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Bellevue Asset Management AG: A straightforward idea leads to solid outperformance - the Adamant Global Healthcare Index celebrates its 10-year anniversary - Seite 2

Focus on sweet spots

Every half-year, the 40 most attractive stocks in the global healthcare universe are selected for the index. The BB Adamant Healthcare Team thoroughly screens about 600 of the 3 000 listed companies in the healthcare sector based on eight criteria to make this selection. Four quantitative and four qualitative parameters are applied. The qualitative parameters measure the quality and track record of a company's management team, product pipeline and operating risks as well as country-related risks, while the quantitative parameters provide information on stock valuations. There are four regions, Western Europe, North America, Japan/Australia and Emerging Markets, and the index is composed of the ten best stocks from each region.

The region with the highest overall score, usually North America, can have a maximum index weighting of 35% when the index is rebalanced, so more emphasis is put on emerging markets. Companies with high valuations and low growth rates are rarely in the index. Historical index data shows that mid-cap stocks have typically represented 60% to 80% of the index and the Asia region has accounted for about one-third of the index. Pharma stocks are clearly underweighted compared to their weighting on the MSCI World Health Care Index, the standard sector benchmark.

Outlook just as attractive as ever

"Biotech and generics companies are showing double-digit growth rates, whereas pharma companies are producing little growth," notes Cyrill Zimmermann. "The non-drug segment has served as an anchor of stability. Medical technology companies are undergoing an industrial transformation and offering integrated services that leverage the latest big data technologies. This is a continual process that harbors tremendous potential."

 

For further information, please contact:

Bellevue Asset Management AG, Seestrasse 16 / P.O. Box, CH-8700 Küsnacht/Zurich

Tanja Chicherio, Tel. [phone], [e-mail]

www.bellevue.ch

 

Bellevue Asset Management

Bellevue Asset Management and its sister company StarCapital based in Oberursel outside Frankfurt, Germany, are part of Bellevue Group, an independent, Swiss financial group with a registered office in Zurich and a listing on the Swiss Exchange SIX. Bellevue was established in 1993 and has since become a leading investment boutique with a focus on healthcare, regional strategies, multi-asset solutions and global equity and bond funds. Assets under management amount to CHF 7.9 bn.