A stock index created by elEconomista, known as the Eco30, has posted double-digit returns, beating the United States's S&P 500 by 2% and Europe's main index, the Stoxx 600.
In just nine months since its inception, the Eco30 has bested these two global indices. Beating the S&P 500 was its greatest feat considering that it had already outperformed the European index several months ago. At this point, the Eco30 has achieved its goal of beating the top stock index in both Europe and the United States.
At 1,211.73 points and an annual yield of 18%, the Eco30 has passed the S&P 500 which still brags a nice 16% return so far this year and the Stoxx 600, which has only risen 9%. In August the Eco30 hit its annual high at 1,211.83 points after showing positive gains in five of the eight full months that it has existed. It had its best month in July, surging 6.55%.
And there are more positive numbers to consider. 83% of the stocks listed on the index rose in value over the past eight months. Further, half of these 30 companies rose by at least 20%.
Healthcare companies listed on the index have performed particularly well. The companies in this sector are laregly responsible for the index's success: Celgene, Gilead, Valeant Pharmaceuticals (all three added in June and leading performers on the index) and Astellas Pharma.
Celgene was the top performer of this group. The biopharma company has gained 87% this year and more than 91% since March 2012. The Canadian firm Valeant Pharmaceuticals and the US firm Gilead have both increased in value by 75% and 66% respectively. Revenues at Valeant are especially strong.
