In a world where uncertainties abound, growth is slowing, confidence is weak, and increased volatility likely the norm, we believe healthcare is well-placed to follow its two year outperformance and pull off a hat-trick. However, multiple expansion has lifted valuations, making selectively key and us looking for opportunistic entry-points on pull-backs. Nevertheless, disparate valuations and business models across four key verticals (eg pharmaceuticals; services; medical devices; diagnostics) offer broad exposure and portfolio diversification, while AUD weakness represents a tailwind for offshore earnings. We resume coverage on ANN, COH, CSL, HSO, PRY, RHC, RMC, and SHL. Research here: (VIEW LINK)