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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
  -0.60 -0.38% 157.40 999,742 16:29:35
Bid Price Offer Price High Price Low Price Open Price
157.80 158.40 158.60 157.00 158.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 4.27 1.02 0.07 2,248.6 913
Last Trade Time Trade Type Trade Size Trade Price Currency
17:51:08 O 13,400 157.40 GBX

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Date Time Title Posts
11/11/202207:20::: B B HEALTHCARE TRUST :::113
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Posted at 29/11/2022 08:20 by Bellevue Healthcare Daily Update
Bellevue Healthcare Trust Plc is listed in the Health Care Equipment & Services sector of the London Stock Exchange with ticker BBH. The last closing price for Bellevue Healthcare was 158p.
Bellevue Healthcare Trust Plc has a 4 week average price of 155.60p and a 12 week average price of 155.60p.
The 1 year high share price is 204p while the 1 year low share price is currently 132.40p.
There are currently 580,037,380 shares in issue and the average daily traded volume is 446,234 shares. The market capitalisation of Bellevue Healthcare Trust Plc is £912,978,836.12.
Posted at 07/10/2022 15:27 by jonwig
betman - nor am I! Usually, such redemptions are made at NAV rather than "dealing price".
Posted at 07/10/2022 13:13 by betman
The recent announcement on Voluntary redemption of shares (4/10/22). I am not entirely clear on what the difference is between voluntary redemption through this scheme and selling in the market. The redemption scheme is at an unknown price vs selling in the market at a fixed price. There seems to be a suggestion that redemption is subject to income tax ( on the profit )and market selling is subject to CGT
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
LOL:

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.

htTps://www.rns-pdf.londonstockexchange.com/rns/9940U_1-2022-8-4.pdf

Posted at 07/7/2022 21:02 by rambutan2
Also, interims to 31 May released:

https://uk.advfn.com/stock-market/london/bellevue-healthcare-BBH/share-news/Bellevue-Healthcare-Trust-PLC-Half-year-Report/88538423

Posted at 26/5/2022 05:51 by jonwig
dlp - the asset managers in their monthly factsheets believe the shares are seriously undervalued, and make a good case for that. It's not as though BBH are the only one in the sector suffering! See link in #92.
Posted at 25/5/2022 20:36 by dlp6666
I'm holding this as a diversified way to gain income in what seemed to be reasonable growth area.

Do other holders think BBH will come good, or is it time to ditch?

Thanks

Posted at 22/3/2022 20:39 by speedsgh
BB Healthcare ups gearing to tap into small stock weakness - HTTPS://citywire.com/investment-trust-insider/news/bb-healthcare-ups-gearing-to-tap-into-small-stock-weakness/a2381115

BB Healthcare (BBH) has changed its name but kept faith in smaller healthcare companies after the sector selloff by increasing its borrowing to take advantage of lowly valuations.

The £1bn closed-end fund, which has rebranded as Bellevue Healthcare Trust, suffered as the healthcare sector endured its longest selloff since 1994. It had been the darling of the pandemic, but small and medium-sized stocks suffered the worst of the recent downturn in sentiment.

Commenting on the investment trust’s recent annual results, fund managers Paul Major and Brett Darke were stoical about the damage the falls have done to their portfolio and said they planned to increase the gearing – or borrowing – in the fund to snap up stock bargains.

BBH reported a 10.3% total investment return for the year to 30 November, which lagged the 16.3% rise in the MSCI World Healthcare index, and the defensive sector fell further behind the MSCI World index, which advanced 23.3%.

This year has proved difficult. The shares are down 10%; the 12-month return, including dividends, has shrunk by 4.2% due to a ‘violent intra-sector rotation’ in response to high inflation; while rising interest rates, a tech selloff, and war between Russia and Ukraine have darkened the outlook for global economic growth.

Major and Darke said they were ‘somewhat lost for a compelling explanation’ as to why healthcare had shouldered such a heavy burden, although the trust’s five-year performance remains credible: a total shareholder return of 83% beats the MSCI World Healthcare return of 70%.

‘Nothing fundamental has changed in the last four weeks, or even four months,’ they said. ‘There are more people alive than before. They are older and they will get sick, with increasingly complex conditions – these are irrefutable truths.

Gearing, which stood at 4.9% of net asset value on 30 November, has doubled to 10%, according to data from Numis Securities.

‘If the last two years have taught us anything, it is that everything changes very quickly in such a febrile environment,’ the managers said.

Despite the year-to-date fall, the trust has avoided falling to a discount enabling it to issue £18.6m of shares, which combined with the £35.1m increase in borrowings has given them the cash to add to existing holdings and add three new companies ‘one each in tools, diagnostics, and medical technology subsectors’, though they did not disclose the names.

‘One of these is a repurchase of a company that we have owned before but exited on valuation grounds,’ they said.

In a post-results briefing this month, Major (above) said the healthcare sector was the best hedge against inflation, citing its strong performance against gold and the consumer prices index over the last 25 years, with the exception of the financial crash in 2008 when gold performed better.

Major, who also runs the WS Bellevue Healthcare open-ended fund with Darke, was optimistic about the sector that spends $10tn globally, buoyed by continuous and reliable demand, which will be boosted by ageing populations suffering from chronic pain.

‘While people talk about inflation and stagflation, the data is unarguable: the best hedge you’ve got against inflation is to buy the one thing that nobody wants to consume, but has no choice and will consume: healthcare,’ he said.

While the managers are anticipating a bounce-back in healthcare stocks, they said market corrections ‘can go on for much longer than one may realise’, citing the 2000 tech crash as a ‘classic example of prolonged suffering’.

‘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,’ they said.

Posted at 02/3/2022 10:27 by speedsgh
Results analysis from Kepler Trust Intelligence - HTTPS://www.investegate.co.uk/bb-healthcare-trust--bbh-/rns/results-analysis-from-kepler-trust-intelligence/202203020911533612D/

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…

HTTPS://www.trustintelligence.co.uk/investor/articles/news-investor-results-analysis-bb-healthcare-retail-mar-2022#

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