Betting on a Health-Care Recovery
Health-care stocks -- once considered defensive investments -- haven't been immune to market doldrums. In 2002, the average health-care mutual fund fell almost 30%. The $734 million AIM Global Health Care Fund (GGHCX ), managed by Michael Yellen, did relatively better, falling 22.7% on the year. Its longer-term record, however, is much brighter. For the three years ended December, 2002, the fund gained 7.2% on an average annualized basis, vs. a decline of 1.3% for its health-care fund peers. For the 10-year period, AIM Global Health Care returned 11.2% annualized, compared to 10.8% for its peers.
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