Healthcare is an actively managed equity fund that mainly invests worldwide in large and medium-sized companies across a range of sectors in the healthcare industry, including pharmaceuticals, biotechnology, medical technology and healthcare services. The fund is managed with a long-term investment horizon and an active investment strategy focused on a selection of companies, where regional and thematic analyses are also key features of the strategy. The fund complies with Swedbank Robur’s Responsible Investment Policy. Read more about the policy in the fund’s Information Brochure and swedbankrobur.se. Sustainability and climate work is an integrated part in our investment strategy. The fund consists of share classes, for more information see the Information Brochure. The fund is suitable for those who believe in the healthcare industry.
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Updated 2026-05-07The healthcare sector fell during April. US health insurance companies performed best, whilst healthcare companies, medtech companies and pharmaceutical distributors underperformed as a group.
US health insurers have historically enjoyed growing business, but in recent years volatility has increased, partly as a result of political decisions. At the same time, healthcare consumption has been high, which has been detrimental to insurance companies.
So far in 2026, healthcare consumption is not growing as rapidly, and several insurance companies delivered positive surprises in their quarterly reports in April. The most difficult question going forward is whether the political system will work towards cost savings within the healthcare system. The fund has increased its exposure to the health insurance segment.
Among healthcare companies, the fund holds HCA and Tenet Healthcare, both of which delivered acceptable results, but acknowledged that the future is more uncertain than usual. The medtech sector, with its exposure to healthcare, has also had a challenging last six months, and April was no different. The fund is overweight in healthcare companies but underweight in medical technology.
In April, Eli Lilly launched its weight-management pill, Foundayo. The company raised its forecast for total sales in 2026 to over $82 billion. This compares with $28 billion in 2022 – a testament to the growth of medicines for diabetes and weight management.
The fund bought shares in the pharmaceutical distributor Cardinal Health and the health insurance company Centene, and increased its position in the health insurance company UnitedHealth. The fund sold its entire holdings in the pharmaceutical distributor Cencora, the conglomerate Fresenius, the pharmaceutical company Neurocrine, and the lens manufacturer Coopers. The fund reduced its exposure to, among others, the pharmaceutical distributor McKesson and the pharmaceutical company Gilead.
Health insurance companies UnitedHealth Group and Cigna, and pharmaceutical company SOBI contributed most to the fund’s return. The largest negative contributions came from pharmaceutical companies Merck, Johnson & Johnson, and AstraZeneca.
Management
Managed the fund since
2022-03-07
Markus Wistrand
Markus Wistrand manages Swedbank Robur Healthcare. He has extensive experience from the healthcare sector and joined Swedbank Robur in 2022. Experience and education He has previously worked as Managing Director at HealthInvest Partners (2014-2022), where he also worked as financial analyst (2006-2022). Prior to this, he worked as development coordinator at Q-med (2006). Markus has an M.Sc in Business Administration from Stockholm School of Economics (2005) and an M.Sc in Biotechnology from Uppsala University (1996-2002). He has also an PhD in Computational Biology from Karolinska Institutet (2002-2006).
Global equities team
Our global equities team invests in the majority of the markets around the world. The fund managers are responsible for their individual funds and select the companies to invest in, at the same time as the entire team works closely together, sharing knowledge and ideas. The team consists of eleven portfolio managers, and they are supported by our sustainability analysts and corporate governance specialists, which gives them a unique and broad basis for their investments.
Active equity funds
The actively managed equity funds apply an investment strategy based on analysis of fundamentals. The focus is on the selection of companies, but sector, regional and thematic analyses are also key components of the strategy. The fund managers strive through active management to attain a return that exceeds the average return in the markets where the funds invest, in other words, a return that exceeds the fund’s benchmark index. Our fund managers integrate sustainability as a natural component of the funds’ investment processes.
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Updated: 30/04/2026
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Updated: 30/04/2026
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Updated: 30/04/2026
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4 / 7Sharpe ratio 2 y
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Sustainable Finance Disclosures
Summary
This financial product promotes environmental or social characteristics, but does not have a sustainable investment objective. However, the fund will have a minimum share of sustainable investments.
The fund analyses how the sustainable investments affect such things as emissions, water and biodiversity on an ongoing basis. The fund also ensures that the holdings do not seriously and systematically infringe on accepted international standards and conventions relating to sustainability as adopted by the UN, ILO and OECD or are otherwise involved in unacceptable operations relating to sustainability or corporate governance.
External suppliers will provide Swedbank Robur with an analysis of which companies can be associated with violations of international norms. Based on information from our suppliers and other available information, Swedbank Robur will make its own assessment on whether it is a question of a serious and systematic violation. If such a violation is deemed to occur, the company's securities are not a sustainable investment.
The fund promotes low emissions of carbon dioxide, a net zero target, business strategies that include the UN Global Goals (SDGs), an environmentally more sustainable approach by the activities of companies through Environmental Engagement (E) and an increased social responsibility on the part of companies through Social Engagement (S).
Sustainability and climate work constitute an integrated part of the investment strategy in order to manage sustainability and climate risks and to promote environmental and social characteristics. The fund is obligated to follow the Management Company’s "Policy for Responsible Investments" (adopted by the Board) and uses three overarching methods ("include", "exclude" and "engage") in order to achieve the environmental and social characteristics promoted by the fund. The fund follows the Management Company’s "Principles for Shareholder Engagement" (adopted by the Board). As an active owner, the aim of Swedbank Robur is that the companies we invest in are managed in an efficient and long-term sustainable manner.
There are plans for at least 80% of the fund's assets to consist of investments aligned with environmental or social characteristics, of which at least 60% will be sustainable investments.
The Management Company’s risk function monitors and checks that the environmental or social characteristics that the fund promotes are complied with. The risk function also performs a quarterly follow-up and analysis of the metrics the Management Company has selected to measure how the fund’s investments promote environmental or social characteristics.
In order to measure the attainment of the environmental and social characteristics that the fund promotes, the sustainability indicators weighted average carbon dioxide intensity, net zero target, SDG aligned revenues, Environmental Engagement (E) and Social Engagement (S) are used.
Swedbank Robur uses several sources in its process to measure how funds promote environmental and social characteristics. Swedbank Robur purchases data from major data providers that have demonstrated a robust method for guaranteeing the quality of data. In order to guarantee the quality of the data purchased, the supplier's data and product range are reviewed. When there is an opportunity, test data is taken from several providers offering the same product in order to compare as large a selection as possible.
There are a number of limitations with the models and data being currently used. The main limitation is the number of asset allocations for which metric calculation methods exist. The coverage is generally good for the funds, where a mix between reported and estimated data is used. Furthermore, Swedbank Robur believes that the method used by the data provider for estimating data is reliable.
The Management Company has due diligence procedures in place in order to ensure that sustainability risks and the sustainability requirements established for the fund are taken into consideration in the investment decision. Sustainability analysis is an integrated part of the fund management’s investment process. In order to manage sustainability risks and integrate the risks in investment decisions, the fund management follows the procedures that the Management Company describes in the Management Company’s "Strategy to include" and "Strategy to exclude". The Management Company’s risk function performs a daily inspection to determine whether the fund’s holdings fulfil its sustainability requirements and regulations regarding exclusion.
The fund follows the Management Company's "Principles for Shareholder Engagement" (adopted by the Board). In the event of sustainability-related controversies in invested companies, Swedbank Robur has special procedures and processes to monitor and follow up with the company. Both dialogue work and voting are key tools to try to prevent and respond to sustainability-related controversies.