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Bellevue Healthcare Trust PLC on Thursday said that in its half-year it underperformed its benchmark, the MSCI World Healthcare Index, but increased its dividend.
In the half-year that ended May 31, net asset value total return was negative 17% compared to its benchmark posting a positive return of 4.5%.
The company's net asset value dropped to 150.41 pence at May 31 from 184.91p at November 30, 2021.
‘Although the markets are rational weighing machines in the long term, in the short term 'votes' are often driven by flow. Inevitably, smaller companies suffer disproportionately in such a situation as 'rotation' often also involves moving into larger 'more liquid' names,’ Bellevue said.
The company declared an interim dividend of 3.235p per share, up from 3.015p a year ago. The target dividend for financial year 2022 is higher at 6.47p, versus 6.03p a year ago.
‘At some point, market sentiment will improve, equity risk premiums will fall, and flows will stabilise,’ Chair Randeep Grewal said regarding the firm's outlook.
The London-based healthcare sector investment company, formerly BB Healthcare Trust PLC, is managed by London-based Bellevue Asset Management Ltd.
Bellevue Healthcare shares were 0.6% higher at 161.60 pence each in London on Thursday morning.
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