Overall, the percentage of stocks in a bear market over the past 200-days has really narrowed in 2016. Just 16% of all of DM stocks are down 20% or more over the past 200-days. In contrast, 60% of DM stocks were in a bear market in January. The majority of industry groups have about 10-20% of the constituents in a bear market while a handful of industry groups, such as capital goods and food, beverage and tobacco, have less than 5% of companies in a bear market. There are, however, three out of 24 industry groups where just under 1/3 of all companies remain in a bear market. Those three industry groups are banks, retailers, and pharmaceutical, biotechnology, and life sciences. Overall, just 45% of pharmaceutical, biotechnology and life science stocks have outperformed MSCI World Index over the past 200-days. That number drops to 38% of retail stocks and just 21% of banks of outperformed.