Bellevue Healthcare Trust Factsheet December 2024

Welcome to our December update. Festive cheer felt in short
supply this month, as the sector continued to struggle under a
cloud of policy-related negative sentiment.

It is axiomatic that one cannot disprove a negative, but the sheer
weight and persistence of negative sentiment over the past two
years feels difficult to rationalise.

The sector has lagged the wider market by 15% over two
consecutive years now, capping a multi-decade relative low
performance-wise. The sector now stands at a 5+ year relative
valuation low on a forward P/E basis. Even if you feel that the wider
market is expensive, it is hard to argue that healthcare is expensive
on a relative to market or relative to history basis.

All of this is not anchored to any fundamental dislocation in
healthcare demand or pricing. Innovation continues apace and
demand remains underpinned by inexorable demographic trends.
Healthcare deserves some time in the sunshine.