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 returned -2.7% in February, while the MSCI World NR Index rose 2.6%. During the last week of the month, many sectors took a hit because of rising 10-year Treasury rates (now at their highest levels in a year), enhancing on one hand the attractiveness of bonds vs. Equities and on the other hand propelling cyclical stocks.
Healthcare started 2021 on a very positive note, outperforming most of the other sectors (Energy, 3.0%, being the sole exception). The MSCI World Healthcare Net Return (NR) Index gained 1.1% in January 2021, while the MSCI World NR Index declined 1.0%.
The MSCI World Healthcare Net Return (NR) Index rose by 9.0% in November 2020 and the MSCI World NR Index gained 12.8%. November was the best month for global equities year-to-date (12.8%), with cyclicals outperforming defensive sectors.