La asistencia sanitaria fue un tema clave durante la campaña electoral en Estados Unidos. Las preocupaciones en torno a que el precio de los medicamentos pudiera llegar a estar estrictamente regulado comenzaron con el primer tuit de Hillary Clinton durante el verano de 2015 y con el escándalo que rodeó a Valeant. La preocupación por esta decisión de controlar el precio de los medicamentos en Estados Unidos desencadenó una corrección que ha llegado a su fin con la elección del candidato republicano. El mercado finalmente será ahora capaz de centrarse en los sólidos fundamentales del sector, en su capacidad innovadora y su alta visibilidad en el crecimiento.
En este contexto, dentro de nuestro fondo Edmond de Rothschild Fund Global Healthcare hemos fortalecido significativamente nuestra exposición a compañías biotecnológicas que ya han lanzado sus primeros productos y que disfrutan de visibilidad del crecimiento. Hemos reducido nuestras inversiones en compañías de equipamiento médico que han tenido un gran comportamiento en los últimos meses. El sector de seguros médicos ha sido reforzado dentro de la cartera. Finalmente, hemos introducido selectivamente empresas farmacéuticas que creemos que se han visto excesivamente penalizadas por la agitación causada por las elecciones. Preferimos acciones de firmas biotecnológicas como Celgene. Esta compañía, que está especializada en el tratamiento de mieloma múltiple, posee la franquicia Revlimid –una medicina que genera ventas por valor de 6.700 millones de dólares. Celgene se beneficia del sólido crecimiento de sus productos existentes y de una cartera de nueve fármacos que se encuentran actualmente en fases avanzadas de desarrollo.
Allegran también se encuentra entre nuestras convicciones más fuertes. La compañía farmacéutica aborda a varias categorías terapéuticas, incluyendo dermatología, estética y de cuidado de la visión. La reciente venta de su negocio genérico a Teva por 40.0000 millones de dólares ha permitido a la compañía reorientarse en las áreas terapéuticas, devolver efectivo a los accionistas y a reinvertir en tratamientos innovadores.
Adeline Salat-Baroux, gestora de del fondo Edmond de Rothschild Fund Global Healthcare
December 2016. Non-binding document. This document is for information only.Edmond de Rothschild Fund Global Healthcare is a sub fund of the Luxembourg-regulated SICAV which is approved by the CSSF and approved for marketing in Austria, Belgium, Switzerland,Germany, Spain, France, UK, Italia and Luxembourg.
The fund managers may change during the product’s life. Edmond de Rothschild Fund SICAV CNMV number is n.229. For further details and information about the fund, consult the fund prospectus, bylaws and financial reports, all of which are available from any authorised distributor or from the CNMV.
The sub fund is a category 6 (over a scale from 1 to 7) or high risk/return fund profile which reflects its ability to be up to 110% exposed to equity markets. The risks described below are not exhaustive: it is the responsibility of investors to analyse each investment’s risk and to come to their own opinion: capital loss risk, equity risk, discretionary management risk, risk associated to small and mid-capitalizations, currency risk, interest rate risk, credit risk, risks associatedwith financial contract exposure and counterparty risk, risk linked to derivative products, risk associated with investments in the healthcare sector, risks associated with investing in emerging markets.
Disclaimer: Information on stocks may not in any way whatsoever be construed as an opinion of Edmond de Rothschild Asset Management (France) on future price trends in the said companies, nor, where applicable, on the likely price trend of the financial instruments that these companies might issue. Any information herein cannot be interpreted as a solicitation to buy or sell these stocks.
The data, comments and analysis in this bulletin reflect the opinion of Edmond de Rothschild Asset Management (France) and its affiliates with respect to the markets and their trends, their regulation and tax treatment, on the basis of its own expertise, economic analysis and information currently known to it. However, they shall not under any circumstances be construed as comprising any sort of undertaking or guarantee whatsoever on the part of Edmond de Rothschild Asset Management (France). Potential investors should consult their service provider or advisor and exercise their own judgement independently of Edmond de Rothschild Asset Management (France) on the risks inherent to each investment and its
suitability to their own personal and financial circumstances. To this end, investors must acquaint themselves with the key investor information document (KIID) that is provided before any subscription and available at http://funds.edram.com or on request from the head offices of Edmond de Rothschild Asset Management (France) and Edmond de Rothschild Asset Management (Luxembourg).
GLOBAL DISTRIBUTOR
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
47, rue du Faubourg Saint-Honoré, 75401 Paris Cedex 08
Société anonyme governed by an executive board
and a supervisory board with capital of 11,033,769 euros
AMF Registration No. GP 04000015 – 332.652.536 R.C.S. Paris
MANAGEMENT COMPANY
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG)
20, Boulevard Emmanuel Servais, L – 2535 Luxembourg
SUB INVESTMENT MANAGER
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
47, rue du Faubourg Saint-Honoré, 75401 Paris Cedex 08
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE),
SUCURSAL EN ESPAÑA
Paseo de la Castellana 55 – 28046 Madrid – Spain
