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Welcome to our final update for 2023 and our first missive of 2024. What a year it has been; a relentless and exhausting cacophony of siren calls, almost all of which proved to be unfounded. The markets may well cheer “peak rates” being passed and the hope of a soft landing, but macro risks remain. <br /> <br /> Healthcare saw one of the worst relative annual performances in three decades compared to the wider market, and leadership was incredibly narrow, which was a broad theme for equities in the wider sense. Meanwhile, the positive fundamentals of the healthcare industry remain unchanged and unchallenged. <br /> <br /> For the Trust, 2023 was a rollercoaster of macro and meme-based landmines, and although we saw something of a recovery in the portfolio through November and December, we think that our holdings are still materially undervalued in relative and absolute terms. We can only hope that 2024 will see more favourable sentiment towards healthcare growth equities.

Bellevue Healthcare Trust Factsheet December 2023

Welcome to our final update for 2023 and our first missive of 2024. What a year it has been; a relentless and exhausting cacophony of siren calls, almost all of which proved to be unfounded. The markets may well cheer “peak rates” being passed and the hope of a soft landing, but macro risks remain.

Healthcare saw one of the worst relative annual performances in three decades compared to the wider market, and leadership was incredibly narrow, which was a broad theme for equities in the wider sense. Meanwhile, the positive fundamentals of the healthcare industry remain unchanged and unchallenged.

For the Trust, 2023 was a rollercoaster of macro and meme-based landmines, and although we saw something of a recovery in the portfolio through November and December, we think that our holdings are still materially undervalued in relative and absolute terms. We can only hope that 2024 will see more favourable sentiment towards healthcare growth equities.
10.01.2024
#Healthcare Global