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The US healthcare sector has underperformed the broader market over the past decade, creating value opportunities. Managed-care and clinical research subsectors are trading below their long-term earnings potential due to policy shifts and rising healthcare costs. Centene and Molina are expected to benefit from pricing resets and competitors exiting unprofitable segments, while IQVIA and other CROs are expected to recover as biopharma R&D spending normalizes.

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