Overview
CT Healthcare Trust (formerly Bellevue Healthcare Trust : BBH, and before that BB Healthcare) aims to provide an absolute return by investing in an actively managed portfolio of equities and derivatives with exposure to the global healthcare market.
CT Healthcare Trust’s investment strategy is based on Columbia Threadneedle’s Seligman Healthcare Strategy. It seeks to capture opportunities arising from healthcare innovation and broad sector trends, while also identifying companies that may face structural or clinical challenges.
The strategy has an emphasis on biotechnology and pharmaceutical companies but will invest across the range of healthcare companies covering all sub-sectors and geographical regions. The managers believe that healthcare is one of the best sectors for delivering returns above sector indices (also known as alpha). The portfolio combines “long” positions, benefitting from investment in companies the manager expects to rise in value, with “short” positions in companies it believes face structural or clinical challenges.
You can access the fund’s website here
Fundamentals
Price
Research History
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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10 Aug 2020 4 min read
QuotedData’s Economic Roundup – August 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Mar 2020 6 min read
QuotedData’s Economic Roundup – March 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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06 Dec 2019 6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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11 Sep 2019 3 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
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07 Aug 2019 5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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05 Apr 2019 4 min read
QuotedData’s economic roundup – April 2019
Kindly sponsored by Polar Capital Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy […]
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22 Mar 2019 2 min read
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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1 min read
QuotedData’s investment companies roundup – March 2019
QuotedData’s investment companies roundup – March 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2019. Kindly sponsored by Baillie Gifford. JPMorgan Chinese, Fidelity China and Pacific Horizon benefited from a booming Chinese market in […]
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22 Feb 2019 1 min read
QuotedData’s investment companies roundup – February 2019
QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford. December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was […]
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18 Jan 2019 1 min read
QuotedData’s investment companies roundup – January 2019
QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
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13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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1 min read
QuotedData’s Economic round up – August 2018
QuotedData’s Economic round up – August 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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2 min read
QuotedData’s economic round up – August 2017
QuotedData’s economic round up – August 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
News
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03 Sep 2026 3 min read
Morning briefing: CT Healthcare’s second tender offer undersubscribed; Seraphim flags LandSpace rocket success; HgCapital’s Nick Latner joins Literacy Capital; Schroder Income appoints David Ballance; LondonMetric bids for pension assets; industrials buoy Custodian
CT Healthcare (CTHT), the former Bellevue Healthcare trust, saw reduced uptake for its second quarterly 15% tender offer since Columbia Threadneedle’s Kosta Kleyman began running the portfolio on 5 March. The £62.5m company, the smallest in its sector, said 8.4% of its shares were put up for sale last month and will be bought back […]
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18 Aug 2026 1 min read
CT Healthcare: “broad rally will not continue” into second half
CT Healthcare (CTHT) fund manager Kosta Kleyman has sounded a cautious note on prospects as ‘restrictive’ interest rates and sticky inflation threaten to weigh on the sector’s recovery. In the £69m investment trust’s first interims since Columbia Threadneedle replaced Bellevue Asset Management in March, chair Sarah MacAulay said Kleyman believed healthcare sector share prices were […]
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18 May 2026 3 min read
Morning briefing: BlackRock Smaller looks to do better after frustrating year; Nick Train relieved by LSEG coming off UBS “AI losers” list; Manulife managers start on Geiger Counter; CT Healthcare’s first tender offer; GROW sells £63m more Revolut
BlackRock Smaller Companies (BRSC) chair Ronald Gould says the investment trust is looking forward to delivering “better shareholder value”, improved returns and lower costs after last month’s merger with BlackRock Throgmorton lifted its assets by £303m to £886m. However, annual results to the 28 February showed the portfolio underperformed with an 11.2% underlying investment return […]
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25 Mar 2026 1 min read
Morning briefing: Chrysalis receives 98% vote for three-year wind-down; CT Healthcare relaunch; plus MIG1
Chrysalis (CHRY) received 98% of shareholder votes at Wednesday’s EGM for the three-year wind-down proposed by the board. Chair Andrew Haining said: “The board will now implement an orderly realisation of the company’s assets, in a manner consistent with maximising the portfolio value over a three-year period.” BB Healthcare has changed its name and ticker […]
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10 Mar 2026 2 min read
Morning briefing: FTSE rallies 1.6% after oil price drops; Chrysalis repays £33m of Barclays loan; Columbia pumps £18.7m into Bellevue Healthcare; Baker Steel jumps 14.5%; plus SHRS-AEI, IBT, BGS
Asian and European markets have rallied with the FTSE 100 rising 1.6%, or 165 points, to 10,415 after a swift reversal in yesterday’s oil price spike. From an intra-day high of $115 a barrel on Monday, Brent crude has dropped back to $92 in response to US president Donald Trump saying the war in Iran […]
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05 Mar 2026 1 min read
Morning briefing: Bellevue Healthcare shareholders sell £41.5m in pre-Columbia exit; Schroder European REIT sues Dutch tenant for rent
Bellevue Healthcare (BBH) will be left with around £60.5m as it transfers to Columbia Threadneedle after shareholders sold 40.9%, or just over 29.9m shares, in the 100% tender offer announced last month. At its peak in 2021 under former fund manager Bellevue Asset Management, BBH had £1bn of assets. Ameriprise Financial, the parent company of Columbia […]
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13 Feb 2026 3 min read
How healthy is your portfolio?
