We attended the 7th annual Morningstar Conference 2017 from Mar 15th to Mar 17th in Amsterdam.
This is one of the few non-healthcare conferences we participate in, aimed for PMs. The topics were diverse – from a broad approach to value investments, to uncovering value in EMs, overcoming behavioural biases on one end of the spectrum to the concept of Active shares and how they correlate to fund performance, the notion of how risk management as a concept starts with being risk savvy etc., on the other end.
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.