Investment Strategy
The fund management invests in global healthcare stocks that generate above-average and sustainable earnings growth over a long period of time. The fund focuses on companies that contribute to significantly improving human health, extending life expectancy and/or reducing healthcare costs. The long-term attractiveness of the healthcare sector is supported by demographics and social change due to the ageing population and rising wealth, especially in emerging countries.
- Investment in global stocks of any company size
- Portfolio of around 35 - 50 stocks
- Active and benchmark-agnostic approach
- Long-term investment horizon
Learn more about our investment philosophy in equity fund management
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Monthly market comment
The stock markets have been treading water recently. European equities have been much more volatile than US equities due to the upcoming elections in France. The Berenberg Better Health Fund underperformed its benchmark in June. The detailed results of Eli Lilly's Surmount-Osa study weighed on Inspire Medical's share price. Investors feared that the addressable market could shrink significantly due to GLP-1s. ChemoMetec shares performed poorly without any significant newsflow. The shares of Sartorius Stedim Biotech were sold off in June due to the market fears of a cut in the growth forecast for 2024. On the contrary, the shares of the market leaders for obesity drugs, Novo Nordisk and Eli Lilly, recorded further price gains. The market leader in robotic surgical systems, Intuitive Surgical, achieved further share price gains despite the good start into the year. Feedback on the new da Vinci 5 robot continues to be very positive. In June, we added Insulet and Icon to our portfolio and divested WuXi and Qiagen.
Portfolio Management
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Kay Eichhorn-Schott
Kay Eichhorn-Schott has been a Portfolio Manager at Berenberg since October 2017. Kay started his career in the Berenberg International Graduate Program in October 2015 and joined the Wealth and Asset Management division in London after completing the program. He holds a Master of Science in Finance and studied at EBS Business School, University of Bath and Texas A&M University. Kay Eichhorn-Schott is a CFA Charterholder.
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Sabrina Bendel
Sabrina Bendel has been Product Specialist for the discretionary Equity Portfolio Management team since April 2017. Before joining Berenberg, she worked in the Asset Management division of Deutsche Bank Group (DWS) since 2014. There, she was responsible for European and German Equity Funds as a Product Specialist. Sabrina Bendel holds a Bachelor of Science in Economics and Business Administration from the University of Hohenheim.
CO₂-Intensity
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.