Fund Objective

The aim of the Fund is to achieve capital growth.

View on Past Performance

Global healthcare stocks performed strongly in November, in stark contrast to the broader market. Equity markets globally saw a sharp sell off on concerns of an economic slowdown initiated by the crisis in the credit market.The healthcare sector actually ended higher over the month, benefiting from its defensive nature and poor performance so far this year, as investors took profits in stronger sectors and sought to reduce risk. The fund benefited from its greater than benchmark position in the large defensive pharmaceutical companies. Investments in Roche, Novartis, AstraZeneca and Eli Lilly were all positive contributors to performance. The fund was impacted by its investment in Zentiva, a generic drug manufacturer, after the company warned that profits would disappoint. We retain a slight bias towards the large pharmaceutical and bio-technology companies, in preference to healthcare providers and equipment suppliers.

Fund Details