Over six months have passed since Cherry Reynard wrote about the biotech and healthcare sector for us in this article – The biotech bust: a case study in hype, hubris but now hope. The period since then has been an eventful one. The table below, which uses data as at the close of play on […]
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12 Feb 2026 2 min read
Bellevue Healthcare offers 100% exit but warns Columbia Threadneedle will withdraw if assets fall below £55m
Bellevue Healthcare (BBH) will hold a general meeting on 4 March for shareholders to approve the investment policy of its proposed new fund manager, Columbia Threadneedle, but the deal could fall apart if the investment trust shrinks too much in a 100% tender offer. In an example of good corporate governance, BBH is offering shareholders […]
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06 Jan 2026 2 min read
Morning briefing: Underperforming BlackRock Latin American triggers 25% tender; goodbye PRS REIT; shrinking Bellevue’s buybacks continue; Patria Private Equity up 2.1% in November
BlackRock Latin American (BRLA) is to hold a 25% tender offer after failing to hit the performance target set by its board over four years ago despite a rebound in 2025. The £118m investment trust, whose portfolio is managed by Sam Vecht and Gordon Fraser, said its US dollar investment returns had lagged the MSCI […]
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18 Dec 2025 1 min read
Morning briefing: RTW Biotech launches Yarrow Bioscience; Nippon Active sells its biggest holding; shrinking Bellevue Healthcare ploughs on with buybacks; plus AEET
RTW Biotech Opportunities (RTW) has invested $5.9m in the series A financing of Yarrow Bioscience, a new clinical-stage company it helped found to develop transformative therapies for autoimmune thyroid diseases. This week Yarrow and fund manager RTW Investments announced a global ex-China licence agreement for Yarrow’s main treatment with Shanghai Scizeng Medical Technology, a subsidiary of Changchun GeneScience […]
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08 Dec 2025 5 min read
Trust Spot: After November’s fireworks, Schiehallion and Aurora UK Alpha might deserve a second look
November, a month of fireworks, saw explosive gains from several investment companies but other London-listed funds fizzled out with big falls. Amid all the noise, there were several significant moves in share price ratings. Best performing investment companies November’s biggest share price risers (left) and biggest gainers in net asset value (right). Fund Share price […]
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30 Oct 2025 3 min read
Bellevue Healthcare proposes “outstanding“ Columbia Threadneedle as its new fund manager
Bellevue Healthcare (BBH) is seeking shareholder approval to replace its fund manager Bellevue Asset Management with Columbia Threadneedle, rename itself CT Healthcare Trust and drop the zero discount policy that has contributed to the investment trust’s decline in the past three years. Concluding a three-month strategic review prompted by the trust’s poor performance and shrinking […]
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17 Oct 2025 2 min read
Morning briefing: Bellevue Healthcare seeks renewal of buyback authority to keep zero discount policy on track; plus API, ESO
Bellevue Healthcare Trust (BBH) has published a circular and notice of general meeting to seek shareholder approval for renewed authority to repurchase its own shares in support of its zero discount policy. The policy, introduced in April 2025, aims to ensure the trust’s share price trades close to net asset value (NAV) in normal market […]
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27 Aug 2025 2 min read
Morning briefing: Foresight funds sell Scottish battery project: plus RSE, PHP-AGR, BBH, CRS, HLCL, SCF, MRCH
Our morning roundup includes Foresight Solar and Foresight Environmental Infrastructure selling a jointly-owned battery storage construction site in Perthshire in line with the recent valuation; Riverstone Energy releases first half results following shareholders’ vote to place it in a managed wind-down; and Primary Health Properties says its unconditional bid for Assura has received 92% acceptances […]
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07 Aug 2025 2 min read
Bellevue Healthcare launches strategic review after losses mount in tariff turmoil
Board puts £164m mid-cap healthcare fund in play as a possible merger candidate after a difficult half-year adds to its performance woes. Bellevue Healthcare Trust (BBH) has announced a strategic review of its future options after posting another half-year of underperformance. In the six months to 31 May, net asset value (NAV) of the mid-cap […]
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16 Jul 2025 2 min read
QuotedData’s morning briefing 16 July: APAX, MHN, BBH, AGR, ALW, SERE, WHR, ESCT, FTF, MIG1-4, MRC & SUPR
