Bellevue Healthcare Investors - BBH

Bellevue Healthcare Investors - BBH

Stock Name Stock Symbol Market Stock Type
Bellevue Healthcare Trust Plc BBH London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 165.00 00:00:00
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Posted at 10/12/2022 17:27 by jonwig
Review of BBH and sector:

Posted at 11/11/2022 07:20 by jonwig
Kepler Trust Intelligence research note (FOC, not independent):

Posted at 05/11/2022 21:53 by rambutan2
Re redemption, from the latest monthly:

October sees the opening of the Trusts annual redemption window. This closed on 2nd November 2022. We have offered this ungated facility, which allows investors to redeem shares at a valuation close to NAV, since inception. In previous years, the take-up has been de- minimis and we have been able to place the redeemed shares in the market rather than cancel them or hold them in treasury.

This year has seen a much higher take up for redemptions than in prior periods, with some 30.6 million shares tendered (5.2% of the outstanding capital). We have received some feedback from several larger wealth managers that they are centrally reducing exposure to investment trust products more broadly in order to have improved daily liquidity and this may have played a role in the larger redemption amount.

We would remind our readers that there is an open-ended UCITS version of the strategy (the WS Bellevue Healthcare Fund) if you are needing to reduce investment trust holdings but still want to retain exposure to the same underlying investments. Unlike the Trust, the Fund does not pay a dividend. Depending on each reader’s situation, there may be other suitability factors that need to be taken into account and it may be necessary to take independent financial advice.

It is very unlikely that such a sizeable redemption amount can be placed into the market and so these shares will in effect be bought in. However, the liquidity of the underlying portfolio is such that we can easily manage to realise the cash without the need to create a redemption pool.

Your managers remain convinced of the long-term opportunity for the portfolio and, as has been the case throughout the year, continuing to add to their personal holdings in the Trust.


Posted at 05/10/2022 21:59 by rambutan2
Justification jonwig:

"At this point, regular readers might be wondering why we have elected to include a section on the UK market. The reason is this: the liquidation of portfolios (“put me in cash, preferably dollars”) sinks all ships and has manifested itself in disorderly sell-off. Another attendant (inevitable?) consequence is that many Investment Trusts have fallen onto greater discounts.

This will often have nothing to do with the quality of the underlying investments; when there are more sellers than buyers, equity prices fall. There is value out there to be sure, but people are shell-shocked and it will likely take a bit of time before we see any meaningful (and careful) dip-buying.

Data from JP Morgan, who are one of the Trust’s brokers, suggests that the average discount across the UK Investment Trust sector increased from ~13% at the end of August to closer to 16% at the end of September, and this compares to around 5% at the beginning of 2022. We too have seen an escalation in the discount on Bellevue Healthcare over the month (5.7% as of the end of September), having traded at an average premium of 0.5% from inception to the end of 2021.

What might the managers be able to do about these discounts? Share buybacks by Trusts are one option. In reality, these must be conducted on an arm’s length basis and in a manner that does not distort trading. As such, it will seldom have a material impact – the Trust would simply furnish sellers with liquidity and diminish the capital the manager has available to buy cheap assets on behalf of the remaining shareholders. This feels rather unfair, especially when there are some compelling opportunities within the scope of the wider investment environment.

It is deeply frustrating to say so, but we probably need to resign ourselves to higher discounts persisting as a wider phenomenon in the Trust sector until broader confidence in the UK stock market is restored. This will be a function of asset prices being deemed to have fallen far enough or some sort of profound change in the economic outlook for the country.

In this context, we think the best thing a domestic investor can do in the short-term is to focus on under-valued UK-listed equities that are de-coupled from the UK economy and sterling. A global healthcare-focused Investment Trust for example."

