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Healthcare is a strong defensive sector with pharmaceuticals, hospitals and managed care, and health insurance companies providing steady visibility on earnings growth during periods of market stress. We may encounter such a period of high volatility during the first half if the Federal Reserve starts to walk back market expectations of a rate cut in March 2024.
If the 10-year yield remains below 4%, we are likely to witness biotechnology and growth-oriented medical products and services stocks do well. We continue to believe portfolio…