1. The Janus Henderson Global Life Sciences Diversified ADR Managed Account Portfolio returned 5.74% (gross) and the MSCI World Health Care IndexSM returned 5.79%.; 2. Positioning in pharmaceuticals weighed on relative returns, while stock selection in biotechnology contributed to performance.; 3. Innovation and mergers and acquisitions will likely remain tailwinds for healthcare stocks, while the sector's defensive characteristics could appeal to investors in the case of an economic slowdown.