In health care, we sold shares of Johnson & Johnson (JNJ, Financial), which held up well during the early part of the coronavirus pandemic. At the time, we were concerned that hospitals would take longer than anticipated to pass peak coronavirus admissions and repurpose facilities back toward elective procedures, a thesis that came to fruition. Our selling tapered off as the year progressed and the thesis played out.
From the T Rowe Price Equity Income Fund (Trades, Portfolio)'s 2020 annual shareholder letter.
