The health care sector has been making headlines recently--and not necessarily for the right reasons.

Between Valeant's tumble, which has seen shares fall 68% year-to-date, and the blow-up of the proposed Pfizer / Allergan merger, the sector as a whole has been under pressure.

But hedge fund CIO Steve Boyd sees opportunity. Boyd runs Armistice Capital, which has had an annualized return of 24% since 2012. He argued on the Halftime Report that while there's been a sell-off, the fundamentals have not actually changed.

Boyd says that a trifecta of bad news has hit the specialty pharma space in particular. First, Hillary Clinton tweeted last fall about cracking down on drug prices. Then embattled drug-maker Valeant's problems worsened, and finally, several companies in the space are forecasting weak first quarter earnings.

But rather than be deterred by the potential downside ahead, Boyd sees a "1 in 10 year buying opportunity."

By 2017 he believes the politics surrounding drug-pricing will no longer be front and center, so now is the time to buy, he argued.

On the consumer side, Boyd likes Tailored Brands. He thinks the company is a turnaround play as its earnings stabilize going forward.