Posted at 12/8/2022 20:08 by xtrmntr
The managers of investment trust Bellevue Healthcare are confident the future of the global healthcare industry is a bright one. Ageing populations across the world and the exponential growth in chronic illnesses mean demand for healthcare services is here to stay, irrespective of any economic downturn. So confident are the management team that since the start of the year, they have used £80million of low-cost borrowings to increase the trust's holdings in equity markets. The two individuals overseeing the £1billion portfolio – Paul Major and Brett Darke – have also been busy buying more personal shares in the trust, a sure-fire sign that they believe the outlook is more positive than negative.'Of course, as an investor in equities, you can't dismiss the Putin factor,' says Major, 'Or for that matter, geopolitical tensions in the South China Sea. ''It explains why we have kept some powder dry just in case something happens which causes share prices to plunge sharply and suddenly. If that happened, we would use the borrowings we have yet to employ to buy even more shares in the companies we own. 'The fact remains that many of the companies we invest in are super-resilient businesses that will keep on growing. They provide a degree of certainty in an uncertain world. The trust is invested in 29 healthcare stocks, most listed in the United States. 'We keep an eye on some 250 companies,' says Major. 'Most are small to medium-sized businesses doing extraordinary things in the healthcare sector. But their share prices have been hit by the general slide in US equity values over the past nine months.' Bellevue's numbers confirm this. Over the past year, the trust has recorded losses of nearly 9 per cent. This compares with five-year gains of 73 per cent. 'Our job is to find companies that can deliver healthcare solutions, whether it is in disease prevention, diagnosis, treatment or recovery,' says Major. Among the trust's top 10 holdings is CareDx, a US company that provides at-home testing kits to people who have had a major organ transplant. 'The tests help reduce the risk of organ rejection,' says Major. 'They are able to identify any adverse impact on the replacement organ as a result of the drugs being used – and any weakening of the immune system that could trigger other conditions.' The investment trust has had a holding in CareDx on and off over the years, but reinvested in the company in September last year. Another big fund stake is in Axonics, a business that has developed a small electronic implant that helps people who suffer from involuntary leakage of the bladder or bowel. The implant sends out a current that stimulates nerves that control the bladder and bowel, stopping leakage. When someone wants to use the toilet, they deactivate the implant through a hand-held switch. Quarterly financial results for Axonics, released last week, showed a 50 per cent increase in company revenues, compared to the same period last year. The trust has a stock market identification code of BZCNLL9 and a ticker of BBH. Annual charges total 1.1 per cent. Given its specialist nature, it is a fund that should only form a small part of an investor's portfolio. One attractive feature is that it pays a regular dividend, equivalent to around 3.5 per cent per annum. The latest interim dividend of 3.235pence compares to last year's payment of 3.015pence and a share price of £1.74.
Posted at 07/8/2022 21:34 by rambutan2

Welcome to our July jocundity. The schools are out and the sun is shining. Thank goodness it’s holiday season, because nothing works: there aren’t enough staff at the airports (and it can take an age to renew your passport), ambulances and GP appointments vie with unicorns for rarity, there isn’t enough water for the garden and the price of everything rises literally before our eyes. At least the rolling blackouts haven’t yet started.

Where will it end? Worry not, for the Truss/Sunak brains trust will shortly carry us into the sunny uplands. Decades of chronic under-investment and poor planning will fall away in mere weeks and before you know it, we’ll be saved. If not, “no idea Keir” or whatshisface from the other lot whose name we cannot recall will suddenly have some policies. It’s all good; Thomas Hobson be damned.

For those desperate for good news, the stock market has recently began to offer some cheer. Perhaps we are finding a bottom. Sentiment certainly seems to have reached that point where few investors are expecting positive news. However, we continue to see opportunity and that is an exciting distraction from the chaos of everyday reality in basket-case UK.


Posted at 29/7/2022 12:55 by speedsgh
Bellevue backs dental stock to make investors smile again -
Posted at 02/3/2022 10:27 by speedsgh
Results analysis from Kepler Trust Intelligence - HTTPS://

The team behind BB Healthcare Trust (BBH) are bullish on the long term outlook and gearing up after big falls in share prices among healthcare stocks.

We spoke to the managers shortly before the trust released its final results for the year ended 30 November 2021, on Monday this week, and they described what they see as a 'fantastic relative opportunity' for investors in the sector after a punishing year.

