Page 23 - DIY Investor Magazine - Issue 28
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  Drugs are by no means the whole picture. As we highlight above, in terms of overall spend, 86% of US healthcare spending is spent on other things. BB Healthcare (BBH) was set up to invest in companies providing new approaches to transform what the managers view as fundamentally broken healthcare systems around the world. The pandemic has given an early view of how the managers’ thesis fits, and what might evolve over the longer term. For example, the experience of seeing a GP during lockdown shows the potential for the NHS to save significant amounts of money on ‘digital first’ consultations. The pandemic has shown how models of care can shift very significantly given willingness (or need) to adopt alternative approaches. Whichever way an investor interprets the opportunity and chooses to access it, the healthcare sector is likely to be a beneficiary of the rising number of middle-class consumers around the world. According to the OECD, by 2030 the global middle class is expected to number 5.3 billion people. To buy these trusts login to your EQi account Select International Biotechnology Trust (IBT) - GB0004559349 Select BB Healthcare (BBH) - GB00BZCNLL95 This means an additional two billion people around the world who are likely to be looking towards healthcare issues they might previously have tolerated or ignored. Likewise healthcare needs in the developed world are growing as their populations age. According to the WHO, over the next 30 years the world’s population aged 60 or over is expected to total two billion people. While this may seem like good news, there is little evidence to suggest that older people today are experiencing their later years in better health. We can prevent people from dying, but we cannot necessarily cure them. It is with that tailwind in mind that we think this is a sector that looks likely to run and run.    Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that Independent financial advice should be taken before entering into any financial transaction. The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Kepler Partners LLP to any registration requirement within such jurisdiction or country. In particular, this website is exclusively for non-US Persons. Persons who access this information are required to inform themselves and to comply with any such restrictions. The information contained in this website is not intended to constitute, and should not be construed as, investment advice. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Any views and opinions, whilst given in good faith, are subject to change without notice. This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell or take any action in relation to any investment mentioned herein. Any prices or quotations contained herein are indicative only. Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, but will at all times be subject to restrictions imposed by the firm’s internal rules. A copy of the firm’s Conflict of Interest policy is available on request. 23 DIY Investor Magazine | Apr 2021 

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