Summary

• The Portfolio returned -3.47% (gross) and the MSCI World Health Care Index SM returned -4.42%.
• Stock selection and an overweight to biotechnology were the leading contributors to relative returns, while an underweight and stock selection in pharmaceuticals were slight detractors.
• We see a positive backdrop to help the healthcare sector trade more on its impressive innovation, which is at the core of our investment process.

Investment environment

• Healthcare stocks ended the first quarter lower amid heightened geopolitical tensions as the war in Iran raised inflation concerns and lowered rate-cut expectations. Devices and medical-technology stocks led the sector lower, while pharmaceuticals registered modest

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