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

Global Life Sciences | Portfolio Manager

Industry since 1996. Joined Firm in 1999.

Daniel Lyons, PhD, CFA

Daniel Lyons, PhD, CFA

Portfolio Manager | Research Analyst

Industry since 2000. Joined Firm in 2000.

Performance

RETURNS (%) (As of 03/31/2023)
Composite Pure Gross* Composite Net MSCI World Health Care Index (Gross)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Pure Gross* -0.38 -0.38 3.25 13.15 9.97 13.91 11.80
Composite Net -1.11 -1.11 0.24 9.88 6.78 10.62 8.56
MSCI World Health Care Index (Gross) -1.42 -1.42 -3.23 13.19 10.66 10.92 7.22

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 04/30/2023)
Composite Pure Gross* Composite Net MSCI World Health Care Index (Gross)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Pure Gross* 2.77 3.50 15.26 9.69 10.77 13.87 11.93
Composite Net 2.02 2.49 11.93 6.51 7.56 10.58 8.69
MSCI World Health Care Index (Gross) 2.68 2.05 5.03 10.38 11.21 10.86 7.35

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-BASED STATISTICS (Composite As of 03/31/2023)

RISK / REWARD
VS. MSCI World Health Care Index (Gross)		 3YR 5YR
Information Ratio 0.00 -0.10
Alpha 0.73 -0.66
Tracking Error 6.49 6.59
Beta 0.95 1.03
R-squared (%) 84.47 84.82
UP/DOWN MARKET CAPTURE (%)
VS. MSCI World Health Care Index (Gross)		 3YR 5YR
Up Capture Ratio 86.65 97.47
Down Capture Ratio 81.16 100.07
STANDARD DEVIATION 3YR 5YR
Global Life Sciences Diversified ADR Managed Account 16.35 16.88
MSCI World Health Care Index (Gross) 15.79 15.12
SHARPE RATIO 3YR 5YR
Global Life Sciences Diversified ADR Managed Account 0.75 0.51
MSCI World Health Care Index (Gross) 0.77 0.61

Portfolio

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

Top Holdings (As of 04/30/2023)
% of Rep Account
UnitedHealth Group Inc 6.24
AstraZeneca PLC (ADR) 4.38
Eli Lilly & Co 3.13
Merck & Co Inc 2.93
Sanofi (ADR) 2.92
Abbott Laboratories 2.81
AbbVie Inc 2.59
Novartis AG (ADR) 2.51
Boston Scientific Corp 2.30
Sarepta Therapeutics Inc 2.30
Total 32.11
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 91 142
Market Capitalization
Weighted Average		 $126.16B $172.68B
Portfolio Turnover Rate
(1-year trailing)		 29.95% -
Price/Earnings Ratio
(1-year forward)		 17.49 17.57
Price/Book Ratio
 4.58 4.30
Earnings Growth Rate
(1-year forward)		 11.01% 6.64%
Sector Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Regional Allocation % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF REP ACCOUNT % of Index % OF REP ACCOUNT % of Index (As of 04/30/2023)

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
What’s next for biotech’s M&A boom?
May 24, 2023
Timely & Topical

What’s next for biotech’s M&A boom?

A regulatory hurdle may delay some merger and acquisition activity in the sector – but is unlikely to stop dealmaking.

4 min read

Biopharma delivers blockbuster growth
Apr 13, 2023
Timely & Topical

Biopharma delivers blockbuster growth

How innovation is driving drug revenue growth in biopharma.

4 min read

Global Perspectives: Why biotech could be embarking on a new decade of growth
Mar 20, 2023
Features & Outlooks

Global Perspectives: Why biotech could be embarking on a new decade of growth

A wave of innovative therapies is beginning to hit the market, transforming the prospects of the biotech firms behind the science.

24 min read