Menhaden Resource Efficiency updates on its liquidation and return of capital, Bellevue Healthcare wins support for its zero discount policy and Vicky Hastings resigns from the board of Alliance Witan. Plus a string of holding changes in companies including European Smaller and Fidelity Japan.
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14 Jul 2025 3 min read
Deutsche Numis: Where activist Saba is winning after taking less “brash” approach in £1.3bn trusts campaign
A more conventional “behind the scenes” engagement with investment company boards is reaping results for the activist hedge fund after its high-profile defeats in January, says Deutsche Numis. Analysis by Deutsche Numis shows Saba Capital is having more success in extricating itself from investment trust targets than last week’s disclosure of a position just over […]
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27 Jun 2025 2 min read
QuotedData’s morning briefing 27 June 2025 – ESCT, BBH, LABS, SOHO
In QuotedData’s morning briefing 27 June 2025 We also have: Stories you may have missed from yesterday:
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20 Jun 2025 4 min read
The biotech bust: a case study in hype, hubris but now hope
The rout in the healthcare sector shows no sign of abating. Even during the recent market weakness, investors haven’t appreciated its defensive qualities, but have instead focused on the potential disruption to US healthcare from an unpredictable new administration. However, contrarian investors may spot opportunities in the gloom. The MSCI World Healthcare index is down […]
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16 Jun 2025 3 min read
QuotedData’s morning briefing 16 June 2025 – ESO, CLDN, BBH, SSIT, ORIT, AGR, TFG
In QuotedData’s morning briefing 16 June 2025, EPE Special Opportunities intends to extend the maturity date of its 8% loan notes by a year, a director of Caledonia has received and sold shares back to its employee share trust, Bellevue Healthcare has been granted permission to repurchase shares, Seraphim Space will be taking part in […]
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24 Apr 2025 2 min read
Bellevue Healthcare Trust adopts zero discount policy
Bellevue Healthcare Trust (BBH) has announced the adoption of a new zero discount policy, aiming to ensure that its shares trade consistently at or around net asset value (NAV) under normal market conditions. Under the new framework, the company will buy back shares if they trade at a discount to NAV and may issue new […]
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17 Mar 2025 3 min read
Bellevue Healthcare’s board focused on improving performance
Bellevue Healthcare (BBH) has published its annual results for the year ended 30 November 2024, during which it provided NAV and share price total returns of 11.1% and 13.7%, which compare against a return of 11.5% for the MSCI World Healthcare Index (all in sterling terms). BBH’s chair, Randeep Grewal, says that while it is […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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02 Dec 2024 4 min read
Bellevue Healthcare to replace annual redemption with performance related tender
Bellevue Healthcare (BBH) says that, following the redemption requests in relation to its annual redemption facility that saw some 36% of shareholders request redemption, its board has been consulting with shareholders about the annual redemption facility and now believes that the future viability of BBH will be stronger if the annual redemption facility is replaced […]
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29 Nov 2024 1 min read
QuotedData’s morning briefing 29 November 2024 – BBH
In QuotedData’s morning briefing 29 November 2024: Bellevue Healthcare (BBH) has announced the redemption price for its annual redemption opportunity at 154.76p per share. This was calculated as the aggregate cash received by BBH from the realisation of the redemption pool, after deducting the costs of the redemption, and a pro-rata share of the costs […]
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15 Oct 2024 1 min read
QuotedData’s morning briefing 15 October 2024 – BBH
In QuotedData’s morning briefing 15 October 2024: Bellevue Healthcare (BBH) says that redemption requests were received for the 22 November 2024 redemption point for 163,834,887 shares, representing 36.34% of the company’s issued share capital. Given the size of the proposed redemption, the board is proposing to create a redemption pool (carving off a slice of […]
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04 Mar 2024 2 min read
Bellevue Healthcare Trust has another year of underperformance
Bellevue Healthcare Trust (BBH) released its annual report for the 12 months ending 30 November 2023. Over the period BBH reported a negative NAV total return of -12.7%, and a negative share price total return of -12.7%. This compares to the -7.1% negative return of its benchmark, the MSCI World Healthcare Index total return. This […]
