EFTA Document EFTA01459068

20 November 2015 US Equity Insights Reiterating OW on Healthcare Healthcare is 15.3% of US GDP (22.4% of PCE). The largest piece of this is healthcare services as rendered by healthcare professionals, hospitals and other facilities. The smaller but even faster growing part of Healthcare is drugs, devices and equipment. As is typical for the S&P 500, the Health Care sector is more exposed to manufacturing products than delivering services. We believe growth in healthcare products will stay