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Teva Pharmaceuticals is one such value play. Shares are down 20 percent over the last 12 months but Taner says the generic drug maker is well positioned long-term. Teva also markets Copaxone for multiple sclerosis and is a savvy acquirer that is expected to generate mid single-digit EPS growth going forward.
Another opportunistic holding is CareFusion , part of a medical devices group that Taner considers inexpensive but susceptible to slowing growth rates. The company’s operating margins currently lag its competitors but Taner expects improvement over the next two to five years.
You can gain focused exposure to the medical devices market via the Dow Jones U.S. Medical Devices ETF or the Fidelity Select Medical Equipment & Systems Portfolio.
Managed care is the Invesco fund’s biggest overweight group. These stocks, which include fund holdings Wellpoint, Aetna, and Unitedhealth Group , have responded well to health care reform, are fairly priced and generate strong free cash flow.
Direct plays on the managed care segment include the Dow Jones U.S. Healthcare Providers ETF and theFidelity Select Medical Delivery Portfolio.
The Manning & Napier Life Sciences Fund searches for health care stocks that improve convenience for patients, payors and service providers.
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