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20 Jul 2023 2 min read
QuotedData’s morning briefing 20 July 2023
In QuotedData’s morning briefing 20 July 2023: Bellevue Healthcare (BBH) is operating an annual redemption facility as usual this year. However, to be eligible to take part in November/December, you must be holding shares at 2 September 2023. This is to give the company the chance to get the paperwork done for what it fears […]
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06 Mar 2023 2 min read
BBH’s focus on growth and innovation has hurt its results
Bellevue Healthcare Trust (BBH) has released its annual results for the 12 month period ending 30 November 2022. BBH reported a NAV total return of -4.1%, and share price total return of -11.9%. This compares to the 14.1% return of its benchmark, the MSCI World Healthcare Index. BBH’s underperformance is largely the result of its […]
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3 min read
QuotedData’s morning briefing 6 March 2023
In QuotedData’s morning briefing for 6 March 2023: Life Settlement Assets (LSAA) has announced that it has received federal approval for the sale of the portfolio of life policies to Acheron Portfolio Trust. The portfolio was sold for a gross consideration of $24m, with transaction costs estimated to be $5m. Castelnau Group Limited (CGL) has […]
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02 Mar 2022 1 min read
QuotedData’s morning briefing 2 March 2022
In QuotedData’s morning briefing 2 March 2022: Apax Global Alpha (APAX) has posted its full-year results for the 12 months to 31 December 2021. During the period, its NAV return was 28.7% while a dividend of 12.33p per share was declared for the full year 2021, in line with the stated dividend policy of distributing […]
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28 Feb 2022 4 min read
BB Healthcare managers reflect on the two key debates in the healthcare space
BB Healthcare managers reflect on the two key debates in the healthcare space – BB Healthcare (BBH) has published its final results for the year to 30 November 2021. During the period under review, its share price total return was 22.5% while its NAV total return was 24.6%, compared with a 10.3% return from its […]
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20 Dec 2021 3 min read
QuotedData’s morning briefing 20 December 2021
In QuotedData’s morning briefing 20 December 2021: Tufton Oceanic Assets Limited (SHIP) has agreed to divest the Containership Swordfish for $19m. The realised net IRR will be 27% and realised net MOIC will be 2.4x. Swordfish was acquired in January 2018 for $10.25m as one of the company’s first two investments together with the Containership […]
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01 Dec 2021 3 min read
QuotedData’s morning briefing 1 December 2021
In QuotedData’s morning briefing 1 December 2021: Following the announcement on 3 November from BB Healthcare (BBH) that valid redemption requests in respect of 514,135 Ordinary Shares were received for the 30 November 2021 Redemption Point, the shares have been matched with buyers and sold at a calculated Redemption Price of 187.20 pence per share. It is […]
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19 Jul 2021 2 min read
QuotedData’s morning briefing 19 July 2021
In QuotedData’s morning briefing 19 July 2021: BB Healthcare (BBH) has published its half-year results for the six months to 31 May. Its share price total return was 8.3% while its NAV return was 7.1%, both ahead of the MSCI World Healthcare Index which was up 3.9%. BBH’s shares traded, on average, at a 1.2% premium […]
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05 Jul 2021 2 min read
QuotedData’s morning briefing 5 July 2021
In QuotedData’s morning briefing 5 July 2021 – Fair Oaks Income (FAIR) announced that FOIF II LP (Master Fund II) has made two investments in the majority equity of new US CLOs. These investments reinvest the sale proceeds of CLO mezzanine debt which were acquired opportunistically in the spring of 2020. Both new CLOs include ESG-related […]
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04 Jun 2021 3 min read
QD view – on drugs
QD view – on drugs… and other aspects of healthcare. Rate worries hitting growth stocks After delivering impressive returns last year, the tech and biotech sectors have stumbled a bit recently. It seems unfair that trusts such as Polar Capital Technology and Allianz Technology are now trading on discounts. However, some investors are worried about […]
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01 Mar 2021 3 min read
Annual results from BB Healthcare
BB Healthcare (BBH) reported annual results to 30 November 2020. The share price total return was 22.5%, the NAV total return was 24.6%, and the MSCI World Healthcare index returned 10.3%. Geographically, BBH’s investments remain centred on the US market. BBH’s managers, Paul Major and Brett Darke, noted that healthcare very modestly underperformed the wider market over the financial […]