The trust delivered NAV total returns of 10.3% over period, underperforming the MSCI World Healthcare Index total return (GBP) of 16.3%. Share price total returns over the period were slightly higher, at 11.4%.

The board has proposed a final dividend of 3.015p per ordinary share in respect of the financial year ended 30 November 2021 and, if approved at the forthcoming AGM, this will bring the total dividend for this year up to 6.03 - ahead of the previous year's. For the year ended 30 November 2022 the board is proposing a total dividend of 6.47p per ordinary share.

Kepler View

While BB Healthcare has clearly had a difficult and frustrating year, our view is that the trust has been hit by the indiscriminate sell-off in markets we have experienced - especially felt amongst mid and small cap stocks to which BBH is largely exposed.

When we met the managers last month they told us it was their view that "history will look back on this moment as a fantastic relative opportunity for long-term healthcare investors", and we note that the team - who have typically used gearing sparingly - have increased the level of gearing to c.10%, underlining their bullishness.

BBH offers a complimentary exposure to equity income investors, with an attractive level of dividend derived from capital, and an underlying exposure that is very different from typical income exposures to the healthcare sector…


Posted at 28/2/2022 12:07 by speedsgh
Final Results - HTTPS://

Excerpts from the Chairman's Statement, under header Performance:

Though the Company underperformed the Index over the last financial year, I hope that readers will agree that over a five-year period the Investment Manager has delivered attractive returns that compare very favourably to its peer group. The Investment Manager provides more analysis of performance elsewhere in this report; I would highlight that there were periods of the year that the Company was materially ahead of its benchmark.

Short-term variations should never change an investment process - and hence it is important to assure investors that 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.

Excerpts from the Chairman's Statement, under header Outlook:

Continuing on from previous reports, a big driver of market sentiment continues to be the pandemic and in that regard I make no predictions in my outlook. It is clear that this situation has thrown into stark relief that innovation is continuously needed in healthcare and perhaps the rate of that innovation is speeding up.

The pandemic has also led to a large backlog of need, thus as we 'normalise' it is likely that there will be a lot of 'pent-up demand'.

Your Board continues to believe that your Company is and will continue to be well placed to capitalise on investment opportunities in healthcare to achieve the stated investment objective...

Posted at 03/2/2022 11:13 by speedsgh
Excerpts from Jan 2022 factsheet. The whole factsheet is a worthwhile read...


What a month! January did not play out as we, or frankly anyone else, expected. This has been the second-worst month performance-wise for the MSCI World Healthcare Index since the inception of the Trust and indeed the fourth-worst month in the last 20 years.

Funereal flummery from various commentators falls short inadequately explaining the fissiparous factor behaviour visible in the market meltdown. In truth, we too are somewhat lost for a compelling explanation, but doing this job whilst maintaining sanity behoves one to accept that markets can be irrational for protracted periods. Indeed, it is what you choose to do during those difficult periods that defines you as an investor.

Thus, we are where we are. Where are we though? Nothing fundamental has changed in the last four weeks, or even four months. There are more people alive than before. They are older and they will get sick, with increasingly complex conditions – these are irrefutable truths. Whatever happens to their discretionary income, they will still consume healthcare products and services.

We firmly believe that history will look back on this moment as a fantastic relative opportunity for long-term healthcare investors and have acted accordingly...

... There are various and rather childish stock market aphorisms involving monkeys and picking bottoms, with the pithy observation that engaging in such an activity in public is unseemly and likely to cause embarrassment. This may well be true, but in the end it is part of a portfolio manager's job to do so and it is also true that embarrassment can often be quelled with sufficient pecuniary reward.

We cannot be confident that the mid-cap healthcare rout is close to its denouement, but we can objectively discern value when we see it, and that time is now. We enter February with a portfolio of undiminished quality and an unchanged investment strategy, but one that is re-weighted to take maximum advantage of any return to more typical market dynamics and enhanced with an increased level of gearing that reflects our conviction in the opportunity that lies before us.

We remain optimistic not because we are optimists, but because we are realists.

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