Kieger Healthcare Monthly Commentary

Global equity markets remained volatile throughout the month due to news surrounding re-opening of economies, upward moving Treasury rates, fears of new COVID-19 waves and political/medical interfering with AstraZeneca’s vaccine. The MSCI World Healthcare NR Index gained 2.5% in March, while the MSCI World NR Index rose 3.3.

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%.