We believe in the power of deep fundamental research to identify life science companies trading at a significant discount to intrinsic value. We feel the quality of our team, the depth of our research, and our disciplined long-term approach set us apart in pursuing superior risk-adjusted results for our clients.

Investment Approach

1 Finding Growth in Health Care: In addition to the powerful demographic trends affecting the sector, health care is also experiencing acceleration in innovation. The portfolio seeks to invest in growth companies that are addressing unmet medical needs or making the health care system more efficient and affordable.
2 Dedicated Sector Experts: Our dedicated team of analysts has more than 100 years of combined experience investing in health care companies. In this complex and rapidly growing sector, we believe it is critical to have an experienced team that seeks to understand both the science and the business of the companies in which they invest.
3 Deep and Disciplined: We believe the combination of deep fundamental research and disciplined portfolio construction will lead to consistently strong results relative to both the health care sector and the broader equity market. The portfolio seeks to balance across the subsectors of health care and diversify across market-cap segments and geographies.

Performance

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees and returns will be reduced by such advisory fees and other contractual expenses as described in the individual contract and Form ADV Part 2A.

Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the deduction of model investment advisory fees based on the maximum fixed fee rate in effect for the respective time period. Actual advisory fees may vary among clients invested in the strategy shown and may be higher or lower than model advisory fees. Composites may include accounts with performance-based fees. Returns for each client will be reduced by such fees and expenses as negotiated in any client contract as discussed in Form ADV Part 2A.

For a complete list of holdings as of the most recently available disclosure period, contact us.

Prior to 2008, net returns shown are net of all fees and expenses.

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