Stock markets are hovering at record highs—the Sensex crossed 50,000 on January 21— but healthcare funds, the star performer of 2020, have fallen behind. In the three months ended January 20, 2021, healthcare sector funds gave a measly 11.16 percent returns—the least among all equity funds—according to Value Research. When markets fell in March, healthcare funds fell the least as investors consider them defensive stocks. When markets began to recover and hopes for a vaccine grew, the sector bounced back fast and outperformed the broad market. But as the vaccine became a reality, investors shifted focus from defensives to sectors that may benefit from an economic recovery, making healthcare funds lag.