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Important

Principles 

By using the website www.bellevuehealthcaretrust.com, you confirm that you have read, understood and accepted the general information provided by the Bellevue Group AG as well as these legal provisions. These may be subject to change and the use of the site may be restricted or terminated at any time without prior notice.

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PERFORMANCE

Past performance is not an indication or guarantee of the future performance of the investment. The value of investments may be subject to fluctuations and, under certain circumstances, investors may not get back the full amount invested. Changes in foreign-exchange rates may also cause the value of investments to go up or down.

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Performance & Portfolio

Concentrated high-conviction portfolio that provides access to the global, high-growth healthcare market

Focus on companies that are making a significant contribution to the improvement of the healthcare system 

The best of both worlds: Growth market and an attractive dividend yield of 3.5%

Investment Focus

ISIN-No. GB00BZCNLL95

The investment objective of Bellevue Healthcare is to provide Shareholders with capital growth and income over the long term, through investment in listed or quoted global healthcare companies.

Indexed performance (as at: 25.06.2022)

Share price: GBP 148.20 (24.06.2022)

NAV: GBP 153.74 (24.06.2022)


01 Jan 2010 - 01 Jan 2010
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Share price
NAV
Benchmark

Rolling performance (24.06.2022)

Share priceNAVBenchmark
24.06.2021 - 24.06.2022-21.48%-18.14%12.36%
24.06.2020 - 24.06.202126.65%26.36%10.81%
24.06.2019 - 24.06.202015.56%18.64%14.79%
22.06.2018 - 24.06.20199.89%9.29%13.89%

Annualized performance (24.06.2022)

Share priceNAVBenchmark
1 year-21.48%-18.14%12.36%
3 years4.74%7.06%12.63%
5 years7.24%8.58%10.28%
Since Inception p.a.10.38%11.15%12.83%

Cumulative performance (24.06.2022)

Share priceNAVBenchmark
1M0.27%5.17%0.37%
YTD-24.99%-20.23%-0.22%
1 year-21.48%-18.14%12.36%
3 years14.93%22.72%42.92%
5 years41.87%50.98%63.20%
Since Inception73.26%80.07%95.71%

Annual performance

Share priceNAVBenchmark
202116.56%15.20%20.83%
202029.13%25.70%10.29%
201922.65%25.89%18.44%
20184.90%8.60%8.77%

Investment Focus

Bellevue Healthcare intends to invest in a high conviction portfolio of listed or quoted equities in the global healthcare industry.

The investable universe for Bellevue Healthcare is the global healthcare industry including companies within industries such as pharmaceuticals, biotechnology,
medical devices and equipment, healthcare insurers and facility operators, information technology (where the product or service supports, supplies or services the delivery of healthcare), drug retail, consumer healthcare and distribution.Show moreShow less

Investment suitability & Risk

SRRI

Low risk

High risk

The investment company’s objective is to generate attractive and competitive capital growth in the long term. It is therefore particularly suited to investors with an investment horizon of at least 5 years, who want to selectively diversify their portfolio with investments in the healthcare sector, and who are willing to accept the equity risks typical of this sector.

General Information

Investment ManagerBellevue Asset Management (UK) Ltd.
CustodianCaceis Bank Luxembourg, London Branch
Fund AdministratorSanne Funds Services (UK) Ltd.
AuditorErnst & Young LLP
Launch date01.12.2016
Year end closing30. Nov
Cut of time17:00 UK time
Management Fee0.95%
ISIN numberGB00BZCNLL95
BloombergBBH LN Equity

Legal Information

Legal formplc

Key data (31.05.2022, base currency GBP)

Beta1.27
Volatility28.80
Tracking error18.98
Active share95.32
Correlation0.77
Sharpe ratio0.50
Information ratio-0.11
Jensen's alpha-6.83
No. of positions30

Top 10 positions

Jazz Pharmaceuticals
Sarepta Therapeutics
Option Care Health
Insmed
United Health Group
Axonics
CareDx
Amedisys
Apellis Pharmaceuticals
Charles River
8.0%
6.6%
6.2%
5.8%
5.4%
5.3%
4.9%
4.7%
4.4%
4.1%

Market capitalization

Mega-Cap
Large-Cap
Mid-Cap
Small-Cap
15.1%
8.5%
50.1%
26.4%

Geographic breakdown

United States
China
Canada
Switzerland
93.7%
2.9%
2.5%
0.9%

Breakdown by sector

Focused Therapeutics
Med-Tech
Services
Diagnostics
Managed Care
Diversified Therapeutics
Tools
Healthcare IT
Health Tech
Dental
25.7%
16.1%
15.0%
11.6%
9.2%
8.0%
5.6%
4.7%
3.2%
0.9%

Opportunities

  • Healthcare has a strong, fundamental demographic-driven growth outlook.
  • The fund has a global and unconstrained investment remit.
  • It is a concentrated high conviction portfolio.
  • The Trust offers a combination of high quality healthcare exposure and a 3.5% dividend yield.
  • BB Healthcare has an experienced management team and strong board of directors.

Risks

  • The fund invests in equities. Equities are subject to strong price fluctuations and so are also exposed to the risk of price losses.
  • Healthcare equities can be subject to sudden substantial price movements owning to market, sector or company factors.
  • The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
  • The price investors pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company.
  • The fund may take a leverage, which may lead to even higher price movements compared to the underlying market.

Show moreShow less

  • Portfolio Manager

    Paul Major

    Paul Major has been serving as Portfolio Manager at Bellevue Asset Management (UK) Ltd since 2016. His previous roles include Research Partner at Redburn and Analyst at UBS Warburg. He holds a Master's degree in Biochemistry from the University of Bath, UK.
  • Portfolio Manager

    Brett Darke

    Brett Darke has 21 years experience including 11 years covering healthcare and the wider lifesciences sector on the buy-side at TT International, on both long-only and long/short funds. Brett previously worked for five years in corporate finance at Merrill Lynch and Bear Stearns. He holds a Masters degree in Medicine and Management studies from Cambridge University and is a CFA charterholder.
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