial participants were diagnosed with late-stage cancer prior to treatment, and they had not responded to various other kinds of treatment. FDA approval is expected in late February.

Shionogi made several positive announcements in December. Its COVID-19 medication still in the pipeline appears to also be effective against the Omicron variant. ViiV, an HIV joint venture that Shionogi has formed, announced that it had received regulatory approval for its long-acting injectable Apretude for adults and adolescents at risk of acquiring HIV. It also initiated a Phase III clinical trial of a protein-based COVID-19 vaccine.

We opened positions in Sonic Healthcare, Osstem and JD Health last month and bought more shares of Legend Biotech, Wuxi Biologics and ZaiLab. Sun Pharma, Shandong Weigao and Venus Medtech are no longer in the portfolio. Shareholdings of Cipla, CSL and Hoya were reduced.

Asia is the most dynamic growth region in the world and it accounts for more than half of the world's population. Asian emerging markets are forecast to account for more than 50% of global GDP by 2050. As household incomes rise, the economic growth model of Asian countries will shift from manufacturing to the services sector. A growing middle class fuels demand for modern medicine. Healthcare ranks increasingly high on their wish list. Billions are being invested in infrastructure, technology and research to modernize the healthcare systems in emerging market countries. This is giving a greater swath of the population access to better healthcare. Meanwhile rapid population aging is also stoking demand for healthcare. In 30 years’ time there will be 400 to 500 million people over 60 in China alone, and they will have a growing need for modern health services and medicines.

Japan, which has been referred to as “the world's demographic laboratory”, has championed cutting-edge innovation for decades. The Land of the Rising Sun boasts technology leadership in numerous fields, ranging from therapeutic antibody technology, immunotherapy and robotics to digitalization, diagnostics and medical imaging systems.

The fund offers defensive access to Asian emerging markets as well as exciting investment opportunities in technology leaders throughout the entire region. It invests in the entire healthcare system value chain, from generic drug producers and biotechnology companies to medical device manufacturers and digital health specialists.

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

Ratings

  • Co-Lead Portfolio Manager

    Oliver Kubli

    Oliver Kubli has been Managing Director, Head Portfolio Management Healthcare Funds & Mandates since 2015. Previously, he worked as Senior Portfolio Manager at Zürcher Kantonalbank and was a member of the Executive Board and Head Portfolio Management at Adamant Biomedical Investment AG. He completed his studies in business administration at the Zurich University of Applied Sciences in Winterthur and is a CFA charterholder.
  • Co-Lead Portfolio Manager

    Remo Krauer

    Remo Krauer has been a Senior Portfolio Manager Healthcare Funds & Mandates at Bellevue Asset Management since 2018. Previously, he worked at Zürcher Kantonalbank, first as Senior Portfolio Manager, then as Head Portfolio Construction for Private Asset Management. He holds a Bachelors degree in Business Administration from the Zurich University of Applied Sciences.
  • Portfolio Manager

    Cyrill Zimmermann

    Dr. Cyrill Zimmerman is Head of Healthcare Funds & Mandates and a member of the Executive Board of Bellevue Asset Management. He founded Adamant Biomedical Investments in 2001 and managed the investment boutique until its acquisition by Bellevue in 2014. Cyrill Zimmerman holds a PhD from the University of Zurich.
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