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Fundplat > Interviews > «There is a steady long-term growth for health­care companies»
Fundplat > Interviews > «There is a steady long-term growth for health­care companies»
Fundplat > Interviews > «There is a steady long-term growth for health­care companies»
Fundplat > Interviews > «There is a steady long-term growth for health­care companies»

«There is a steady long-term growth for health­care companies»

Michael Sjöström
Michael Sjöström
CFA, Chief Investment Officer
Sectoral Asset Management, Geneva
sectoral.com

15.04.2021

Mr. Sjöström, how do you review the first quarter on the healthcare sector?

The first quarter of the year witnessed the emerging signs of the post-Covid reality, with new concerns about inflation and rising interest rates. Market jitters quickly followed, starting a rotation in favour of value (versus growth), which bene­fited cyclical and recovery plays, rather than momentum stories, such as biotech. The overall markets ended up 4.6 percent for the quarter, driven mainly by large caps and value. Health­care lagged, as the recent momentum seen in small- and mid-cap biotech, medtech, and digital-health names waned. The MSCI World Health­care Index ended the quarter up margi­nally (0.7 percent), while small caps were up more modestly (0.3 percent as per the Russell 2000 Health­care Index); the diffe­rence was mainly the result of a late March reco­very. Most industries closed the quarter with perfor­mances near the health­care indices, though services moved up more signi­ficantly. We also note that emerging-market health­care names dropped more sharply, with the MSCI Emerging Markets Health­care Index down 4.6 percent.

What do you expect in the coming months?

We expect markets to remain challenging for the fore­seeable future. The tension between the good news - Covid and the reco­very - and the bad news - inflation, debt, (lack of) reco­very, and poli­tical unrest - will gene­rate vola­tility in the equity markets. In addition, given the strong run we have been expe­riencing since late March 2020 and the correspon­dingly generous valuation, we anti­cipate the risk on the downside to be greater than on the upside.

How do see the healthcare sector compared to global markets?

Thus, we remain cautious on global markets and expect health­care to be a good place to invest. Despite the recent under­perfor­mance, a conse­quence of the rotation out of momentum plays, we expect the sector’s strong funda­mentals to carry the day. Innovation, digi­tali­zation, and the growing demand in emerging economies will continue to fuel steady long-term growth for health­care companies.

Do you still prefer small- and mid-caps over big pharma?

We remain strategically committed to companies driven by inno­vation: mainly small- and mid-caps. From an industry perspective, given the current difficult market envi­ronment, we favour maintaining a neutral expo­sure at this point.

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About the person
Michael Sjöström is Co-Founder and Chief Investment Officer (CIO) at Sectoral Asset Mana­gement. Mr. Sjöström founded Sectoral Asset Mana­gement with Jérôme Pfund in 2000. Prior to establishing Sectoral, Mr. Sjöström worked for two Swiss banks and, in 1993, joined Pictet & Cie in Geneva as a pharma­ceutical analyst. From 1994 until October 2000, he was the Port­folio Manager of Pictet Fund-Biotech and head of the pharma analyst team. Michael Sjöström graduated in 1987 from the Uni­versity of St. Gallen with an MBA in Finance and Eco­nomics. He obtained his CFA charter in 1996.

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