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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bellevue Healthcare Trust Plc | BBH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 125.60 | 08:02:51 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 125.60 |
| Industry Sector |
|---|
| HEALTH CARE EQUIPMENT & SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 25/07/2024 | Interim | GBP | 0.0252 | 01/08/2024 | 02/08/2024 | 29/08/2024 |
| 20/07/2023 | Final | GBP | 0.02995 | 09/05/2024 | 10/05/2024 | 31/05/2024 |
| 20/07/2023 | Interim | GBP | 0.02995 | 27/07/2023 | 28/07/2023 | 25/08/2023 |
| 21/12/2022 | Final | GBP | 0.03235 | 16/03/2023 | 17/03/2023 | 05/05/2023 |
| 07/07/2022 | Interim | GBP | 0.03235 | 21/07/2022 | 22/07/2022 | 02/09/2022 |
| 28/02/2022 | Final | GBP | 0.03015 | 17/03/2022 | 18/03/2022 | 28/04/2022 |
| Interim | GBP | 0.03015 | 29/07/2021 | 30/07/2021 | 03/09/2021 | |
| Final | GBP | 0.025 | 25/03/2021 | 26/03/2021 | 30/04/2021 | |
| 03/12/2019 | Interim | GBP | 0.025 | 30/07/2020 | 31/07/2020 | 28/08/2020 |
| Top Posts |
|---|
Posted at 17/3/2025 11:07 by speedsgh ~ FY24 final dividend of 2.52p payable 30/5/25 (subject to AGM approval); FY total dividend 5.04p~ FY25 dividend target 5.40p Annual Financial Report - On the redemption facility... "It has become apparent that the redemption facility, whilst prima facie, laudable by giving Shareholders an annual opportunity to exit near to NAV, has unintended consequences. In particular it attracts Shareholders with a short-term focus to buy shares with no regard to the underlying investment proposition but rather to take advantage of the possibility of an unlimited redemption structure within a defined time horizon. Hence your Board, following extensive shareholder consultation, in the latter months of 2024 called a General Meeting in December to address the redemption facility. The proposal was to replace the redemption facility with a performance-related tender offer to support the long-term nature of a closed‑ended investment structure and portfolio ethos, while still providing liquidity for Shareholders. For those who did not follow the detail of what happened at the time there was a need to pull back from that proposal due to a change in stance of one of our significant Shareholders and an increase in holdings by short-term focused Shareholders. It is worth recalling that to change the Company's Articles a special resolution is required, which to pass requires a majority of not less than 75%. With increased confidence in the performance of the underlying portfolio, the Company has been active in share buybacks. Buying back shares at a discount is accretive to longer-term Shareholders. For those Shareholders seeking to exit, buybacks provide immediate liquidity rather than having to wait for an annual redemption. Your Board is determined to try and steer a fair course between redemptions and buybacks whilst ensuring the long-term viability of the Company." AGM proposal to increase max no of holdings from 35 to 45... "Alongside our ongoing analysis of the sector's fundamentals, we also undertook a comprehensive review of our investment process in 2024, identifying areas for improvement in risk-adjusted returns. We observed that stock-level volatility around news flow has increased over the past two years. This led to two key conclusions: first, it may be more effective to focus on selecting the best two or three ideas from a given strategy to gain exposure to a desired theme, rather than seeking a single "winner." In order to support this revised approach, the Company's Board is proposing an increase in the maximum number of active holdings from 35 to 45. The Company will still retain its differentiated and concentrated investment approach, but we believe this additional flexibility will improve risk-adjusted returns. Second, we need to carefully consider our tolerance for binary event risks on a case-by-case basis. Where possible, it may make sense to reduce exposure before such events, especially since they often result in higher trading volumes in the immediate aftermath. It is always possible to buy back positions after trimming. We began implementing these adjustments in the second half of 2024 and are already seeing positive results, including reduced drawdowns and an improved internal rate of return (IRR)." |
Posted at 10/2/2025 15:05 by alter ego more on the positioning in a Trump world - interesting video presentation |
Posted at 09/12/2024 13:21 by speedsgh It seems shareholders didn't like their proposals after all, despite having undertaken consultation prior the original announcement!Update on General Meeting - The Board of Bellevue Healthcare Trust plc announces that it has decided to withdraw the proposals set out on 2 December to amend the articles of association covering the Redemption Facility. Prior to putting forward the proposals, the Board undertook a shareholder consultation indicating support for a revision of the Redemption Facility. Subsequent engagement, alongside changed shareholder feedback, has led the Board to consider that the proposals do not have sufficient support from shareholders. Accordingly, the general meeting will be adjourned indefinitely. |
Posted at 02/12/2024 08:47 by speedsgh Proposed changes to:~ articles of association to replace Annual Redemption Facility with conditional tender offers and continuation vote; ~ investment policy (increase maximum number of stocks the Company's portfolio can hold from 35 to 45); ~ investment objective/returns objectives Circular and Notice of General Meeting - |
