Global healthcare stocks have impressed as well. In the first quarter, the S&P Global BMI Index jumped 8.7% with equivalent healthcare indexes in Europe, Asia and India outperforming multi-sector benchmarks in those regions.
The $1.69 billion iShares Global Healthcare ETF (NYSEArca: IXJ) is higher by nearly 11% this year and has added $147 million in new assets. Though the U.S. accounts for nearly two-thirds of IXJ’s country weight, half of the ETF’s top 10 holdings are non-U.S. firms.
“These data also imply that the market believes the healthcare sector will continue to be prosperous. Flows into the space indicate confidence, while recent growth in biotechnology demonstrated that some past wounds have healed,” adds Bennett.
Health Care Select Sector SPDR