Bellevue Healthcare Trust PLC (LSE:BBH), the London-listed investment company focused on global healthcare stocks, has once again urged shareholders to approve the appointment of Columbia Threadneedle Investments as its new manager at a general meeting on 4 March, replacing Bellevue Asset Management (UK) Limited.
The board says the switch will bring a more sophisticated investment approach, using both long and short positions to capture gains from healthcare innovation while hedging against companies facing structural or clinical headwinds.
The proposed strategy is based on Columbia Threadneedle's existing Seligman Healthcare Strategy, which the board highlighted had performed well across periods of both sector weakness and strength since 2023.
The push for change follows years of disappointing returns. For the year ended 30 November 2025, the trust's net asset value total return was -0.7%, lagging the MSCI World Healthcare Index total return in sterling of 4.5%.
The board initiated a formal strategic review in August 2025 after sustained underperformance, during which it considered proposals from multiple investment managers as well as an orderly wind-down of the company.
If shareholders approve the proposals, the trust will be renamed CT Healthcare Trust. The management fee will remain at 0.95% but will shift to a NAV basis, and a performance fee of 15% of gains above a hurdle rate linked to the three-month SONIA rate will be introduced.
The trust's existing discount control mechanisms will be replaced with quarterly tender offers covering up to 15% of shares in issue, targeting a discount of 5% or less in normal market conditions. The company also intends to maintain its dividend target of 3.5% of the preceding year-end NAV.
Chairman Randeep Grewal, who is also chairman of TR Property, another Columbia Threadneedle-managed company, said he would not stand for re-election at the annual general meeting in April to avoid a conflict of interest.
Sarah MacAulay, a non-executive director since February 2025, is set to succeed him as chair.