Kieger Healthcare Monthly Commentary

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.

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.

The MSCI World Healthcare Net Return (NR) Index posted a -4.88% loss in October 2020. The MSCI World NR Index was down -3.07%. Global equity markets remained volatile during the month. The rising number of COVID-19 cases and new containment measures lead to a deja-vu correction in the last few days of October.