FOR much of 2023, mega-cap technology stocks drove global equity market returns amid the excitement over artificial intelligence and its applications.
Moreover, as the economy continued to defy expectations of a recession, defensive sectors were left behind. For instance, the healthcare sector delivered returns of 4.3 per cent in 2023, lagging behind most sectors and the broader equity market, measured by the MSCI World Index, which delivered returns of 24.5 per cent.
The healthcare sector can be broadly broken down into five main segments: pharmaceuticals; healthcare equipment and supplies; healthcare provider and services; biotechnology; and life science tools and services.
The two largest...
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