London Stock Exchange welcomes BB Healthcare Trust plc
BB Healthcare Trust plc is a high conviction, long-only investment trust invested in listed or quoted global healthcare equities. The Company has raised £150m in its IPO and the listing of its ordinary shares on the Main Market.
BB Healthcare’s investment objective is to provide shareholders with capital growth and income over the long term, through investment in a concentrated portfolio of listed or quoted global healthcare companies. The investable universe for the Company is the global healthcare industry including companies within industries such as pharmaceuticals, biotechnology, medical devices and equipment, healthcare insurers and facility operators, information technology (where the product or service supports, supplies or services the delivery of healthcare), drug retail, consumer healthcare and distribution. There will be no restrictions on the constituents of the Company’s portfolio by index benchmark, geography, market capitalisation or healthcare industry sub-sector and the portfolio will be concentrated with a maximum of 35 holdings.
BB Healthcare’s portfolio manager is Bellevue Asset Management AG, its investment adviser is Bellevue Advisers Limited and its AIFM is Mirabella Financial Services LLP. Bellevue Asset Management AG has built a successful track record in this sector and as at 30 June 2016 had approximately £3bn under management in the healthcare industry, in funds covering all areas of healthcare and geographies. It is also manages BB Biotech AG (ticker: BION SW), Europe’s leading biotech investment trust with a primary listing on the SIX Swiss Exchange and net assets of approximately £2.2bn, which has generated an average annual total shareholder return of approximately 15% since 1993 (NAV per share in USD).
Peel Hunt LLP acted as sponsor, placing agent and intermediaries offer adviser. Stephenson Harwood LLP provided legal advice to the Company.
Commenting, Chairman of BB Healthcare Trust plc, Justin Stebbing, said:
“Bellevue has earned the respect of the industry for the performance it has generated with BB Biotech. This new investment trust, BB Healthcare, will give investors access to these same skills, but across the wider global healthcare market. The world is getting richer, older and spending more on a range of healthcare products and services. Healthcare equity valuations do not currently fully reflect the long term potential of the industry. In Bellevue we have a portfolio manager that has an established fundamental approach that has consistently identified opportunities and delivered for investors.”