As discussed in yesterday's quarterly investor call (see here for a recap), the counter-cyclicals (and the growth counter-cyclicals, in particular) are currently the most attractive group in MSCI Europe. Regular readers know that one of our favorite, knowledge-rich, heavy r&d investing groups is the Pharmaceutical sub-industry. So how are the constituents performing relative to the MSCI World?
For the most part, uptrends are intact in our point-and-figure charts:
A few names have suffered setbacks, however:
Overall, valuations remain some of the highest in all of MSCI Europe: