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BB Healthcare fundamentals intact after rollercoaster 2019 for healthcare investment sector

Snapshot

  • Invests in healthcare stocks around the world
  • Mainly invests in small- and mid-caps
BB Healthcare Trust PLC -

Quick facts: BB Healthcare Trust PLC

Price: 121 GBX

LSE:BBH
Market: LSE
Market Cap: £532.81 m
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What it does

BB Healthcare Trust PLC (LON:BBH) is a healthcare trust focused on global healthcare equities. It is run by the management team behind the successful BB Biotech Investment Trust.

The fund invests in a maximum of 35 companies at any one time, and there are no restrictions on geographies, market cap or sub-sector.

At the end of February 2020, around 23% of the fund was made up of mega caps – the household names such as Bristol-Myers Squibb Co (NYSE:BMY) that are worth upwards of US$45bn.

Another 22% or so is big caps, while small and mid-caps account for more than half of the investments.

Although there are no restrictions on geography, the bulk of BB’s investments are in the US, which is perhaps unsurprising given that the US is home to the world’s biggest pharma market by quite some way.

 

Top ten holdings as of 29 February:

Teladoc (7.3%)

Bristol Myers Squibb (7.1%)

Anthem (6.4%)

Illumina (5.5%)

Intuitive Surgical (5.3%)

Align Technology (5.3%)

Esperion (5.2%)

Humana (4.8%)

Insmed (4.5%)

Alnylam Pharmaceuticals (4.0%)

Evolent Health (3.8%)

 

How it is doing

As at 29 February, net asset value was 136.02p, down 5% so far in 2020 but still up 49% since launch.

The 12-month total return was 2.4% and for the past three years was 30.3% versus the MSCI World Health Care index's total return of 25%.

 

What the boss says: Randeep Grewal, chairman

"Healthcare demand will continue, and that innovation and disruption will create opportunities for investors.."

"The portfolio is positioned to take account of value changes in stocks that are able to capitalise on the changing delivery and capability within healthcare."

 

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