Kieger Healthcare Monthly Commentary

In a war context, much what figures below is extremely secondary in nature.

Macro and geopolitical factors sit firmly in the driving seat. During the first half of February, stocks were pulled lower over inflationary concerns. At the end of the month, the dramatic escalation of Russia’s standoff with the West added to market headwinds. The worry is that the war over Ukraine (and sanctions imposed on Russia) could spill over to other conflicts and further intensify current market concerns such as supply chain disruptions and inflation. Hopes that the war might prompt a less aggressive central bank policy tightening did, however, enable stock markets to reverse some of the negative performance accumulated during the month, closing February down -2.5%. Healthcare (-0.5%) lived up to its safe haven status, significantly outperforming the broader market.