Growth of USD 10,000



Fund Documents


Investment Strategy:

KURE seeks to measure the performance of MSCI China All Shares Health Care 10/40 Index. The Index is a free float adjusted market capitalization weighted index designed to track the equity market performance of Chinese companies engaged in the health care sector. The securities in the Index include all types of publicly issued shares of Chinese issuers, which are listed in Mainland China, Hong Kong and the United States. Issuers eligible for inclusion must be classified under the Global Industry Classification Standard (GICS) as engaged in the healthcare sector. The issuers included in the Underlying Index may include small-cap, mid-cap and large-cap companies.

China Health Care Sector Highlights:

  • China is one of the fastest growing major healthcare markets in the world with a ten-year compound annual growth rate of 13%, compared to just 3% in the United States and 2% in Japan1.
  • China is the second largest healthcare market globally with total healthcare expenditures reaching $1.02 trillion in 2019, an increase of roughly 87% over the last 5 years2.
  • There is still opportunity for considerable growth in China’s healthcare market with per capita health spending at just $441, compared to an average of over $5,400 for the world’s top eight healthcare markets3.
  • China’s aging population, rising incomes and increasing urbanization may provide a sustained catalyst for growth in China’s healthcare sector.

KURE features:

  • Exposure to Chinese companies listed in the Mainland, Hong Kong and United States that are involved in the healthcare industry. Specifically: patent and generic pharmaceuticals, hospital administration, biotechnology, medical equipment production, healthcare IT, and traditional Chinese medicine.
  • Exposure to companies that benefit from China’s growing middle class and aging population.
  • Access to leading Chinese pharmaceutical companies which have been recipients of favorable policy and market conditions for research and development and the invention of new medicines and devices.

1.) Major healthcare markets defined as top five global markets by the World Health Organization. Data from the World Health Organization as of 31/Dec/2017, last updated on 7/Apr/2020. Retrieved 31/Dec/2020.

2.) Statista, Health expenditure in China 2000-2019”, Published by Lai Lin Thomala, Dec 17, 2020, Retrieved 31/Dec/2020.

3.) Data from the World Health Organization, last updated on 7/Apr/2020. Retrieved 31/Dec/2020.

Daily Performance

Data for USD share class as of 17/Jun/2024
Daily Net Asset Value (NAV)
NAV $10.07
NAV Daily Change 0.10%

Performance History

Cumulative %
Data for USD share class as of: 31/May/2024
Fund NAV Index
1 Month -4.37% -4.24%
3 Month -10.50% -10.34%
6 Month -24.42% -24.11%
YTD -19.26% -19.14%
Since Inception -59.76% -58.19%
Avg Annualized %
Data for USD share class as of month end: 31/May/2024
Fund NAV Index
1 Year -25.65% -25.02%
3 Year -28.45% -28.41%
Since Inception -23.61% -22.74%
Avg Annualized %
Data for USD share class as of quarter end: 31/Mar/2024
Fund NAV Index
1 Year -29.25% -28.43%
3 Year -24.13% -23.31%
Since Inception -23.88% -22.97%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Growth of USD 10,000

Data as of 17/Jun/2024

The Growth of USD 10,000 chart reflects an initial investment of USD 10,000 in the Fund's USD share class on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of USD 10,000 chart since inception, the initial investment of USD 10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a USD 10,000 investment in the fund is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.

Top 10 Holdings

Data as of 18/Jun/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 SHENZHEN MINDR-A 9.15% 300760 CNE100003G67 3,400 136,926
2 JIANGSU HENGRU-A 6.93% 600276 CNE0000014W7 17,980 103,750
3 BEIGENE LTD 5.27% 6160 KYG1146Y1017 6,500 78,835
4 CSPC PHARMACEUTI 4.52% 1093 HK1093012172 80,000 67,623
5 WUXI BIOLOGICS CAYMAN INC 3.70% 2269 KYG970081173 37,000 55,348
6 INNOVENT BIOLOGICS INC 3.68% 1801 KYG4818G1010 11,500 55,084
7 ZHANGZHOU PIEN-A 3.43% 600436 CNE000001F21 1,700 51,287
8 AIER EYE HSPTL-A 2.85% 300015 CNE100000GR6 26,948 42,681
9 WUXI APPTEC CO LTD-A 2.82% 603259 CNE1000031K4 7,220 42,217
10 SHANGHAI UNITE-A 2.60% 688271 CNE100005PN5 2,501 38,900

Holdings are subject to change.


Data as of 17/Jun/2024
Exchange Ticker Currency Listing Date SEDOL ISIN
London Stock Exchange KURE LN USD 14/Jan/2021 BMZ4LD0 IE00BL6K0S82
Borsa Italiana KURE IM EUR 13/Oct/2022 IE00BL6K0S82
Deutsche Börse Xetra KRUE EUR 10/Oct/2023 IE00BL6K0S82

Each share class is offered in the base currency noted above. To the extent the fund holds exposure to any positions in a currency different to the base currency, that position is unhedged.