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,"
quoted Miller, who runs the Legg Mason Capital Management Value Trust
, as saying at a press conference in Hong Kong on Monday.
Armie Margaret Lee
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