Posted at 28/10/2024 20:54 by xtrmntr Over a third of Bellevue investors head for the cash exit36.3% of shareholders take up the annual redemption offer, reflecting disgruntlement over underperformance in recent years, which will shrink net assets from £741m to £472m.More than a third of Bellevue Healthcare (BBH) shareholders have cashed in their shares in the annual redemption offer, highlighting discontent after a prolonged period of underperformance.A total of 36.3% of investors in the £663m portfolio of global healthcare stocks tendered their shares, marking a huge increase on the annual redemption offer from 14.3% a year ago.In light of this, the fund which is managed by Bellevue Asset Management's Paul Major and Brett Darke will split the portfolio into redemption and continuing pools. The redemption pool price will be based on the 'realisable value of the redemption pool', with the redemption point being 22 November.The continuing pool will continue to reflect the net asset value (NAV) of the fund.Winterflood analyst Shavar Halberstadt said the level of redemptions was 'notable' and a turnaround from when the trust traded at a 'premium for most of its life prior to mid-2022' it now trades on an 8.4% discount. He said the discount was the tightest among its peer group and highlighted the 5.5% yield as being the second-highest in its peer group, with a loss of scale in the portfolio potentially leading to 'wider issues'.Deutsche Numis's Ash Nandi it was 'not surprising to see meaningful redemptions given the company has flagged it was expecting them' bearing in mind the 'disappointing' performance of late. She estimated that the redemption would slash the fund's net assets from £741m to £472m in the continuing pool.Over the past three years, the fund has seen NAV decline 8.8% versus a 27.4% increase in the MSCI World Healthcare index due to its concentrated portfolio with a bias to small and mid-caps.'It will be interesting to see how swiftly the redemption pool can be liquidated, and what price impact there is on underlying holdings of BBH Healthcare selling, given that for some portfolio companies, BBH Healthcare represents a meaningful portion of share capital,' Nandi said.While the portfolio is concentrated, returns on winning stocks can be huge, with shares in CareDx, the diagnostic surveillance company for heart transplant recipients, the largest holding at 7.6%, soaring 169% this year. Citywire editor Gavin Lumsden tipped the trust, pointing out that increased healthcare spending as populations age or grow wealthier will remain a continual driver of returns, while falling interest rates should improve sentiment towards the unloved sector. |
Posted at 15/10/2024 07:29 by speedsgh Wow! If I understand this correctly, it looks like BBH is going to be shrinking considerably after Redemption Requests were received for more than 36% of the company's issued share capital!Update on Redemption Process - As per its announcement on 30 July 2024, the Company has a redemption facility through which shareholders are entitled to request the redemption of all or part of their holding of ordinary shares on an annual basis. The total number of ordinary shares as of the record date, in respect of which Redemption Requests were received for the 22 November 2024 Redemption Point was 163,834,887 (representing 36.34% of the Company's issued share capital (excluding treasury shares)). The Directors have decided to calculate the Redemption Price by reference to the amount generated upon the realisation of a Redemption Pool created for the purpose of funding the redemption. Hence the portfolio will be split into a Redemption Pool and a Continuing Pool from the close of business today. Daily Net Asset Value announcements published from tomorrow will reflect the Continuing Pool. The Board has engaged a third party to undertake sanctions checking and continues to validate all redemption requests received. A further announcement will be made by the Company for the redeeming shareholders shortly after the 2024 Redemption Point setting out the redemption details. |
Posted at 14/3/2024 15:12 by alter ego I struggled to find out when the dividend will be paid and when it goes ex div. BBH Corporate Calendar didn't say so I contacted IR. Ex Div on 9 May, paid on 31 May. Apparently it's on page 78 of the Annual Report. I've suggested they might make it a bit more visible and they said yes, they would look at that. |
Posted at 12/3/2024 19:28 by xtrmntr Bellevue Healthcare (BBH) has extended its run of underperformance, with its bias towards small- and mid-cap stocks meaning it has now lagged its benchmark since inception in 2016.The 'classical defensive attributes' of the healthcare sector failed to entice investors for yet another year, said Paul Major, who manages the £699m fund with Brett Darke.The MSCI World Healthcare index fell 1.8% in 2023, underperforming the MSCI World index by 14.8%, which Major said was 'almost a mirror image of what happened in full-year 2022' and marked 'the worst relative annualised performance over this period in the 23 years'.As investors shunned healthcare despite the economic woes faced by markets, the investment trust saw its net asset value (NAV) sink 12.7% in the year ended 30 November 2023 versus a 7.1% slide in the MSCI World Healthcare benchmark. This has challenged the fund's track record, and since inception in December 2016, NAV total returns are now 103% versus 127% for the benchmark.Major said the fall in the year to 30 November was due to several factors, including larger companies not being as defensive as hoped for as mega-cap bellwethers Pfizer and Sanofi cut earnings forecasts. There was also the 'nebulous perception' of research and development disappointments and a lack of mergers and acquisitions.The 'outsize' factor contributing to underperformance