REGN - XLV XBI: Why We're Bullish On Healthcare (Generally) And Biotech (Specifically)

• In spite of half of our FMP's four building blocks trading in distress-mode, the portfolio/investment strategy is working just fine.
• Although stocks are no longer expensive, the economy is looking so fragile, posing a great deal of risk for further decline.
• This year's lead investment themes remain intact, and we're still very much in a risk-off environment.
• One of the sectors we remain constructive about is Healthcare as it fits the leading themes as well as offering better value than its defensive peers.
• Very low exposure to tech/growth stocks is allowing us to have a large exposure to biotech, where healthcare meets tech and growth.

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