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BBH Bellevue Healthcare Trust Plc

1.40 (1.08%)
Last Updated: 12:01:39
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bellevue Healthcare Trust Plc LSE:BBH London Ordinary Share GB00BZCNLL95 RED ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.40 1.08% 131.60 453,549 12:01:39
Bid Price Offer Price High Price Low Price Open Price
131.40 132.80 133.00 128.20 128.20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -17.79M -41.42M -0.0759 -17.52 725.55M
Last Trade Time Trade Type Trade Size Trade Price Currency
12:03:25 O 28,000 132.00 GBX

Bellevue Healthcare (BBH) Latest News (1)

Bellevue Healthcare (BBH) Discussions and Chat

Bellevue Healthcare Forums and Chat

Date Time Title Posts
10/11/202313:45::: B B HEALTHCARE TRUST :::131
12/7/200615:01Biotech Holders: the last to Run?15

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Bellevue Healthcare (BBH) Most Recent Trades

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Posted at 04/12/2023 08:20 by Bellevue Healthcare Daily Update
Bellevue Healthcare Trust Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker BBH. The last closing price for Bellevue Healthcare was 130.20p.
Bellevue Healthcare currently has 545,527,523 shares in issue. The market capitalisation of Bellevue Healthcare is £725,551,606.
Bellevue Healthcare has a price to earnings ratio (PE ratio) of -17.52.
This morning BBH shares opened at 128.20p
Posted at 10/11/2023 13:45 by speedsgh
The latest factsheet contains an empassioned defence of BBH's strategy amid the continued underperformance of the trust. I have to say that I agree with the managers' analysis of the reasons for the underperformance... or is that just my confirmation bias? Time will tell but I suspect that in the goodness of time the current share price will be viewed as having been an excellent opportunity. I have acted accordingly. AIMHO
Posted at 02/11/2023 15:23 by speedsgh
Some interesting discussion on BBH and their looming annual voluntary redemption offer in the latest Money Makers podcast...

From 49m18s to 53m22s
Posted at 25/5/2023 17:28 by speedsgh
Is it time to buy healthcare? -

The Armenian oil magnate Calouste Gulbenkian was, when confronted with points others believed would hurt his business, fond of issuing a simple retort; “The dogs bark, the caravan moves on.”

It might be easy to dismiss this as flippancy, but given he survived close to 70 years in the oil industry and died the world’s wealthiest man, it’s probably fair to assume he had a good idea of what mattered and what didn’t.

Whether or not we’re quite as astute as Gulbenkian is up for debate, but his favourite retort does come to mind when looking at many listed healthcare companies today. Over the past 18 months, we’ve seen many firms in the sector see substantial drawdowns, albeit after a period of stronger performance that started following the onset of the pandemic.

Some investment trusts that invest in the healthcare industry have managed to weather this storm better than others. However, the average share price total returns for the AIC’s Biotechnology and Healthcare as a whole were negative for the 12 months to 26/04/2023.

Bellevue Healthcare’s (BBH) returns at that time were slightly down in NAV terms, with a fall of 1.7%. The trust’s shares fell further, with a 6.4% drawdown on a total return basis. As that suggests, the trust has seen its discount widen substantially as a result.

Having traded at a 6% premium in May of last year, something that enabled the trust to issue new equity, the trust’s shares are now sitting at a nearly 8% discount to NAV. This is among the lowest levels the trust’s shares have traded at relative to NAV since launch. It is also far below the five-year discount average of 0.2%.

It is easy to see how the events of the last 18 months have made investors feel uneasy. The war in Europe and the highest levels of inflation we’ve seen since the 1970s do not make for the most relaxing of backdrops in which to invest.

But on a macro level; it is hard to see what has changed for the healthcare sector. Reports in January that China’s population is declining for the first time in decades were another reminder that the world is getting older. Readers will know that this is not a new trend.

In 2017, the United Nations published a report noting that the global population of people over 60 had risen to 962m – up from 382m in 1980. The World Health Organisation believes this dynamic is likely to result in a substantial change in the world’s demographics over the next 25 years, with the proportion of people over 60 almost doubling from 12% in 2015 to 22% by 2050.

We can see the impact this is having on healthcare spending. For example, in the UK, total spending on healthcare rose from £78.9bn in 2000 to £222.7bn in 2019, or 5.6% on average annually. GDP rose from £1.62trn to £2.24trn, equivalent to 1.7% per year, over the same period.

More than 80% of that spending normally comes from the state, and a similar picture is evident across the world. As readers can likely infer, this has the potential to create a circular problem. More GDP growth is needed to fund rising healthcare costs. But the lack of spending in other parts of the economy, as well as higher taxes needed to fund those increasing healthcare costs, arguably crimp that growth.

