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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


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: 29.02.2024)

Share price: GBp 150.80 (28.02.2024)

NAV: GBp 159.94 (28.02.2024)

01 Jan 2010 - 01 Jan 2010
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Share price

Rolling performance (28.02.2024)

Share priceNAVBenchmark
28.02.2023 - 28.02.2024-4.27%-5.30%10.05%
28.02.2022 - 28.02.20230.27%1.12%8.20%
28.02.2021 - 28.02.2022-5.63%0.64%17.00%
28.02.2020 - 28.02.202140.01%39.35%11.21%

Annualized performance (28.02.2024)

Share priceNAVBenchmark
1 year-4.27%-5.30%10.05%
3 years-3.24%-1.22%11.68%
5 years4.34%6.29%11.19%
Since Inception p.a.9.03%9.90%11.33%

Cumulative performance (28.02.2024)

Share priceNAVBenchmark
1 year-4.27%-5.30%10.05%
3 years-9.42%-3.63%39.31%
5 years23.66%35.70%70.01%
Since Inception87.08%98.22%117.65%

Annual performance

Share priceNAVBenchmark

Investment Focus

Bellevue Healthcare Trust intends to invest in a concentrated portfolio of listed or quoted equities in the global healthcare industry. The investable universe for the fund 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. There are no restrictions on the constituents of the funds portfolio by index benchmark, geography, market capitalisation or healthcare industry sub-sector. Bellevue Healthcare Trust will not seek to replicate the benchmark index in constructing its portfolio. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.Show moreShow less

Investment suitability & Risk


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 AdministratorApex Listed Companies Services (UK) Ltd.
AuditorErnst & Young LLP
Launch date01.12.2016
Year end closing30. Nov
Cut of time17:00 UK time
Management Fee0.95%
BloombergBBH LN Equity

Legal Information

Legal formUK Investment Trust (plc)
SFDR categoryArticle 8

Key data (31.01.2024, base currency GBP)

Tracking error24.36
Active share91.58
Sharpe ratio0.07
Information ratio-0.23
Jensen's alpha-7.52
No. of positions28

Top 10 positions

Evolent Health
Option Care Health
Charles River Laboratories
Exact Sciences
Axsome Therapeutics
Tandem Diabetes Care
Bio-Rad Laboratories
Inspire Medical Systems

Market capitalization


Geographic breakdown

United States

Breakdown by sector

Focused Therapeutics
Healthcare IT
Health Tech
Managed Care


  • 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 fund offers a combination of high quality healthcare exposure and a targeted 3.5% dividend yield.
  • Bellevue Healthcare Trust has a strong board of directors and relies on the experienced management team of Bellevue Asset Management (UK) Ltd


  • 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.

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  • Co-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.
  • Co-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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