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The importance of the political factor

Healthcare, still considered a defensive sector, underperformed the overall market during November. Investors interested in this sector must consider not only the fundamental but also the political factors that can affect it.

Fernando Luque 16.12.2002
The MSCI Health Care Index performed badly in November, gaining only 1.2%, in dollar terms, compared with 5.3% for the MSCI World Index. But looking more thoroughly at the various components of this index big differences emerge. For example, in November the World Health Care Equipment & Suppliers portion of the index rose practically 4% while World Health Care Providers declined 10%.

World Health Care Pharmaceuticals, the principal component of the World Health Care Index, gained 2.1% during this period but there were huge differences between one company and another. Eli Lilly, for example, gained an impressive 23% in November while Johnson & Johnson lost 3%.

This behaviour is quite in line with the current investor rotation into defensive areas of t

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Fernando Luque

Fernando Luque  es el Senior Financial Editor de www.morningstar.es