Healthcare’s Next Cycle: Three Reasons the Recovery May Be Just Getting Started – Tema ETFs – 2.23.26

Summary:

After a four-year bear market, healthcare regained momentum in the second half of 2025. But this rebound may be less an endpoint than the early stages of a new cycle. Biotech remains roughly 30% below its COVID-era peak, and the broader healthcare sector continues to trade at a 16% discount to the S&P 500—valuation gaps that history suggests rarely persist.

Join Dr. David Song, MD, PhD, CFA, and Yuri Khodjamirian, CIO, CFA, for a timely discussion on why healthcare’s next bull cycle may be taking shape—and where investors might find the most compelling opportunities as fundamentals, innovation, and valuations realign. We’ll further expand on how investors can put this setup and backdrop into practice across portfolios.

Topics to be discussed include:

• An early-cycle setup: Despite last year’s rebound, healthcare remains out of favor. Sector fund outflows have steepened, valuations lag the broader market, and biotech is still far off recent highs—conditions that have historically preceded sustained recoveries.
• Breakthrough drugs, massive markets: From obesity treatments and the first non-opioid painkiller in decades to next-generation cancer therapies, innovation is accelerating across healthcare.
• AI across the value chain: Healthcare has adopted commercial AI faster than virtually any other industry, spanning drug discovery, diagnostics, and care delivery.

Accepted for 1 CFP / IWI / CFA CE Credit

Speakers:

David Song is the Head of Healthcare and Investment Partner at Tema ETFs. David has led biotechnology and healthcare investment teams throughout his extensive 25-year career at Rockefeller Capital Management, Millennium and Balyasny. He studied Economics and Biochemistry at Yale, is a medical doctor and has a PhD in Applied Economics from Wharton. David is a CFA charter holder.

Yuri is Chief Investment Officer at Tema ETFs. He has over 17 years investment experience primarily from Majedie Asset Management where he managed UK and global equity portfolios. As co-manager of the Majedie UK Income Fund, he helped build the fund from start-up stage, raising several billion in assets. He holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. Yuri is a CFA charter holder.