Bellevue Healthcare Trust Factsheet December 2022
Goodbye 2022, and quite frankly, good riddance. We are surely all bored and frustrated beyond words with this endless macro-driven vacillation. Somewhere along the way, company-specific fundamentals were cast aside and active equity managers have, broadly speaking, struggled to generate outperformance.
We must be mindful of morosity however. Every cloud has a silver lining and, in this case, it is the unarguable truth that there are a number of materially undervalued companies amidst the rubble of last year’s underperformance. When it comes to healthcare, a calm, rational analysis of the world around us can only lead to the conclusion that little has changed, beyond an even greater urgency to fix a broken system.
In the end, the patient investor will be rewarded because the only way to beat an inflationary environment is to find dependable and visible growth that can outrun the erosion of monetary value that inflation creates. We think we know where plenty of that stuff lies…
We must be mindful of morosity however. Every cloud has a silver lining and, in this case, it is the unarguable truth that there are a number of materially undervalued companies amidst the rubble of last year’s underperformance. When it comes to healthcare, a calm, rational analysis of the world around us can only lead to the conclusion that little has changed, beyond an even greater urgency to fix a broken system.
In the end, the patient investor will be rewarded because the only way to beat an inflationary environment is to find dependable and visible growth that can outrun the erosion of monetary value that inflation creates. We think we know where plenty of that stuff lies…
24.01.2023