Technology-driven innovation is reshaping global healthcare across the spectrum of research, diagnosis, treatment and aftercare. In the last two years alone we have seen groundbreaking innovation, such as the Nobel Prize winning AlphaFold system that has predicted over 200 million protein structures, a feat that would have potentially taken millions of years to map using traditional methods. Understanding proteins is essential for biological research that enables us to both understand a disease and the related medicine discovery.
For the Jupiter Global Leaders strategy, structural innovation which delivers positive real world outcomes aligns strongly with our long-term investment philosophy. Our focus is on resilient, cash-generative companies that are at the forefront of the transition to a more sustainable world through how they behave and the real-world outcome of what they sell. These characteristics are particularly relevant to the field of cancer research and diagnostics, where innovation is redefining the care pathway.
Nearly 20 million people receive a cancer diagnosis each year1, with survival rates heavily dependent on early detection. Yet patient journeys remain complex, often punctuated by long waits for imaging, testing and clinical confirmation.
Developing technologies and careful application of innovation is proving particularly effective within laboratories, hospitals and specialist suppliers. We are seeing a technology-led acceleration of research, with increased diagnostic accuracy, faster drug discovery, and tangible reduction of costs and ultimately improved patient outcomes.
Research and diagnostics: precision and speed
One of the clearest areas where technology is delivering real-world improvements is medical imaging. Machine-learning algorithms excel at identifying subtle abnormalities - patterns that are often imperceptible to the human eye. This is transformative in oncology, where early identification can vastly improve survival prospects.
Danaher, a global leader in diagnostic technologies, provides a powerful illustration. Its AI-enabled high-content imaging systems allow analysis up to 40 times faster2 than traditional methods, giving clinicians deeper insight into tumour structures and accelerating clinical decision-making. The company now facilitates more than nine billion diagnostic tests a year, including 1.6 million cancer tests every week3 - evidence of both scale and life-changing impact.
Siemens Healthineers is similarly redefining imaging through enhanced CT and MRI technologies. Its platforms support twice the image resolution and deliver time savings of up to 74% in CT procedures4, reducing appointment times to 10% of the original waiting times and enhancing efficiency of healthcare systems.
These advances do not merely improve accuracy; they enable access to high-quality diagnostics by reducing labour intensity, supporting faster patient throughput.
Targeted treatment pathway: efficacy
Behind every cancer diagnosis lies a series of laboratory tests, many of which have historically been time-consuming and vulnerable to manual error. AI and automation are now transforming this environment, turning what were once bottlenecks into engines of efficiency.
Agilent Technologies has delivered fourfold productivity gains in sample processing, analysing 100 samples in under 25 minutes5, helping clinicians provide earlier, more informed diagnoses. These efficiency gains translate directly into shorter patient waiting times and more dependable testing environments.
Agilent’s strengths also span genomics and next-generation sequencing, both central to modern oncology. The company’s tools help researchers identify critical biomarkers underpinning diseases such as lymphoma, enabling the development of targeted therapies for conditions characterised by complex, heterogeneous genetic profiles.
Mettler-Toledo provides automated instruments and integrated software platforms that enable safe, fully unattended experimentation around the clock, operating 24 hours a day6. This continuous workflow not only accelerates discovery but improves efficiency and data reliability.
Aftercare: through the entire care pathway
The cancer journey extends far beyond diagnosis and treatment. Many patients live with complex side effects such as lymphedema, hearing loss or compromised immunity - areas where several of our holdings also play vital roles. This is another area in which companies held in the strategy are making a real-world difference through their products and services:
- Essity provides compression garments essential in managing breast-cancer-related lymphedema, a condition affecting nearly half of breast cancer patients.
- CSL develops highly innovative cell and gene therapies designed to reprogramme a patient’s own immune cells to identify and destroy cancer. The company also provides immunoglobulin replacement therapy for blood cancer patients, helping to restore missing antibodies and reduce the risk of infection.
- Cochlear supports those who experience hearing loss following chemotherapy or radiation to the head or neck, treatments that can damage the inner ear.
- Chemed provides specialised hospice and palliative care to end stage cancer patients, delivering pain management, emotional support and, where appropriate, continued treatments to preserve quality of life. The company is also advancing virtual reality therapy, helping patients reduce pain and anxiety through immersive, calming experiences.
