Striking indexed performance graph of Healthcare; basically COH, and nothing else. We see good value in SHL, ANN, RHC, but those have not been the right calls of late (or, for a while!).

We did think we were getting good buying by establishing positions either after downgrades, or after material retracements from peak, but still entered too soon.

Gold is also interesting, in that many names are still flat to down, despite a very strong gold price. This is mainly an observation that most gold producers are terrible at maintaining or growing costs, while keeping costs down. PRU has been without a doubt the best operator on the exchange for some time.

The below adds in the price of gold, which is up some 20% or so over the last few years, and you can see WGX, EVN, RSG, RRL all managing to underindex.

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