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Welcome to our July update. The UK summer is a wash-out, rather like the economy. That said, current sentiment reminds us of the English proclivity for donning shorts as soon as there is a hint of sunshine; we plucky Brits are optimists at heart and imagine things to be better than experience adduces.<br /> <br /> Beyond these shores, the wider equity market seems to have fully sided with the ‘soft-landing’ scenario, a goldilocks world where inflation and interest rates coalesce in such a way that earnings power is not adversely impacted and consumer sentiment supports us above recession. Even amidst such enthusiasm, your managers feel disconsolate; our inner Cassandra will not be silenced. <br /> <br /> We fear any scenario where a narrow consensus emerges and perceive current sentiment as fragile. One must remember that even the most bullish of bull markets does not consist of an unremitting upward trendline. Thankfully, there is still significant relative and absolute value in SMID healthcare and we see opportunities for further positive progress, even if the current rush for equities subsides or reverses.

Bellevue Healthcare Trust Factsheet July 2023

Welcome to our July update. The UK summer is a wash-out, rather like the economy. That said, current sentiment reminds us of the English proclivity for donning shorts as soon as there is a hint of sunshine; we plucky Brits are optimists at heart and imagine things to be better than experience adduces.

Beyond these shores, the wider equity market seems to have fully sided with the ‘soft-landing’ scenario, a goldilocks world where inflation and interest rates coalesce in such a way that earnings power is not adversely impacted and consumer sentiment supports us above recession. Even amidst such enthusiasm, your managers feel disconsolate; our inner Cassandra will not be silenced.

We fear any scenario where a narrow consensus emerges and perceive current sentiment as fragile. One must remember that even the most bullish of bull markets does not consist of an unremitting upward trendline. Thankfully, there is still significant relative and absolute value in SMID healthcare and we see opportunities for further positive progress, even if the current rush for equities subsides or reverses.
10.08.2023
#Healthcare Global