Fund profile

ISIN DE000A2AQYV6
WKN A2AQYV
Inception date
Total fund assets 147.5 M EUR
Share class currency EUR
Current issue price EUR13,061.25 (06/27/2025)
Current return price EUR13,061.25 (06/27/2025)
Annual high (redemption price) EUR15,467.74 (02/19/2025)
Annual low (redemption price) EUR11,823.61 (04/22/2025)
Performance current year -8.81 % (06/27/2025)
ø Performance
Since launch p.a.
3.55 % (06/27/2025)
Issue charge 0.00 %
Redemption charge 0.00 %
End of fiscal year May 31
Dividend Payout
Total expense ratio 0.86 % p.a.
Management fee   therefrom 0.77 % p.a.
Custodian fee   therefrom 0.06 % p.a.
Capital accumulation benefits capable no
Savings plan no
Single payment yes (min EUR500,000.00)
Conformity yes
Registered for distribution DE , AT

Key figures

Duration of loss in days 1047
Sharpe ratio -0.37
Volatility 18.42 %
Max. drawdown -27.36 %
Number of negative months 19
Number of positive months 17
Share of positive months 47.22 %
Worst month -9.65 %
Best month 10.68 %

Comment

After a weak April, which was burdened by the announcement of extensive customs measures, the global stock markets recorded a significant recovery in May. Momentum was provided by convincing corporate figures, robust economic data and progress in the US trade talks. However, the healthcare sector lagged behind the overall market during this phase.
Short-term negative factors such as potentially falling drug prices and the threat of budget cuts to public research organisations were offset by a fundamental environment that remained intact - supported by structural growth and attractive valuations.
At individual stock level, Veeva Systems (cloud software for the life sciences sector) and Insulet (manufacturer of insulin pumps) made particularly strong contributions to earnings. Both companies impressed with quarterly figures that exceeded expectations and an ambitious outlook. On the other hand, HealthStream (digital training solutions in the healthcare sector) and UnitedHealth, which came under significant pressure following the withdrawal of its annual forecast and the announcement of a change in CEO, had a negative impact. Over the course of the month, we built up a new position in Sectra AB and sold our holdings in UnitedHealth and JD Health.
2025/05/30

Opportunities

  • Participation in the transformation of the global healthcare market
  • Focus on innovative technologies and services
  • Thematically flexible and adaptable
  • Broad diversification across companies with disruptive potential
  • Experienced and specialized fund management team

Risks

  • Market and sector risks
  • Credit risks
  • Counterparty risks
  • Currency risks
  • In general, any investment carries the risk of capital loss
  • Information on further risks can be found in the Basisinformationsblatt and the VKP .

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