This month’s feature article is the Hardman & Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman & Co. The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 49 constituents of the index are high-risk, with micro-capitalisations and a long way from commercial success and profitability. Despite this, some companies can still make extremely attractive returns for investors. Although pharmaceutical, biotech and healthcare industries have defensive qualities, they are not immune from global economics. Download to read the article and the January Monthly.