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The MSCI World Healthcare NR Index returned -2.7% in February, while the MSCI World NR Index rose 2.6%. During the last week of the month, many sectors took a hit because of rising 10-year Treasury rates (now at their highest levels in a year), enhancing on one hand the attractiveness of bonds vs. Equities and on the other hand propelling cyclical stocks.

Healthcare started 2021 on a very positive note, outperforming most of the other sectors (Energy, 3.0%, being the sole exception). The MSCI World Healthcare Net Return (NR) Index gained 1.1% in January 2021, while the MSCI World NR Index declined 1.0%.

The MSCI World Healthcare Net Return (NR) Index rose by 9.0% in November 2020 and the MSCI World NR Index gained 12.8%. November was the best month for global equities year-to-date (12.8%), with cyclicals outperforming defensive sectors.