Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
Adversity promotes innovation. It is possible that the mRNA developments pioneered by BioNTech and Moderna, as well as ways of working, living and communicating – all advanced by lockdowns, could usher in a new era for healthcare. In our view, there are few investment areas with such strong secular growth trends. Aside from innovation, the sector stands to benefit from multi-decade tailwinds including rising middle classes and ageing demographics. With underlying valuations for the sector looking unstretched relative to the wider equity market, we review the evidence for the sector as a whole and take a look at the AIC’s Biotechnology & Healthcare sector constituents.
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