Equity Thematic Strategy: Reiterating Healthcare, Risk/Reward Attractive, High Conviction Franchise and Innovation Ideas

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Equity Thematic Strategy: Reiterating Healthcare, Risk/Reward Attractive, High Conviction Franchise and Innovation Ideas

J P M O R G A N Global Markets Strategy

28 July 2026

Equity Thematic Strategy

Reiterating Healthcare, Risk/Reward Attractive, High

Conviction Franchise and Innovation Ideas

Healthcare offers a rare combination of durable growth, Technology-like Global Equity Strategy

ACprofitability, attractive valuation and diversification benefits at a time when many Dubravko Lakos-Bujas

investors remain heavily concentrated in the AI theme. For much of the past three (1-212) 622-3601

years, investor capital has been singularly focused on AI and AI-adjacent themes, dubravko.lakos-bujas@jpmorgan.com

leaving one of the market’s largest and most durable growth sectors increasingly Bhupinder Singh AC

overlooked. The US Healthcare sector has experienced one of its deepest periods (1-212) 622-9812

of underperformance in decades, lagging the S&P 500 every year since ChatGPT bhupinder.singh@jpmorgan.com

launch in 2022 (see Figure 23S&P50SectorRelativeReturns) and enduring five separate peak-to-trough Kamal Tamboli AC

drawdown episodes exceeding 10% amidst one of the strongest market rallies (see (1-212) 622-5794

kamal.r.tamboli@jpmorgan.com

Figure 135MajorHealthcareCorections(>10%)). As a result, Healthcare’s weight in the S&P 500 has fallen to ~9% from

Head of North America Equity

~16% at its peak (see Figure 5S&P50SectorWeights), relegating the sector from the second-largest sector

Research

in the index to the fifth-largest today (see Figure 26S&P50SectorWeights). Investor concerns around

drug pricing reform (e.g. IRA or MFN), reimbursement pressures, Medicaid cuts Ken Goldman

and policy uncertainty (e.g. DOGE, tariff, ACA exchange policy, etc.) have (1-212) 622-0359