The healthcare sector is trading higher in the pre-market, driven by reports of hedge funds increasing their exposure to healthcare stocks to a near five-year high. This influx of institutional capital is reportedly motivated by growth prospects in pharmaceutical innovation and an anticipated rise in M&A activity. [1, 12, 13] This trend is occurring within a broader market rotation into defensive sectors. [7] The positive sentiment is further supported by strong quarterly results and upgraded full-year guidance from major sector components like Centene (CNC), which reported this morning. [18]