We have been attending Europe‘s largest Healthcare Conference in London, organised by Jefferies, a leading healthcare broker. The conference took place from November 20-21, 2019. Jefferies hosted 500 participating companies, 2’000 attendees and 5’000 business-to-business and investor meetings.
The conference encouraged our view of constructive prospects for the healthcare industry. Most presentations and management conversations were reassuring and signalled confidence for a continuation of the strong fundamental business trends Overall, we remain excited of what we see in the industry. From our point of view the overarching theme of the conference has been an acceleration of change across all facets of the healthcare environment.
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.