Europe's sovereign debt problem remains the focus for both investors and politicians. However, bad macroeconomic news is often the harbinger of great opportunity.
Healthcare continues as our single largest long theme in anticipation of a significant rerating over the coming years. It may seem outlandish to suggest right now, but we perceive the pharmaceutical industry as a growth sector selling at a value multiple. The valuations attached to European equities remain low relative to most other regions and against historical levels, subdued by the ongoing uncertainty regarding the sovereign debt crisis. Although recent business sentiment data from Germany has been encouraging, the IMF recently downgraded growth estimates for Europe and companies ...
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