Summer Series summary: Healthcare – why now?
Past performance is no guarantee of future returns. During the first half of 2025 healthcare sector sentiment has been negatively affected by uncertainty around tariffs and trade policy, fiscal negotiations, and recent healthcare reforms in the US. Behind this though lies a thriving sector marked by tremendous levels of innovation and a steady stream […]
Monthly comment (July 2025): A paradoxical situation
Equity markets had a positive reaction to the announcement regarding tariffs. The White House’s news regarding international drug pricing (MFN) at the end of the month however weighed on the healthcare sector. Despite improved clarity around trade, the fund had a weak month, primarily due to the announcement regarding MFN. The details of this […]
Monthly comment (June 25): A month of contrasts
Summary Positive clinical data and M&A activity picked up in the sector. We saw more signs that the deal window may be reopening. The Senate version of the reconciliation bill included deeper cuts to Medicaid than the House version. The fund had strong results in dollar terms and relative to the broader healthcare sector but […]
Monthly comment (May 25): Another month overshadowed by worries over tariffs and trade barriers
Summary Like last month, May was overshadowed by worries over tariffs and trade barriers. The simultaneous debates surrounding the budget, drug prices as well as tariffs resulted in too much uncertainty for many healthcare investors, despite the low valuations. As a result, the healthcare sector underperformed the world index by 9 percent (in US dollar). […]
Monthly comment (Apr 25): Healthcare sector impacted by political uncertainty
Monthly comment April was dominated by renewed US-China trade tensions. On April 2nd, the US announced a 10 percent global tariff on all imports into the US, alongside steep ”reciprocal tariffs” of up to 145 percent specifically targeting imports from China. The average tariff rate on imports to the US thus reached its highest level […]
Monthly summary – March 2025: a volatile month, again impacted by the macro-economic and political backdrop
March was a volatile month for the healthcare sector, again impacted by the macro-economic and political backdrop. While the sector ended March in negative territory, it held up somewhat better than many other sectors, protected both by its overall low valuation and by its defensive characteristics. The downward trend in the sector was led primarily […]
Monthly summary – February 2025: Sentiment turned sour in February
MONTHLY COMMENT After a strong start to the year for the healthcare sector, sentiment turned sour in February, which was characterized by political and macroeconomic uncertainties. Equity flows favored defensive stocks, with rotation benefiting the larger pharmaceutical companies, among others. Medtech and biotech were caught on the other side of said rotation while healthcare services […]
Rhenman & Partners strengthens its Operations Team
Rhenman & Partners hires Hampus Tober as Operations Manager. Hampus will have a central position within the organization and close collaborations across the firm. Hampus will report to the Rhenman & Partners’ COO, Mikael Olsson. He will focus on operational and administrative processes, with emphasis on risk and compliance. Hampus joins Rhenman & Partners from […]
Monthly comment – January 2025: All sectors except technology closing in positive territory
SUMMARY For the healthcare sector, the strong market in January was largely a reversal of the weak performance in December. US politics continued to shape the market as a whole, with ”Trump trades” gaining even more traction at the expense of other investment themes. In the healthcare sector, some of the high-level uncertainties in December […]