Bellevue Asset Management is launching a new investment trust, BB Healthcare Trust, through an initial public offering (IPO) which seeks to raise £200m.
It will be a high conviction, long-only investment trust invested in listed or quoted global healthcare equities and will take an unconstrained investment approach, with the ability to invest regardless of market cap, sub-sector or region.
The investment team, which comprises Daniel Koller and Paul Major, will run a concentrated portfolio with a maximum of 35 holdings.
Zurich-based Bellevue already owns the BB Biotech investment trust and has $4bn under management in the healthcare sector.
Mr Koller has been head of portfolio management for BB Biotech since 2010.
In a statement, it was confirmed BB Healthcare will target a total dividend in its initial financial period of 3.5 pence per ordinary share and the trust will not charge a performance fee.
The trust is to begin trading on the London Stock Exchange in early December.
The investment trust will invest in companies in sectors such as pharmaceuticals, biotechnology, medical devices and equipment, healthcare insurers and facility operators, information technology, drug retail, consumer healthcare and distribution.
Justin Stebbing, chairman of BB Healthcare Trust, said: “Bellevue has earned the respect of the industry for the performance it has generated with BB Biotech. This new investment trust, BB Healthcare, will give investors access to these same skills, but across the wider global healthcare market.
“The world is getting richer, older and spending more on a range of healthcare products and services. Healthcare equity valuations do not currently fully reflect the long-term potential of the industry. In Bellevue we have a portfolio manager that has an established fundamental approach that has consistently identified opportunities and delivered for investors.”