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26 Jan 2021 2 min read
QuotedData’s morning briefing 26 January 2021
In QuotedData’s morning briefing 26 January 2021: Apax Global Alpha is investing €20m (indirectly, through its investment in Apax X Fund) in PIB Group, a leading independent specialist insurance intermediary launched in 2015. PIB is a highly diversified insurance distribution consolidator focusing on specialist commercial lines and non-standard personal lines products with deep expertise across both direct […]
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23 Sep 2020 1 min read
QuotedData’s morning briefing 23 September 2020
In QuotedData’s morning briefing 23 September 2020 – Hg, the Manager of HgCapital Trust (HGT) announced the sale of A-Plan Group, one of the UK’s largest specialist insurance intermediaries, to Howden. The deal is subject to regulatory approval. This transaction values HGT’s current investment in APG at £21.5m. This would represent an uplift of £3.2m (18%) over […]
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01 Apr 2020 1 min read
BB Healthcare announces changes to its AIFM agreement, no change to strategy or lead managers
BB Healthcare (BBH) announced the appointment of Bellevue Asset Management (Bellevue UK) as its new manager, in a move that had been put forward in BBH’s IPO prospectus dated 5 November 2016. Bellevue had been hitherto delegated management of the trust by Mirabella Fund Services (Mirabella). it was intended that Bellevue would eventually take over management of BBH’s portfolio, […]
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23 Mar 2020 7 min read
Comprehensive Covid-19 update from BB Healthcare
BB Healthcare (BBH) has been actively growing over the past year, with issued shares increasing by 36% over the financial year to 30 November 2019. We covered its annual results last month, which you can access by clicking here. The environment has obviously changed beyond recognition since we last wrote on BBH, with Covid-19 developing […]
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19 Mar 2020 2 min read
QuotedData’s other news 19 March 2020
In QuotedData’s other news 19 March 2020 – Alcentra European Floating Rate Income (AEFS) said its top performing credits for in February were names that had been weaker in prior periods but saw improved outlook and traded higher in the period. The top credit, a pharmaceutical company, traded +4.6% higher after the company was refinanced and […]
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21 Feb 2020 1 min read
BB Healthcare expanding rapidly
BB Healthcare expanding rapidly – BB Healthcare has announced results for the year ended 30 November 2019. Over that period, the trust lagged its benchmark, returning 6.6% in NAV terms and 6.9% in share price terms against 8.6% for the MSCI World Healthcare Index. However, the board is focusing on the trust’s three year numbers – […]
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17 Jul 2019 1 min read
BB Healthcare announces first half results and new chairman
BB Healthcare announces first half results and new chairman – BB Healthcare (BBH)’s chairman, professor Justin Stebbing, has stepped down from his role due to his other commitments, it has been announced. He will remain at the company in the capacity of non-executive director and will be succeeded as chairman by Randeep Grewal (currently a […]
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26 Mar 2019 2 min read
Dr Daniel Koller to step back from BB Healthcare
Bellevue fund manager Dr Daniel Koller to step back from BB Healthcare – Dr Daniel Koller, head of investments at Switzerland-based healthcare specialist, Bellevue, is to scale back his involvement with BB Healthcare Trust (BBH) and focus on the core Zurich-based BB Biotech AG (BION) company. Dr Koller’s Step back from BB Healthcare is a planned […]
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21 Mar 2019 1 min read
Biogen Alzheimer’s failure drags down Biotech Growth
Biogen Alzheimer’s failure drags down Biotech Growth – Biogen, a key holding in Biotech Growth Trust and a component of most other biotech and healthcare portfolios, has lost a third of its value after trials of an Alzheimer’s drug failed to show any benefit. Biogen and its partner, Japanese drugmaker Eisai, said they would stop […]
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15 Feb 2019 4 min read
BB Healthcare has “another successful year”
BB Healthcare Trust has announced its annual results for the year ended 30 November 2018. During what the trust’s chairman, Professor Justin Stebbing, describes as “another successful year”, the trust provided Nav and share price total returns of 24.0% and 21.6% respectively. These returns are ahead of the MSCI World Healthcare Index, which it says […]
