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For Institutional Investors in the US

Global Life Sciences

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

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Overview

ABOUT THIS STRATEGY

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

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 09/30/2024)
Composite Gross Composite Net MSCI World Health Care IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Gross 5.56 17.27 27.33 8.82 14.76 11.52 12.41
Composite Net 5.35 16.58 26.34 7.96 13.86 10.71 11.36
MSCI World Health Care IndexSM 5.79 14.57 21.41 7.03 12.14 9.50 7.58
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, 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 do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Prior to 2008, net returns shown are net of all fees and expenses.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net MSCI World Health Care IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Gross 5.56 17.27 27.33 8.82 14.76 11.52 12.41
Composite Net 5.35 16.58 26.34 7.96 13.86 10.71 11.36
MSCI World Health Care IndexSM 5.79 14.57 21.41 7.03 12.14 9.50 7.58
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, 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 do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Prior to 2008, net returns shown are net of all fees and expenses.
For a complete list of holdings as of the most recently available disclosure period, contact us.
Calendar Year Returns (%)
Composite Gross Composite Net MSCI World Health Care IndexSM
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Gross 8.22 -1.84 7.09 25.62 29.58 4.36 23.57 -11.58 8.75 35.76
Composite Net 7.37 -2.62 6.25 24.64 28.58 3.69 22.78 -12.16 8.06 34.91
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
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, 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 do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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