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The frustrating thing is that, outside of a few areas that are directly affected by US health policies, the fundamentals remain strong, and the stocks have only got cheaper. The sector feels oversold, and we think that PCGH, which can still boast the best long-term returns in the sector, should be a good way to play an eventual recovery.
Polar Capital Global Healthcare – Recovery play
When we last published on Polar Capital Global Healthcare (PCGH), President Trump had just been elected, and while there were some nerves about Robert F. Kennedy Jr (RFK) being linked to the top job in the US health system, the mood was reasonably upbeat. The managers observed that the sector’s fundamentals (underlying financial and operational health of the sector, such as revenue growth and profitability) were strong, stocks looked cheap, and cautioned against worrying about the impact of politics on the sector. That might have been a rational stance last November, but the record of the past few months tells a different story.The frustrating thing is that, outside of a few areas that are directly affected by US health policies, the fundamentals remain strong, and the stocks have only got cheaper. The sector feels oversold, and we think that PCGH, which can still boast the best long-term returns in the sector, should be a good way to play an eventual recovery.
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James Carthew
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