Gavekal Capital: European Biotech: Continued Outperformance

Friday, June 20, 2014

Members of the MSCI Europe Biotechnology sub-industry continue to outperform:

Valuations are not extremely compelling:

Relative to history, however, valuations have moderated for some members of the group:

About Gavekal Capital

Gavekal Capital is a US registered investment advisory firm that manages the Gavekal Knowledge Leaders Strategy. Knowledge Leaders are a group of the world’s leading innovators with deep reservoirs of intangible capital. These companies often possess competitive advantages such as strong brand, proprietary knowledge or a unique distribution mechanism. Knowledge Leaders are largely service-based and advanced manufacturing businesses, often operating globally. Gavekal Capital seeks to identify the world’s leading knowledge companies through a proprietary process that analyzes corporate knowledge investments.
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