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29 Nov 2018 1 min read
BB Healthcare announces result of issue
BB Healthcare announces result of issue- BB Healthcare Trust plc (BBH) announced today that they have successfully raised gross proceeds of approximately £46.3 million from an initial placing, offer for subscription and intermediaries offer of ordinary shares. The net proceeds of the initial issue are approximately £45.4 million. They raised the money through the issue […]
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03 Aug 2018 1 min read
Tekla Healthcare top specialist fund performer in July
Tekla Healthcare top specialist fund performer in July Tekla Healthcare Opportunities, a US closed end fund that invests largely in US large cap pharma and biotech, saw the best investment performance of the 14 specialist biotech specialist investors monitored by Marten & Co, in terms of its sterling-adjusted NAV performance for the month of July. Switzerland’s BB […]
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20 Jun 2018 2 min read
WPCT still at bottom of bio specialist trust league in May
WPCT still at bottom of bio specialist trust league in May Neil Woodford’s eponymous Patient Capital Trust (WPCT) has once again ranked at the bottom of the performance league table of biotech/healthcare specialist investment trusts maintained by Marten & Co in the month of May, both in terms of price and NAV total return. This is […]
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10 May 2018 2 min read
Prothena drags WPCT to bottom of performance league table in April
Prothena drags WPCT to bottom of performance league table in April The fall in the value of its large investment in Prothena on negative results from two late-stage trials last month had a predictable effect on Woodford Patient Capital (WPCT)’s performance among the biotech-specialist closed end funds this year, although its relative underperformance extends over […]
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02 May 2018 1 min read
BBH and IBT set to reap rewards on Shire stakes
BBH and IBT set to reap rewards on Shire stake London-listed BB Healthcare (BBH) and International Biotech Trust (BIOG) are likely to be the main investment trust beneficiaries of the proposed takeover of Shire Pharmaceuticals by Japan’s Takeda, which was agreed – subject to a number of conditions – last week. Shire’s board agreed to recommend […]
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03 Apr 2018 2 min read
Trust favourite Alnylam sees shares tank on competitor success
Trust favourite Alnylam sees shares tank on competitor success US RNAi therapeutic specialist Alnylam Pharmaceuticals (Nasdaq:ALNY) has seen its shares fall by 22% over the long Easter weekend, principally on news of a surprise positive clinical trial result for a potential competitor to its lead product patisiran, which has been developed initially for hereditary transthyretin-mediated amyloidosis […]
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09 Mar 2018 2 min read
BB Biotech remains a top performer in Feb
BB Biotech remains a top performer in Feb Switzerland’s BB Biotech (BBB.S) recorded a 2% fall in its NAV in February, but achieved a robust 7.8% rise in its portfolio value in the two month year-to-date (YTD) period, on the back of the strong rise in January. BB Biotech enjoyed the second best investment performance in […]
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02 Mar 2018 2 min read
Swiss trusts top performers among bio sector specialists in Feb
Swiss trusts top performers among bio sector specialists in Feb – Switzerland’s HBM Healthcare Investments (HBMN.S) and BB Biotech (BBB.S) were the best performing biotech/pharma specialist investment trusts in February and indeed were the only ones of the 13 monitored by Marten & Co to have recorded any increase in NAV (in sterling terms) in the month. However, […]
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14 Feb 2018 3 min read
BBH’s first annual report delivers positive news
BBH’s first annual report delivers positive news- BBH has announced results for the year ended 30 November 2017, over the period the total return was 19.3%, an outperformance of 4.9% versus the benchmark (the MSCI World Healthcare Total Return Index in GBP). The total return for shareholders was 20.5%. Total dividends for the year were 3.5p. For the […]
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09 Feb 2018 2 min read
Swiss biotech trusts resilient after recent sell-off
Swiss biotech trusts resilient after recent sell-off – Swiss-listed biotech investment trusts, HBM Healthcare Investments (HBMN.S) and BB Biotech (BBB.S), have fared by far the best among all the sector specialist closed-end collective vehicles in the wake of the global market sell-off in recent days. All 13 trusts in the group monitored by Marten & Co have seen a fall […]
