We attended the Annual Meeting of the American Society of Clinical Oncology 2017 (ASCO 2017) from June 2 to June 6 in Chicago.
After several years of huge excitement around IO this year’s meeting tone was more muted. IO is real and there are synergistic effects in combinations therapies – just as it was hoped for – but what is missing is better biomarkers in order to figure out which patients will benefit best from what treatments.
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.