Healthcare returned -3.2% in June, extending its year-to-date outperformance versus global equities to 10.2%. In June, central banks were in the limelight as hopes that inflation had peaked were again crushed. The FED then proceeded with its largest rate hike since 1994 – hinting of another hefty 75 bp increase in July. Ditto for the ECB, which confirmed a 25 bp hike for July. And even the Swiss National Bank surprised markets with its first hike (50 bp) in 15 years. These central bank actions and ongoing worries of a FED-induced soft landing caused global equities to drop 8.7% in June.