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Bellevue Healthcare Trust PLC on Monday reported a decline in net asset value, as it cited a reversal of supply chain globalisation and offshoring. Bellevue Healthcare is a London-based healthcare sector investment company managed by London-based Bellevue Asset Management Ltd. The company said net asset value per share as at November 30 declined 7.4% to 171.16 pence from 184.91p a year prior. NAV total return was negative 4.1%, underperforming against the MSCI World Healthcare Index, which returned positive 14%. ‘The multi-decade trend of supply chain globalisation and offshoring looks to have gone into reverse; the fashionable mantra of ’just in time‘ lean inventory is now ’just in case‘ working capital investment,’ the company said. Bellevue Healthcare proposed a 3.235p per share final dividend for financial 2022, up 7.3% from 3.015p a year ago. This brings the total to 6.47p, up 7.3% from 6.03p. For financial year 2023, the firm targets a final dividend of 2.995p, down 7.4% from a year ago, and a total dividend of 5.99p, down 7.4%. The company said this reflected the lower year-end NAV of financial 2022. Looking ahead, Bellevue reiterated that performance in the first quarter that ended at the end of February was positive, on a relative and absolute basis. Bellevue shares were 0.6% higher at 167.19 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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