In a separate report highlighting quarterly positioning, Goldman said that funds entered the fourth quarter with their biggest health-care overweight in a decade, excluding brief surges in early 2020 and early 2023. During the third quarter, funds boosted their health-care overweight by 260 basis points while cutting Consumer Discretionary exposure by almost the same amount.
Among some of the biggest standouts, Merck shares have rallied 23% in November as Wall Street became increasingly positive on the company's future beyond its blockbuster cancer drug, Keytruda, following recent acquisitions and clinical trial success. Regeneron shares have gained 21% following regulatory approvals for a higher dose of its eye drug that investors expect to put the therapy on a better footing compared to rival Roche Holding AG's drug. And Amgen Inc. shares have climbed this month 14% following quarterly earnings results that beat expectations.