- Ecolab plays a critical role in infection prevention in hospitals and cancer centres through hand hygiene solutions, contamination control, and comprehensive cleaning, disinfection and sanitation processes, helping reduce infection risks for immunocompromised cancer patients. In its Life Sciences division, Ecolab also contributes to the purification and contamination control of biologic drugs, including antibody-based cancer therapies, supporting product quality, safety, regulatory compliance and operational efficiency.
These contributions illustrate the breadth of the cancer-related ecosystem - spanning diagnosis, treatment and quality-of-life support.
Preventative Healthcare: strengthening the first line of defence
We see preventative healthcare as one of the most structurally resilient and economically compelling themes within the Global Leaders strategy, reflecting our conviction that early detection, risk mitigation and disease prevention not only improve patient outcomes but also reduce long-term health-system strain. This area is supported by regulatory tailwinds, strong legislative alignment, and a growing recognition that prevention offers both societal and financial benefits. For example, in June 2025, the US Supreme Court upheld a core provision of the Affordable Care Act requiring private insurers to cover most evidence-based preventive services, including cancer screenings, vaccinations and chronic disease tests, without patient cost-sharing.7
A strategy underpinned by financial resilience and real-world outcomes
The Global Leaders strategy aims to identify companies capable of compounding growth over the long term. Preventative healthcare and innovation in diagnostics have attractive fundamentals with high customer retention, essential components and strong barriers to entry.
All of the stocks mentioned in in this article are currently held in the Jupiter Global Leaders strategy, and the tangible benefits they provide are critical to our investment thesis, delivering demonstrable improvements in patient outcomes; faster, more accurate diagnosis; reduced treatment delays; earlier interventions; personalised therapies; and greater support across the care continuum. Please note that all the company examples in this article are for illustrative purposes only and are not a recommendation to buy or sell.
We have a ten-year investment horizon, investing in companies at the forefront of long-term structural growth drivers that deliver positive real world outcomes.
Strategy risks
- Company shares (i.e. equities) risk: The value of investments can go down as well as up as a result of stock market movements and general market conditions. Other influential factors include political, economic news, company earnings and significant corporate events.
- Counterparty risk: The risk of losses due to the default of a counterparty e.g. on a derivatives contract or a custodian that is safeguarding the strategy's assets.
- Currency (FX) risk: The strategy can be exposed to different currencies and movements in foreign exchange rates can cause the value of investments to fall as well as rise.
- Derivative risk: The strategy may use derivatives to reduce costs and/or the overall risk of the strategy (this is also known as Efficient Portfolio Management or "EPM"). Derivatives involve a level of risk, however, for EPM they should not increase the overall riskiness of the strategy.
- ESG Risks: Investments are selected or excluded on both financial and non-financial criteria. The Fund's performance may differ from the broader market or other Funds that do not assess ESG risks when selecting investments.
- ESG Data: The Fund uses data from third parties (which may include providers for research, reports, screenings and/or analysis such as index providers and consultants) and that information or data may be incomplete, inaccurate or inconsistent.
- Pricing risk: Price movements in financial assets mean the value of assets can fall as well as rise, with this risk typically amplified in more volatile market conditions.
3https://www.danaher.com/our-businesses/diagnostics/leica-biosystems
4https://www.siemens-healthineers.com/medical-imaging/ai-in-radiology
6https://www.mt.com/us/en/home/products/lab-solutions/lab-automation.html
7https://www.healthcaredive.com/news/supreme-court-aca-preventive-care-mandate-decision-braidwood-kennedy/751806/ and https://www.congress.gov/crs-product/IF13010
The value of active minds: independent thinking
A key feature of Jupiter’s investment approach is that we eschew the adoption of a house view, instead preferring to allow our specialist fund managers to formulate their own opinions on their asset class. As a result, it should be noted that any views expressed – including on matters relating to environmental, social and governance considerations – are those of the author(s), and may differ from views held by other Jupiter investment professionals.
Important information
Marketing communication. This document is intended for investment professionals and is not for the use or benefit of other persons, including retail investors. The value of investments and income may go down as well as up and investors may not get back amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. This document is information only and is not investment advice. The views expressed are those of the author(s) at the time of preparation, are not necessarily those of Jupiter as a whole and may be subject to change. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Past performance does not predict future returns. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. This document may include ESG-related content which reflects Jupiter’s current policies and frameworks and may evolve over time. No part of this document may be reproduced in any manner without the prior permission of Jupiter. Company logos, images or trademarks are for reference only and does not imply any affiliation with or endorsement by them.