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Welcome to our April update. We expected this to be a challenging month, with 'big' announcements forthcoming on tariffs, and the spectre of specific measures on drug pricing and pharma-specific tariffs drawing closer, and were accordingly cautiously positioned.<br /> <br /> The market didn't like what it saw, neither did we. The generally negative environment was made worse by everyone's favourite place to hide - Managed Care - imploding on the back of a rare profit warning from UNH. Nonetheless, the market rallied back as the month drew to a close.<br /> <br /> It feels like we are drawing toward the end of the sector-specific overhangs for healthcare, with the drug pricing "plan" outlined (and seemingly toothless), and the pharma tariffs supposedly coming very soon. Perhaps then, we will see some renewed generalist interest in the sector, which is now trading at compelling valuation levels.

Bellevue Healthcare Trust Factsheet April 2025

Welcome to our April update. We expected this to be a challenging month, with 'big' announcements forthcoming on tariffs, and the spectre of specific measures on drug pricing and pharma-specific tariffs drawing closer, and were accordingly cautiously positioned.

The market didn't like what it saw, neither did we. The generally negative environment was made worse by everyone's favourite place to hide - Managed Care - imploding on the back of a rare profit warning from UNH. Nonetheless, the market rallied back as the month drew to a close.

It feels like we are drawing toward the end of the sector-specific overhangs for healthcare, with the drug pricing "plan" outlined (and seemingly toothless), and the pharma tariffs supposedly coming very soon. Perhaps then, we will see some renewed generalist interest in the sector, which is now trading at compelling valuation levels.
28.05.2025
#Healthcare Global