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Monday, March 22, 2010

Fund Managers Weigh in on Health-Care Stocks

News summary by MFWire's editors

Today's Fund Track column dissects the subject that's on everyone's mind: healthcare. Specifically, the Journal's Daisy Maxey talked to fund managers about whether they were buying healthcare stocks while the bill roused rage in Washington over the past several months, leading up to last night's "yes" vote .

The managers Maxey spoke with generally felt that the stocks, which dropped dramatically during the prolonged debate, were undervalued. Fred Alger CEO and CIO Daniel Chung weighed in on the subject, as did Hartford Value Fund's lead portfolio manager Karen Grimes, and Putnam Global Healthcare Fund manager Kelsey Chen.

Meanwhile, thousands of miles away in Hong Kong, Legg Mason's Bill Miller voiced his thoughts on healthcare stocks.

"The political benefits of the healthcare reform will come first, and the more painful aspects such as higher taxes will come later, so cheaper healthcare stocks will do better in the next few months," Reuters quoted Miller, who runs the Legg Mason Capital Management Value Trust, as saying at a press conference in Hong Kong on Monday. 

Edited by: Armie Margaret Lee

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