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 […]
Kjell Norling joins the board of Rhenman & Partners
Kjell Norling, former CEO of PP Pension, has been appointed to the board of Rhenman & Partners. Kjell brings extensive experience from the financial sector, having held several senior roles in asset management. Additionally, he possesses significant expertise in distribution-related matters. Kjell has previously been Director at KPMG, Head of Global Fund Distribution at SEB […]
Healthcare sector 2025 review and outlook
2025 was a year defined by two distinct narratives for the healthcare sector. During the first half of the year, attention was heavily focused on political uncertainty and weak biotech funding. In contrast, the second half of the year saw decreased political uncertainty and a better funding environment. With the market shifting focus to the […]
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 […]
Two halves, two stories – the healthcare sector 2025 annual recap
2025 has been a year defined by two distinct narratives for the healthcare sector. During the first half of the year, attention was heavily focused on political uncertainty and the presence of unknown factors. In contrast, the second half of the year has seen a shift in focus toward established Most Favored Nation (MFN) deals […]
Monthly comment (November 2025): Continued momentum for the healthcare sector
The healthcare sector had continued momentum in November, with focus shifting from political uncertainty to underlying fundamentals. Another strong month for the fund which saw positive contributions from all sub-sectors, with biotechnology making the strongest contribution. The fund benefited from the acquisition of Exact Sciences by Abbott. While the outlook for the sector overall looks […]
Monthly comment (October 2025): Earnings season off to a strong start
Summary Strong start to the earnings season for the healthcare sector, supported by further Most Favored Nation deals, and continued positive momentum in biotechnology. The fund delivered strong results with positive contributions from all subsectors, led by biotechnology and medical technology. Exposure to biotechnology was increased, financed by reduced exposure to pharmaceuticals. We believe the […]
Monthly comment (Sep 2025): Signs of increased optimism
Summary September was dominated by US politics and rising investor appetite in the healthcare sector. The US government shut down after Democrats demanded an extension of health insurance marketplace subsidies in the budget negotiations. At the same time, an initial MFN agreement brought greater clarity on drug pricing and tariffs. The fund’s biotechnology segment performed […]