XBI - RGA Investment Advisors Q4 2023 Investment Commentary

2024-02-15 02:00:00 ET

Summary

• RGA Investment Advisors are an independent, fee-only investment management firm providing wealth management and financial planning for individuals, families, non-profit firms, and corporations of all sizes.
• Several significant trends that emerged in late 2021 continued and even accelerated throughout the year.
• We are intensely focused on three specific factors that seem entirely unloved by Mr. Market today.
• We explore what draws us to each area and how we approach these opportunities.

Good Things Come in Threes: Small Caps, Life Science and International Equities

At the end of 2023, the stark contrast between this year and the last was evident from the headlines. However, beneath the surface, several significant trends that emerged in late 2021 continued and even accelerated throughout the year. These trends have created what we consider one of the most exciting opportunity sets in our firm's history. We are intensely focused on three specific factors that seem entirely unloved by Mr. Market today:

1. Small cap equities
2. Life Science Tools and Instruments
3. International Equities

Our love for these three areas need not preclude us from investing in large cap US equities. In fact, two of the so-called “Magnificent 7” represent a sizable portion of our invested assets; however, our buying over the past year and our watchlist are full of securities within each of these three buckets....

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