Bellevue Healthcare Trust Factsheet June 2023
Welcome to our June jeremiad. The summer has arrived, signalled not by the traditional thud of willow on leather and warmer evenings, but rather by the commencement of the annual hose pipe ban. The verdant green idyll will soon resemble the Serengeti once more.
The UK population has risen and, apparently, people working from home use more water. Did we not bathe or drink in those halcyon days of office-based work? Global warming seems to have come as shock too; we have only known about that since 1938. Decades of chronic under-investment supporting massive dividend payouts play no role of course. But let us not descend into a diatribe on declinism; there are some things one can positive about…
Elsewhere, core inflation is falling and the Western consumer seems determined not to stop spending. The equity market rally is broadening beyond AI as the clean energy transition (and massive subsidies) are firing up a US manufacturing renaissance. Healthcare utilisation has finally normalised as the last vestiges of the COVID scourge dissipate. Well positioned investors may yet get through this uncertain period relatively unscathed.
The UK population has risen and, apparently, people working from home use more water. Did we not bathe or drink in those halcyon days of office-based work? Global warming seems to have come as shock too; we have only known about that since 1938. Decades of chronic under-investment supporting massive dividend payouts play no role of course. But let us not descend into a diatribe on declinism; there are some things one can positive about…
Elsewhere, core inflation is falling and the Western consumer seems determined not to stop spending. The equity market rally is broadening beyond AI as the clean energy transition (and massive subsidies) are firing up a US manufacturing renaissance. Healthcare utilisation has finally normalised as the last vestiges of the COVID scourge dissipate. Well positioned investors may yet get through this uncertain period relatively unscathed.
07.07.2023