Summary

• The Hartford Healthcare Fund (I Share) underperformed the S&P Composite 1500 Health Care Index during the quarter.
• Biopharma remains a strong source of innovation across multiple areas, including cardiometabolic disease, oncology, and immunology.
• We maintain a selective yet constructive outlook for medical-technology companies.

Market Overview

The S&P Composite 1500 Health Care Index declined -4.82% during the quarter, underperforming the broader US market, as measured by the S&P 500 Index (-4.33%). Within the benchmark, medical technology and healthcare services stocks underperformed, while mid-cap biopharma stocks outperformed

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