Biotech Funds Lead Global Equity Performance as Healthcare Outpaces Tech During Summer Volatility
核心洞察
The Janus Henderson Horizon Biotechnology (搜索) fund was the top-performing global equity fund, posting a 17.28% return over the 10-week period from 1 June to 10 August 2026.
Biotechnology stocks surged on continued clinical breakthroughs and accelerating merger and acquisition activity by large-cap pharmaceutical firms.
The Nasdaq Biotechnology index rose 19.15% year-to-date, outpacing the Nasdaq Composite (15%) and S&P 500 (13.5%).
The Janus Henderson Horizon Biotechnology (搜索) fund, managed by Andy Acker, Daniel Lyons and Agustin Mohedas, was the top-performing global equity fund available for distribution in Hong Kong or Singapore over a 10-week summer period, posting a return of 17.28% between 1 June and 10 August 2026, according to data compiled from FE fundinfo.
The strong showing came amid a sharp reversal of a crowded momentum and artificial intelligence (AI) trade at the start of summer, which sparked volatility in technology stocks and weighed down global equity returns. This was coupled with an ongoing conflict in the Middle East and upward pressure on bond yields driven by inflationary worries, growing fiscal deficits, and bond issuance by both governments and technology companies.
Biotechnology Outperforms Broader Indices
Biotechnology stocks have seen a recent surge as companies in the sector continue to make clinical breakthroughs and large-cap pharmaceutical firms accelerate their merger and acquisition activity. The Nasdaq Biotechnology index is up 19.15% year-to-date, outpacing the broader Nasdaq Composite index return of 15% and the S&P 500 index return of 13.5% over the same period.
Despite a relatively flat return for the period overall, global indices were under pressure from wild moves in tech stocks, most notably in semiconductors. During this period, global equity funds focused on healthcare, value and defensive stocks were among the best performers.
Value and Defensive Strategies Gain Ground
Several value-focused strategies featured among the top performers, including MFS Meridian Contrarian Value (搜索), DWS Invest CROCI World Value (搜索) and iShares MSCI EAFE Value Index (搜索). Value funds performed strongly during the momentum unwind as investors tended to favour cheap stocks with a margin of safety and stable earnings growth as high-flying growth names sold off.
Two strategies focused on stocks with defensive characteristics also ranked among the top performers: Lazard Global Equity Franchise (搜索) and Trojan Ethical Income (搜索). The Lazard Global Equity Franchise, managed by Warryn Robertson, John Mulquiney, Bertrand Cliquet and Matthew Landy, invests in companies the managers consider to have an "economic franchise" in the form of high earnings predictability and large competitive advantages.
The Trojan Ethical Income (搜索) fund, managed by Blake Hutchins, Fergus McCorkell and Aniruddha Kulkarni, focuses on investing in companies with growing dividends through what the managers describe as a "conservative" quality-orientated process.