With index funds getting so much attention of late, Ebb & Flow compared the performance of the BioCentury 100 Price Level Index versus a basket of health care related mutual funds. Results? Investors would have been better off (read: lost less money) investing in the fund basket versus holding their money directly in the BioCentury 100 stocks. The BioCentury 100 was down 8 percent in the first quarter, while seven actively managed funds dipped only 4.8 percent. The fudge factor perhaps is that many of the funds invest in health care plays outside the sector.

DRIBS & DRABS: Thirteen financings closed last week, raising $143.7 million. The average take was a paltry $11.1 million. Seven were private placements; four were follow-ons (three of which had a secondary component); and two debt deals (details, B11). Probably more indicative of the dreary market was the fact that no company announced any proposed offering last week.