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.
Indexed performance
Performance in 12-month periods
Currencies
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Countries
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Top Holdings
Monthly market comment
US equity markets came under pressure due to growth concerns of US technology stocks, high investor positioning and the trade dispute uncertainty. The Berenberg Health Focus Fund was unable to beat its benchmark. Fresh concerns about research spending by academic and government-funded institutions in the US weighed on the life science sector. Thermo Fisher Scientific also traded lower. A weak outlook for core product growth led to a sell-off in Neurocrine Biosciences. Regulatory fears weighed on the US insurance sector and also on United Health. Strong Q4 figures and a confident outlook for 2025 supported AstraZeneca's shares. Shares in pharmaceutical giant Novo Nordisk also rose, while Eli Lilly saw a significant price increase. We bought a position in Camurus, a Swedish biotech company. We welcomed another new company to the portfolio in the form of Fresenius. We sold Novartis and invested the resulting liquidity in Roche. We sold the small position in Becton Dickinson.
Portfolio Management

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.
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.