This plays into one of the key themes we see in the BBH portfolio, namely that there are innovative companies attempting to address this problem by providing new solutions to existing healthcare problems.

It also partly explains the company’s recent performance, as these are the sorts of companies that have attracted more investor concern over the past 18 months. Partly that’s because of valuations, but it’s also due to fears that earlier stage firms won’t be able to raise money or make it to profitability.

There are a couple of points that should allay fears here. One is that BBH managers John Major and Brett Darke have repeatedly noted that, even if the discount rate used to value portfolio companies were to rise markedly, they would still think they were fairly valued.

Those are not just idle words, as they have been adding to the portfolio as well as to existing positions over the past 18 months. Both managers have also made substantial additions to their own holdings in BBH during that time.

And in the first quarter of this year, two companies in the portfolio raised money via equity issuance rather than debt. In both instances, the two issuances were oversubscribed, a sign that plenty of institutional investors still believe these companies offer the potential for long-term returns.

That doesn’t mean it’s going to be smooth sailing and that we won’t see further volatility in the near term. But the secular trends described above combined with the managers’ stock picking abilities make it plausible we’ll see returns smooth out over the long-term. Or, as Gulbenkian might have it, the dogs bark, the caravan moves on.

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Posted at 02/5/2023 13:40 by speedsgh
Trust Watch: Bellevue’s a bargain if you think markets are bonkers -

When markets stop obsessing about interest rates and inflation, trusts like Bellevue Healthcare are going to look extremely cheap...

...Bellevue waits for turnaround

Bellevue Healthcare (BBH), a concentrated, mid-cap focused portfolio run by Paul Major (above) and Brett Darke at Bellevue Asset Management, is recovering from a nasty 7% slide in NAV during last month’s fears of a new banking crisis. The shares are not recovering as quickly as the NAV with the result the discount has gapped out to more than double its one-year average at nearly 11%, giving the stock a lowly -2.1 Z-score.

In a video released via the London Stock Exchange’s regulatory news service, Major said he remained optimistic about prospects, particularly with developments in gene editing, which through companies such as top holding Sarepta Therapeutics could open a new era in medical treatment. In recent months, he said there had been few changes to the 28-stock portfolio, as the managers waited for markets to come to their senses, stop obsessing with macroeconomic issues and focus on company performance instead.

‘The valuation disconnect in the market has been very extreme and leads us to conclude that the exposure we have represents very compelling longer-term prospects. Therefore we’re sticking with our knitting and are very happy with what we’ve got,’ said Major.

Like the Baillie Gifford funds, the past 18 months have been tough for BBH which has seen its three-year returns dwindle to 12.6%. The 62.5% gain over five years looks better but trails its benchmark, the MSCI World Healthcare index, by 18%. There could be quite a turnaround once sentiment improves in the way Major suggests.
Posted at 24/4/2023 09:49 by speedsgh
Bellevue Healthcare Trust portfolio update -

Investment Manager, Paul Major explains that the stark valuation disconnect in markets has reaffirmed the managers' belief that the holdings are compelling, and that the trust remains well placed to benefit from a normalisation in markets. Paul highlights a core holding, Sarepta Therapeutics, as a company at the forefront of gene therapy making headway in the healthcare space.
Posted at 06/3/2023 11:55 by speedsgh
Final Results -

From Chairman's Statement...


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."



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.
Posted at 21/12/2022 15:45 by speedsgh
5.99p target full year dividend for FY23...

Target total dividend -

... For the financial year ending 30 November 2023, the target total dividend will be 5.99p per ordinary share, this being 3.5 per cent of the unaudited net asset value per ordinary share of 171.16p per ordinary share (including current financial year revenue items) as at 30 November 2022. The Board intends to declare an interim dividend of 2.995p per ordinary share, being half of the target total dividend for the financial year ending 30 November 2023, in July 2023 and intends to pay this dividend in August / September 2023. The Board intends to propose a final dividend of 2.995p per ordinary share for the financial year ending 30 November 2023, in February / March 2024 and intends to pay this dividend in March / April 2024.

The Company pays dividends from a combination of available net income during the financial year and other distributable reserves. It is currently anticipated that most of the target dividend for the financial year ending 30 November 2023 will be financed from other distributable reserves of the Company. This announcement of a target dividend for the financial year ending 30 November 2023 should not be taken to imply a profit forecast by the Company.
Posted at 10/12/2022 17:27 by jonwig
Review of BBH and sector:
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 02/3/2022 10:27 by speedsgh
Results analysis from Kepler Trust Intelligence -

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…
Bellevue Healthcare share price data is direct from the London Stock Exchange

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