It's hard to find investors and analysts who aren't bullish on health care.
The S&P Health Care Sector gained more than 10 percent in the first half of the year, compared with just over 6 percent for the broader S&P 500, and the Health Care Select Sector SPDR ETF is at all-time highs.
Well, count BMO Capital's Brian Belski among the health-care bears, at least for the second half of the year. He's telling clients to ease up and maintain a more neutral position on the sector.
"I always worry when there's a very crowded long trade," the investment strategist explained. He said he finds sentiment among his fund manager clients remains overly bullish on health-care names. But Belski insists he's not just playing contrarian.
"The biggest problem is that people aren't seeing that health care has become very expensive," he explained. He said he expects valuations on big-cap health stocks are less attractive after this year's run-up, and small caps have been too volatile—most notably in the biotech sector.