Monthly comment (Feb 2026): Strong start to the earnings season
Large-cap pharmaceutical companies performed strongly during the month, driven by solid earnings and the continued momentum for value stocks. Growth stocks underperformed, particularly medical technology and companies perceived as AI losers. M&A activity continued within the biotechnology sector, with the fund benefiting from the acquisition of Arcellx. In the near term, focus shifts from micro […]
Monthly comment (Jan 2026): A relatively weak month as momentum shifted elsewhere
As investors rotated to other sectors, healthcare had a relatively weak month. The continued US dollar sell-off further impacted the healthcare sector. Managed care was especially pressured by a potential lower-than-expected reimbursement rate notice from the Centres for Medicare and Medicaid Services (CMS). The fund had a negative monthly performance, with pharmaceuticals and managed care […]
Monthly comment (December 2025): The healthcare sector retreated
The healthcare sector retreated in December following three months of strong performance. The fund delivered a negative return for the month. While pharmaceuticals contributed positively, other subsectors weighed on overall performance. For the full year, the fund gained 7 percent in EUR and 21 percent in USD. This discrepancy highlights the significant impact of the […]
Monthly comment (August 2025): A possible rebound?
Following a period of significant underperformance as compared to the broader market, the healthcare sector delivered a positive performance in August, ending the month as the second-best sector in the S&P 500 index. The fund had a strong month, with all sub-sectors, apart from medtech, contributing to the performance. Services was the strongest sub-sector. Despite […]
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 (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 […]
Susanna Urdmark inkluderad i The Hedge Fund Journals ”50 Leading Women in Hedge Funds 2021”
Vi på Rhenman & Partners är väldigt stolta och glada att se Susanna Urdmark inkluderad i The Hedge Fund Journals ”50 Leading Women in Hedge Funds 2021”. Det är ett fantastiskt erkännande av hennes kompetens, dedikation och mångåriga fokus på hälso- och sjukvårdssektorn. Stort grattis Susanna och alla andra nominerade! https://thehedgefundjournal.com/50-leading-women-in-hedge-funds-2021/