We attended the 13th International Conference on Alzheimer`s & Parkinson’s Diseases in Vienna. Messages we received from the meeting are very encouraging, but patience for new therapies will be needed. Participants felt that we are on the verge of something.
Excitement in the Alzheimer’s Disease (Alzheimer’s) community for Biogen’s aducanumab (anti-abeta antibody) data remains high, as for the first time a disease modifying agent yielded a clinically relevant signal in 2015. The community seems to agree, that the recent failures of Lilly’s solanezumab (another anti-abeta antibody) and Merck’s BACE inhibitor do not question the current understanding of the disease but will help to positively influence future initiatives. Recent research work recognises that Alzheimer’s is a highly heterogenous disease – every patient is different – and that several disease mechanisms are at play.
The MSCI World Healthcare NR Index gained 3.0% in June, while the MSCI World NR Index rose 1.5%. The decline in 10-year yields provided a booster shot to growth stocks, relative to their value peers. It is likely that the next months will continue to be dominated by debates on Fed and interest rates topics, and related growth/value factor pivots. More clarity on tapering can be expected after the summer break and the Jackson Hole summit.
Kieger AG is a main sponsor of the ”Swiss Sustainable Investment Market Study 2021”. This sponsored page by our Kieger Healthcare Portfolio Managers Urban Fritsche and Dr. Maria Specogna discusses: “Covid-19: a trigger for impact investors in global healthcare”.
In May, Healthcare gained 2.1%, while Global Equities rose 1.6%. The shift into value at the expense of growth and momentum continued over the past weeks, with Energy, Financials and Materials posting the top performances. IT returns, given the sector’s growth characteristics, were again subdued.