The noblest pleasure is the joy of understanding (L. Da Vinci)
…but markets were not easy to understand in July! Like in June, higher than anticipated monthly CPI figures initially derailed equity markets. Unlike last month, though, stocks soon after flipped into positive territory. July also marked the start of the Q2 reporting season. Healthcare returned 3.3% over the month, while global equities posted a 7.9% gain.
Rarely are health inequalities more apparent than when walking around San Francisco during the J.P. Morgan Healthcare Conference. In our chart of the month, Raphael Oesch (Portfolio Manager), takes a look at the statistics and discusses some of the reasons behind the figures.
We recently attended the 41st J.P. Morgan Healthcare Conference in San Francisco, which took place from January 9th to January 12th 2023. Our overall conclusion from the conference is that the industry remains in good shape. The key themes that emerged during the week from a devices and services perspective were, the rise of value-based care and innovation & digitalisation. However, it also became clear that the macroeconomic environment is still the dominant force behind (sub) sector performance.
Day after day currently feels like a roller coaster ride, going up because of better than hoped for CPI numbers, down because of looming recession fears, and back up because of a less hawkish FED speech. Are we there yet? What do you think?