Global Health-Care ETF Sees Biggest Outflow Since November 2016

(Bloomberg) -- An exchange-traded fund tracking the global health-care industry lost a chunk of cash as investors appeared to take profits from one of this year’s best-performing industries.

The iShares Global Healthcare ETF, or IXJ, saw an outflow of almost $128 million Tuesday, the largest for the fund since November 2016. The move was driven by one trader who sold about 2.1 million shares of IXJ in a single block. On July 17, IXJ had a similarly-sized trade when an investor bought 2.2 million shares worth close to $133 million. The ETF’s price has climbed 3.6 percent since then.

Global Health-Care ETF Sees Biggest Outflow Since November 2016

“Global health-care has been a strong performer this year, with impressive gains in the past month, driven by encouraging financial results,” said Todd Rosenbluth, director of ETF and mutual fund research at CFRA Research. “However, we think further upside is more limited for some of the ETF’s bigger positions.”

IXJ has climbed close to 9 percent this year as shares of major U.S. drugmakers have soared after stronger than expected second-quarter results. More than 68 percent of the fund’s holdings are in U.S. companies.

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