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02 Feb 2018 2 min read
BB Biotech tops biotech trust league in January
BB Biotech tops biotech trust league in January Swiss-listed BB Biotech (BBB), managed by Bellevue Asset Management, was the best performing biotech-specialist investment trust in January, achieving a 4.8% rise in sterling-denominated NAV total return. Furthermore, with a tightening of its discount to NAV, BB biotech saw a 10.4% rise in its sterling-translated share price over […]
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03 Jan 2018 2 min read
Biotech bellwether Celgene to report key update next week
Biotech bellwether Celgene to report key update next week Investors in the main sector specialist investment trusts should watch for an important update from Celgene early next week at the annual JP Morgan Healthcare Conference, the largest and most important investor event in the sector. The US biotech group is expected to “pre-announce” Q4 sales […]
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11 Dec 2017 1 min read
Gilead reassures with CAR-T therapy durability data
Gilead reassures with CAR-T therapy durability data – Leading US biotech and investment company favourite Gilead Sciences has reassured investors with an important clinical trial update for its high profile cancer therapy Yescarta, which was obtained via the $12bn purchase of Kite Pharmaceuticals earlier this year. Longer follow-up data from 108 advanced lymphoma patients treated with Yescarta […]
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08 Dec 2017 1 min read
Gilead acquires Cell Design Labs to bolster CAR-T presence
Gilead acquires Cell Design Labs to bolster CAR-T presence Leading US biotech Gilead Sciences is to acquire privately-held Cell Design Labs in a structured buy out valued at to $567m, including the 12.2% shareholding it already holds as a result of its $12bn acquisition of Kite Pharmaceuticals earlier this year. The Kite deal propelled Gilead […]
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14 Jul 2016 2 min read
Lazard World Trust gets mixed results from China
Lazard World Trust Fund reports that, for the year ended March 31st 2016, the fund’s Net Asset Value per share at the year-end was US$ 4.17 representing a total return of minus 8.04% since the prior year end. The fund’s benchmark, the MSCI All Country World Index, declined 4.3% over the same period while the fund’s reference […]
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18 Feb 2016 2 min read
Disappointing period for Sanditon
Sanditon Investment Trust says the second half of 2015 was a disappointing period for the fund with the net asset value closing at 99.3p which, after including the 0.45p maiden dividend paid to shareholders in December, amounted to a loss of 3.25% over the period. The share price closed the year at 107.4p, up 0.8% […]
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28 Jan 2016 2 min read
F&C Managed Portfolio beats UK market
F&C Managed Portfolio Trust has published interim results for the six months ended 30 November 2015, announcing a net asset value total return of -5.1% for the Income shares and -2.4% for the Growth shares compared to the FTSE All-Share Index return of -6.4%. The key drivers of the performance of the Growth Portfolio were […]
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23 Sep 2015 2 min read
Cayenne Trust CULS conversion facilitates a speedier return of capital
The Cayenne Trust has released its interim results for the six-months ended 31 July 2015 during which its NAV per share increased by 1.6% (4.2% on a fully diluted basis). In comparison, the FTSE All Share Equity Investment Instruments Index increased by 3.39% during the period. A dividend of 3.8p was paid on 21st August. […]
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24 Apr 2015 1 min read
Cayenne Trust says considering proposals for future of the company
The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]
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26 Nov 2014 1 min read
Mixed results for World Trust Fund
WTR : Mixed results for World Trust Fund World Trust Fund reports that over the six months ended 30 September 2014 its fully diluted net asset value in US dollar terms fell 0.2%, lagging the MSCI All Country World Index which rose 2.6%, though ahead of the MSCI All Country World ex-US Index which fell 0.5%. […]
Videos
In The Press
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28 Jul 2026 1 min read
David Batchelor comments on PCGH in Investors’ Chronicle
David Batchelor comments on the healthcare sector and PCGH in Val Cipriani’s article: “Its combination of a broad mandate, flexible asset allocation and strong record of stock selection makes it my preferred option of the three.” Read the article here
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30 Oct 2025 1 min read
Bellevue Healthcare trust eyes switching investment manager following strategic review
