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For Financial Professionals in the US

Global Life Sciences Diversified ADR Managed Account

By understanding the science and business of health care, our experienced team invests in companies addressing unmet medical needs or improving efficiencies.

Overview

ABOUT THIS PORTFOLIO

The portfolio seeks to harness the rapid innovation in health care to generate returns by investing in companies addressing unmet medical needs or those that seek to make the health care system more efficient.

WHY INVEST IN THIS PORTFOLIO

Health Care Expertise: Our domain experts have 95+ years of combined experience investing in the complex and dynamic health care sector. Our team of specialists, which include multiple Ph.D.’s, seek to understand both the science and the business of prospective investments.

Balanced Approach: We diversify the portfolio across market capitalizations, geographies and the primary sub-sectors of health care, including investments in biotechnology, health care services, medical devices and pharmaceuticals.

Integrated Risk Management Process: Security-level “Value at Risk” framework focuses attention on downside risks by limiting the position size of higher-risk stocks.

PORTFOLIO MANAGEMENT

Andy Acker, CFA

Andy Acker, CFA

Portfolio Manager

Industry since 1996. Joined Firm in 1999.

Daniel Lyons, Ph.D., CFA

Daniel Lyons, Ph.D., CFA

Portfolio Manager | Research Analyst

Industry since 2000. Joined Firm in 2000.

Performance

RETURNS (%) (As of 03/31/2024)
Composite Pure Gross Composite Net MSCI World Health Care IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Pure Gross 8.91 8.91 18.46 8.09 10.65 11.48 12.06
Composite Net 8.12 8.12 15.05 4.96 7.44 8.25 8.81
MSCI World Health Care IndexSM 7.66 7.66 13.88 8.36 10.86 9.73 7.47

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. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 03/31/2024)
Composite Pure Gross Composite Net MSCI World Health Care IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Pure Gross 8.91 8.91 18.46 8.09 10.65 11.48 12.06
Composite Net 8.12 8.12 15.05 4.96 7.44 8.25 8.81
MSCI World Health Care IndexSM 7.66 7.66 13.88 8.36 10.86 9.73 7.47

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. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Pure Gross Composite Net MSCI World Health Care IndexSM
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Pure Gross 8.36 -1.57 5.66 19.08 29.58 4.36 23.57 -11.58 8.75 35.76
Composite Net 5.22 -4.45 2.59 15.65 25.88 1.32 20.02 -14.19 5.60 31.89
MSCI World Health Care IndexSM 4.27 -4.97 20.34 14.10 23.90 3.04 20.42 -6.32 7.09 18.71

RETURNS-BASED STATISTICS (Composite As of 03/31/2024)

RISK / REWARD
VS. MSCI World Health Care Gross		 3YR 5YR
Information Ratio -0.04 -0.03
Alpha -0.01 -0.25
Tracking Error 5.73 6.32
Beta 0.98 1.03
R-squared (%) 86.00 85.14
UP/DOWN MARKET CAPTURE (%)
VS. MSCI World Health Care Gross		 3YR 5YR
Up Capture Ratio 95.32 98.28
Down Capture Ratio 96.63 99.14
STANDARD DEVIATION 3YR 5YR
Global Life Sciences Diversified ADR Managed Account 15.13 16.33
MSCI World Health Care Gross 14.19 14.54
SHARPE RATIO 3YR 5YR
Global Life Sciences Diversified ADR Managed Account 0.34 0.52
MSCI World Health Care Gross 0.39 0.60

Portfolio

Index represents the Index represents the MSCI World Health Care Index (Gross).

Top Holdings (As of 03/31/2024)
% of Rep Account
Eli Lilly & Co 7.19
UnitedHealth Group Inc 5.96
Novo Nordisk A/S (ADR) 5.13
Merck & Co Inc 3.65
AstraZeneca PLC (ADR) 3.62
AbbVie Inc 3.31
Sanofi SA (ADR) 2.50
Boston Scientific Corp 2.36
Vertex Pharmaceuticals Inc 2.34
Amgen Inc 2.31
TOTAL 38.37
View full holdings
Portfolio Characteristics (As of 03/31/2024)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 88 136
Market Capitalization
Weighted Average		 $175.97B $214.93B
Portfolio Turnover Rate
(1-year trailing)		 26.92% -
Price/Earnings Ratio
(1-year forward)		 20.35 18.67
Price/Book Ratio
 5.18 4.47
Earnings Growth Rate
(1-year forward)		 22.46% 18.91%
Sector Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 03/31/2024)
Regional Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 03/31/2024)
Market Capitalization Range of Equity Holdings % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 03/31/2024)
Developed vs Emerging Markets % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 03/31/2024)

Documents

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