Investment funds expert Stifel has turned positive on Worldwide Healthcare Trust (WWH), a capital growth-focused pharmaceutical and biotechnology investor.

‘After the market volatility in the fourth quarter of 2018, some investors may be looking to reduce their portfolio cyclicality,’ argues Stifel. ‘Healthcare is one potential area as it is typically viewed as a defensive, non-cyclical industry supported by structural tailwinds.’

Stifel notes that the performance of Worldwide Healthcare Trust, managed by Sven Borho and Trevor Polischuk, has ‘recovered somewhat this year’, boosted by the takeover of portfolio holding Celgene by Bristol-Myers for $74bn, a princely 54% premium, and over the longer term its track record has been good.

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