Cristian Angeloni, Investment Week, 30 October 2025: The board of Bellevue Healthcare trust (BBH) has decided to switch investment manager following a strategic review on the future of the vehicle. Shareholders will be asked to vote on the decision, which will see current manager Bellevue Asset Management replaced by Columbia Threadneedle Investments. The BBH board […]
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29 May 2025 2 min read
How to analyse investment trust discounts
James Crux, Shares Magazine, Thursday 29 May 2025: Discounts to the value of assets held, and more rarely premiums, are par for the course when it comes to investment trusts. These are best understood as the gap between the share price and the net asset value (NAV). For example, a trust with 100p of assets […]
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13 Dec 2024 1 min read
Healthcare trust u-turns on ‘disappointing’ exit plan
by Val Cipriani, Investors Chronicle, December 13, 2024: A biotech bounce-back has pushed up share prices in the sector, but the UK trust options have barely captured those gains. Even the better performers are up 11-12 per cent this year, while their top holdings have recorded 30-100 per cent share price gains. The most precarious […]
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26 Nov 2024 1 min read
Investment trust insider on Trump and healthcare
Investment trust insider on Trump and healthcare – James Carthew: If Trump avoids healthcare pain, now’s a good time to buy Donald Trump’s provocative healthcare appointments have caused uncertainty for drugs developers but the outlook remains positive once the political noise abates. Two weeks ago, I wrote about the potential positive impact of the new […]
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21 Oct 2024 1 min read
Investment trust insider on annual redemption opportunities
Investment trust insider on annual redemption opportunities – James Carthew: Annual redemptions bring more problems than solutions Yearly redemption opportunities turn trusts into cash cows and don’t even keep discounts narrow, as Bellevue Healthcare has learnt. This week’s focus is on annual redemption opportunities. I made it clear earlier this month, when discussing the demise […]
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14 May 2024 2 min read
Healthcare funds roar back to life
by Dave Baxter, Investors Chronicle, May 14, 2024: Areas like biotech can be racy at the best of times and especially vulnerable to shifting investor whims. That much has become evident in recent years: the average investment trust in the AIC’s Biotechnology and Healthcare sector made a whopping 21 per cent share price total return […]
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20 Nov 2023 1 min read
Investment trust insider on RTW Biotech
Investment trust insider on RTW Biotech – James Carthew: RTW Biotech will succeed with or without Arix I was singing the praises of capital markets days last week. Last Tuesday, I managed to get along to one held by RTW Biotech Opportunities (RTW). The day was planned some time ago, but the timing was great […]
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20 Apr 2022 1 min read
Defensives doing well
Jennifer Hill, AIC Compass, 8 April 2022: Jennifer Hill analyses the sectors delivering robust returns. Russia’s invasion of Ukraine feels symbolic, not only of a marked change in the geopolitical landscape but also of a potential regime change in investing. With oil, gas, wheat and many metals soaring in price, already-stubborn inflation is likely to […]
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21 Jan 2022 1 min read
The investment trust themes to watch out for in 2022
30th December 2021 by Faith Glasgow from interactive investor At the end of 2020, we looked ahead into the coming year and tried to pick out some key trends likely to shape the investment trust industry in 2021. It was a difficult, locked-down time, but our experts accurately identified several important themes. Most significant was […]
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30 Jun 2020 1 min read
Global income in a lost decade for UK dividends
Global income in a lost decade for UK dividends by Jennifer Hill Investment Trust Insider ezine, issue 54, June 2020 Bear markets for dividends are a rarity. There have only been six in the past 149 years compared to 16 for total stock market returns, according to an analysis by Schroders that uses the S&P […]
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25 Feb 2020 2 min read
Investment trust insider on health care
Investment trust insider on health care – James Carthew: healthcare trusts cut through US political noise Just nine months to go until the US election. If only we could lock all the candidates in a room for a year beforehand and harness the hot air. Instead we are condemned to endless opinion polls, voting shenanigans and […]
