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October was another positive month for the relative and absolute performance of the strategy. We continue to see evidence of a broad-based improvement in generalist appetite for the healthcare sector, which remains under-owned by active managers relative to historical norms. <br />
<br />
As noted in the previous month's missives, the building blocks for a sustained period of positive performance look to be falling into place, and we grow increasingly optimistic about the sector after the challenges of the past three years. As we go to press, the MSCI World Healthcare Index has outperformed the wider MSCI World Index by 2.4% during November.<br />
<br />
This recovery has been a long time coming, and has a long way to go yet. Whilst there will inevitably be bumps along the road, we believe that the portfolio is well positioned to continue to benefit from these underlying trends over the remainder of 2025.

Bellevue Healthcare Trust Factsheet October 2025

October was another positive month for the relative and absolute performance of the strategy. We continue to see evidence of a broad-based improvement in generalist appetite for the healthcare sector, which remains under-owned by active managers relative to historical norms.

As noted in the previous month's missives, the building blocks for a sustained period of positive performance look to be falling into place, and we grow increasingly optimistic about the sector after the challenges of the past three years. As we go to press, the MSCI World Healthcare Index has outperformed the wider MSCI World Index by 2.4% during November.

This recovery has been a long time coming, and has a long way to go yet. Whilst there will inevitably be bumps along the road, we believe that the portfolio is well positioned to continue to benefit from these underlying trends over the remainder of 2025.
04.12.2025

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