Bellevue Healthcare Trust Factsheet February 2025

Welcome to our February update. The sun is beginning to shine and
the mornings are becoming lighter. However, ‘the Donald’ has cast
a long orange shadow across the capital markets, as investors try
to digest an enormous volume of profound and far-reaching
executive actions. He has already issued half as many executive
orders in two months as Biden did during his whole four-year term.

It is understandable that many investors are rotating away from
exposure to uncertainties and pricing in a lower growth, higher
inflation world before it materialises. On the positive side,
healthcare is finally in the spotlight for its classical defensive
characteristics but for now caution is leaving the growth and
innovation names on the sidelines, despite their exposure to the
same positive underlying fundamentals. This is a good long-term opportunity for the patient investor.