2023 is underway, and with it has come a sense of excitement. The month of January saw a rotation out of the winners and into the laggards of 2022, driven by hopes of a continued disinflationary trend, the FED temporarily pausing its action, growing confidence in a soft landing, a brighter-than-expected European outlook and recent news that the COVID-19 outbreak in China might have reached its peak. Against this backdrop, healthcare stocks lost -0.7%.
Rarely are health inequalities more apparent than when walking around San Francisco during the J.P. Morgan Healthcare Conference. In our chart of the month, Raphael Oesch (Portfolio Manager), takes a look at the statistics and discusses some of the reasons behind the figures.
We recently attended the 41st J.P. Morgan Healthcare Conference in San Francisco, which took place from January 9th to January 12th 2023. Our overall conclusion from the conference is that the industry remains in good shape. The key themes that emerged during the week from a devices and services perspective were, the rise of value-based care and innovation & digitalisation. However, it also became clear that the macroeconomic environment is still the dominant force behind (sub) sector performance.