Insights & News - EFGAM New Capital

GLP-1 Drugs and Healthcare Disruptors

We believe the recent sell-off could represent an opportunity for us to establish or add to positions in the fund. Despite an attractive insular growth outlook, valuation multiples in both Medical Devices and Biotechnology have dropped more than one standard deviation below their long-term averages. For our fund specifically, the forward sales multiple has declined more than 38% since the start of the year. While we have a few names that have been directly impacted by the recent GLP-1 fervor (e.g., Dexcom, Intuitive Surgical and Shockwave Medical), the bulk of our portfolio is focused on next-generation diagnostics and breakthrough treatments that are unaffected by the potential fluctuations of the “waistlines” in the developed world.

26 octobre 2023

MFN - IMF: navigating global divergences

The International Monetary Fund (IMF) recently released its latest World Economic Outlook (WEO). Its projections for global GDP growth are broadly unchanged relative to the April WEO and July WEO update but the risks to the outlook have become more balanced.

19 octobre 2023

MFN - Financial variables are more uncertain than you think

Financial variables are more uncertain than many investors recognise. That message is worth recalling at the present juncture where both short-term and long-term interest rates are seen as close to their peaks. While many commentators may expect both to decline slowly, history suggests that they may move by large amounts in either direction in the coming months.

18 octobre 2023

GLP-1 Drugs and Healthcare Disruptors

MFN - IMF: navigating global divergences

MFN - Financial variables are more uncertain than you think

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