April 22, 2026 | U.S. Value Equity

Healthcare Reset

After several years of headwinds—from post-COVID dynamics to policy pressures—greater visibility and durable demand drivers are revealing compelling entry points across high-quality healthcare names.

Right now we want to increase our healthcare exposure. The group has underperformed the past three years. That’s been due to post-COVID dynamics with utilization and also the supply chain. There have been some regulatory changes; Medicare rates often falling short of expectations. Political risks have reduced the insured population of both Medicaid and health insurance exchanges, and then now more recently, tariffs and drug price negotiations. All of these risks, there’s more visibility now than there has been in many years. The healthcare sector remains 18% of GDP. It’s well known: aging demographics and favorable outpatient shift. And now currently there’s more opportunity with good companies trading at reasonable valuations than at any time in the past few years.

Filmed March 2026

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