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11/06/2015 07 07 13 (UTC)[citer]
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11/06/2015 16 04 24 (UTC)[citer]
and .Gavin Haynes managing director of Whitechurch Securities believes investors have turned to the healthcare sector this year in search of stocks that can grow in a more difficult economic environmentHe says rather than being linked to short-term cyclical growth in the economy healthcare has a long-term structural growth story and is viewed as a more defensive sector'In healthcare the long-term dynamics are very positive' says Haynes 'Worldwide the average age is increasing As people get older they spend more money on medical products and services'But he also points to the rising wealth of people in emerging markets: 'As affluence increases so will their ability to afford improved medical care China Brazil and India have huge populations'Over the long term that means increased spending on healthcare and drugs and pharmaceuticals and medical devices Potentially that offers great rewards for the companies offering these services'What should investors consider before taking the plungeThe Nasdaq biotechnology index in the US is up 33 per cent so far in 2014 - far outperforming the MSCI World index which has risen just over 4 per cent in the same periodHaugaard says that because the biotech sector as a whole has done very well funds invested in those stocks have done so too She therefore suggests investors look closely at whether managers' records are simply in line with or beating the overall market when choosing a fund'The sector itself has been extremely strong When you see Axa Framlington up [see table below] that's not a lot of outperformance compared to the index So managers should be outperforming the index'Over the longer term it's important to have skilled fund managers in this sector There are going to be winners and losers'Share picking is very important because there are some expensive biotech stocks and there are some very attractive ones as well'Haynes says healthcare is a major industry sector so investors will get exposure to it if they are in UK and global funds anywayBut he adds: 'It's such a niche area it really requires knowledge of products and services that a generalist fund manager can't provide'He suggests investors who want to buy a specialist healthcare fund limit exposure to no more than 5 per cent of their portfolio and be aware it will also give them significant weighting in the US stock marketMeanwhile he cautions that biotechnology remains only a small part of the overall industry'Healthcare is just one area of the stock market Within that biotech is one smaller area It's a speculative area'If the research comes to fruition the rewards can be great At the same time if they don't reach expectations the effect on the share price can be severe It's a very high-risk volatile area to invest in'He says that the characteristics of biotech stocks are very like those of technology stocks: 'They react very much like a high growth stock You are buying in to what the potential rewards could be a long way down the line'For me if investors are going to look that way I would say get a broad-based healthcare fund which invests in biotech alongside other areas such as pharmaceuticals and medical devices'Healthcare and biotech funds fall into the ? As part of this,The new rules will coincide with pension reforms that will see everyone allowed to take their savings as cash,Britain is, Their mandate for pursuing this policy is gradually being diminished. even though they won't really be any richer or poorer than before.30 January 2015Inherent Vice (15)VerdictFrom the first minute to the distant 149th, I think the quality of the debate today shows what a robust scientific,'Google Translate app will soon translate SPEECH in real timeMacduff Hughes.

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