Tools: Grinding higher on “safe haven” premium, COVID-19 tailwinds and base business resiliency. The life science tools and diagnostics space again outperformed broader healthcare in 2020 (S5LSTS +32% YTD vs. XLV +11%), as investors remain willing to pay a premium for resiliency and growth in the context of pandemic disruptions and election-induced volatilities seen in other healthcare sectors. Within tools, performance saw a wide bifurcation due to the different magnitude of exposure to COVID-19 testing and vaccine/therapeutics tailwinds, with DHR, PKI and TMO leading the pack. Companies with highly resilient base businesses (maintained growth through the pandemic) also saw strong YTD performance (e.g. A and MTD), while those with higher instrument mix (e.g. BRKR and WAT) turned out more vulnerable.