CT Healthcare Trust (LSE:CTHT) traded at 122.80p today, close to its 52-week low, around eight months after Columbia Threadneedle took over management and adopted an Absolute Return approach. The latest results retrieved are the interims published on 17 August 2026, and no newer announcement was found.

What happened

CTHT (LSE:CTHT) is a constituent of the FTSE All-Share index and sits in the financials sector as an Investment trust, within the Healthcare & Biotechnology category of the Association of Investment Companies (AIC). Columbia Threadneedle took over on 5 March 2026, and the AIC names Kosta Kleyman as fund manager.

The new approach targets net market exposure of between 0% and 50%. That is a substantial change, since it means returns should depend more on individual stock picks and less on the direction of the healthcare market as a whole. (LSE:CTHT)

The interims covered the six months to 31 May 2026. NAV per share was 142.23p, down 3.0% from 146.58p at 30 November, and NAV total return was minus 1.1%. The MSCI World Healthcare Index fell 5.1%, so the trust finished ahead of it.

Why it matters for investors

The early results of the new strategy were modestly positive. A summary of the interims by Josh Thompson's investment website put NAV total return at 1.7% since 5 March and share price total return at 5.3%, against a 4.9% fall in the benchmark. These cover only a short period and are drawn from a secondary source, so they carry limited weight.

The trust has also shrunk. Net Assets were reported at £79.0m at 31 May, compared with £134.9m at 30 November, and the AIC now shows total assets of about £53.40m. The sources retrieved did not explain the most recent reduction, and a smaller trust can face higher costs per share and thinner trading in its shares.

Income is a notable element of the case. The Interim Dividend of 2.565p went ex on 27 August and was paid on 18 September 2026. The AIC shows a Yield of 4.20%, while AJ Bell shows 3.99%. Earlier, a 2.7p dividend was paid on 29 May. A Revenue loss of £305,000 in the half-year, compared with a £451,000 profit a year before, suggests that distributions are not being met from income alone.

How the shares have performed

The shares have weakened since the interims. They closed at 139.6p on 13 August, so the 122.80p on AJ Bell's page today is about 12% lower, part of which reflects the dividend going ex. AJ Bell showed a 0.66% rise on the day from 122p, and a 52-week range of 117.40p to 152.40p.

NAV has followed a similar path. The AIC showed 126.16p at 23 October, about 11% below the 142.23p reported for 31 May, with a last close of 122p and a discount of 3.30%. The average discount over the half-year was 6.6%, and it was 5.1% at the period end.

The trust carries no gearing on AIC figures, and ongoing charges are 1.34%.

What to watch next

The financial year ends on 30 November 2026, so results for the full year are the next major event. They will give the first longer view of the strategy, including whether the trust held up better than the sector in weaker periods, as an absolute return approach aims to do.

Investors will also want an explanation of the drop in assets. In its interim commentary, the manager did not expect the sector's broad rally to run through the second half of 2026. It remained moderately positive, and saw stock selection as the main driver of returns.