Bellevue seeks £200m at IPO for BB Healthcare Trust

Added 27th October 2016

Bellevue Asset Management is hoping to raise £200m through an initial public offering (IPO) for shares in BB Healthcare Trust, an investment trust set to list on the London Stock Exchange this morning (27 October).

Bellevue seeks £200m at IPO for BB Healthcare Trust

Zurich-based investment manager Bellevue said the trust will be a high conviction, long-only trust investing in no more than 35 listed or quoted global healthcare stocks.

An unconstrained portfolio, the trust will invest across all markets, regions and market capitalisations to generate long -term capital growth and income.

Benchmarked against MSCI World Healthcare Index, the trust will seek to generate a double-digit total shareholder annual return over a rolling three-year period.

It will launch with a target annual dividend of 3.5 pence per ordinary share and in subsequent years will be set at 3.5 pence of net asset value (NAV), in both cases to be paid mostly out of capital.

A share issuance programme will allow the company to issue up to 200 million further ordinary shares and/or C-shares in the 12-month period following the publication of the prospectus.

Management fees will be 0.95% based on market capitalisation with no performance fee.

The fund will be managed by Dr Daniel Koller and Paul Major. Koller joined Bellevue in 2004 and has been head of portfolio management for BB Biotech since 2010. Major brings 18 years’ experience in the healthcare sector on the sell-side and was one of the first research partners at independent research firm Redburn.

The managers remain confident in the long-term case for healthcare, driven by changing demographics and GDP growth fuelling global healthcare spend.

Bellevue already manages BB Biotech, which has gathered £2.2bn in net assets and has generated an annual shareholder return of roughly 15% NAV per share since launch in 1993.

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