Bellevue Healthcare Trust Factsheet September 2024

Welcome to our autumn update. Summer feels very much over, and
the long run to Christmas is underway. Markets received an early,
but unsurprising, gift from the US Federal Reserve, which has
finally come off the fence and cut rates. Another cut is expected
before the end of the year.

This “Fed put” is helping to keep market sentiment buoyant in the
face of slowing economic data and rising geopolitical tensions, but
as yet these factors have not obviously pushed classical defensive
growth sectors such as Large-Cap pharma back into the spotlight,
nor have we seen as much of a positive reaction amongst the longer
duration cash burning companies as we expected.

What we can say with confidence is that the fundamentals of
healthcare remain very strong and are not changing, which feels in
stark contrast to so many other sectors and end markets, where
uncertainty seems to be the only thing that is definitively growing.