CT Healthcare (CTHT)

CT Healthcare Trust (CTHT) is the new name for Bellevue Healthcare Trust (BBH), which changed manager following a strategic review. The new name and manager came into effect in March 2026. As the name suggests, the focus of the trust remains the Healthcare sector. However, the underlying strategy has changed markedly.

CTHT is now a highly dynamic long/short healthcare strategy, aiming to generate attractive risk-adjusted returns, with a focus on managing volatility. Highly innovative healthcare companies can generate very high capital returns, but others can result in a total loss for investors. As such, it is perhaps an understatement to say that it is an area of the market that justifies employing a specialist investment manager! As we discuss in the Portfolio section, CTHT’s strategy seeks to not only profit from successful companies , but also to benefit from those whose share price overstates their prospects. The high volatility in biotechnology companies' shares means this is a particularly fertile opportunity set for a long/short manager.

As we discuss in the Management section, CTHT’s new manager has been running this strategy elsewhere for nearly three years and has successfully navigated several difficult market environments. His extensive period in industry has enabled him to gain a uniquely holistic understanding of the decisions made by healthcare companies. The track record is impressive (see Performance section), which, if it continues, offers a highly differentiated exposure in absolute terms, but also relative to the peer group of healthcare-focussed investment trusts and funds.

CTHT will propose a tender offer at NAV for up to 15% of shares in issue every quarter of their financial year, the first one having just been announced as of the end of May. The tender price will reflect the costs incurred, capped at a discount of 5%. At the time of writing, the shares trade on a discount to NAV of 5.5%.