over the year was the fund's bias towards smaller companies as the 'past few years have seen investors hiding in the relative safe haven of larger, more liquid and typically more diversified companies'.'Such companies tend to be older and more mature, so less at the mercy of debt and equity markets for additional funding and thus less sensitive to interest rates,' said Major.'They are also easier to exit if the market does look like it is going down and investors wish to reduce equity exposures.'Major added that the 'compression' seen in small- and mid-cap healthcare stocks was 'far beyond anything that could be justified' and the positive trajectory of the same stocks in December 2023 and January 2024 after the end of the results period 'attests to the arbitrary and egregious nature of the devaluation that investors have witnessed over the past two years'.To back up his point, Major doubled down on his allocation to smaller companies, ending the year with 3% less exposure to mega- and large-cap companies and increasing at the other end of the size spectrum.The already large exposure to the US was also increased and now sits at 95%, as Major exited Europe and 'rest of world'. And valuations in China continued to experience 'significant pressure' due to a lacklustre post-Covid recovery and overhang from an anti-corruption drive.The portfolio started the year with 29 positions and ended with 27 after five additions and seven exits in another low turnover year.One holding Major reduced mid-year was Apellis Pharmaceuticals as the shares reached fair value but shortly after it slumped more than 70% 'on concerns about side effects for its key drug Syfovre (an eye injection used to treat geographic atrophy)'. 'We felt this was an overreaction so we scaled up the position and rode the recovery to considerable profit,' he said. 'We have since been taking profits again.'Major added that the market has been 'prone to overreactions on the downside' in the past two years and said last summer was marked by the 'frenzy' around the use of GLP-1 obesity drugs that gripped the market and divided healthcare stocks into 'a perceived binary grouping of obesity winners and losers'.In a bid to take advantage of these mispricings in the market, Major has been increasing allocation to tools, healthcare IT and healthcare technology, while reducing exposure to diversified therapeutics.The trust has enjoyed some respite from underperformance since the financial year-end, with the shares up nearly 9% in the past three months, in line with the index but ahead of the underlying 6.9% rise in the portfolio. That's left the shares standing 5.1% below net asset value, narrower than their 7% one-year average discount.He remained committed to investing in 'healthcare change' and said the current model is 'neither scalable nor financially sound' enough to deal with an ageing population and the demand for better products for more people.'If we cannot bend the cost curve and change the delivery paradigm, the services will need to be cut or the system will go bankrupt. Ergo, healthcare must change,' he said. 'There is no alternative.' |
Posted at 12/1/2024 11:22 by speedsgh Target dividend of 5.02p for FYE 30/11/24 (2.52p interim payable Aug/Sept 24; 2.52p final payable Mar/Apr 25). Reduction of 15.9% on 5.99p for FYE 30/11/23...Target Total Dividend - 2.995p final payment for FYE 30/11/23 (not yet officially declared) to be paid Mar/Apr 24. |
Posted at 06/3/2023 11:55 by speedsgh Final Results - From Chairman's Statement... PERFORMANCE Over the financial year, the Company's total NAV return (i.e. including reinvestment of dividends) was -4.1%. In contrast the MSCI World Healthcare total return Index produced a positive total return of 14.1%, representing an underperformance of 18.2% over the year. This is the second annual report where I have to acknowledge underperformance of the Company against the index and the first where the absolute total return was negative. As per last year, I will refer readers to the longer term track record. However, this is not to minimise any potential concerns that investors may have; I will seek to address those below. Nevertheless, some of my comments from last year's statement bear repeating in what has remained a challenging macro environment for active equity managers: "Short term variations should never change an investment process"; the "Investment Manager remains true to its investment process" and "continues to focus on bottom-up fundamental analysis to drive stock selection predicated on superior long-term returns." -------------------- DIVIDEND The Company targets an annual dividend of 3.5% of preceding year-end NAV, paid out in two equal instalments. The Company paid out a final dividend of 3.015p in respect of the year 2021, in April 2022 and an interim dividend of 3.235p in respect of the financial year 2022 in September 2022. The Board has proposed a final dividend of 3.235p per Ordinary Share in respect of the financial year 2022 and, if approved at the forthcoming Annual General Meeting, this will be paid to Shareholders in May 2023. For the financial year 2023, the Board is proposing a total dividend of 5.990p per Ordinary Share, composed of interim and final dividends of 2.995p per Ordinary Share, to be paid in August 2023 and April 2024 respectively, subject to shareholder approval. This will be the first year that the Company's dividend pay-out will be reduced, reflecting the lower year-end NAV. -------------------- Final dividend of 3.235p to be paid on 5 May 2023 (to Shareholders on the register at the close of business on 17 March 2023), subject to Shareholder approval at the 2023 AGM. |
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