united global healthcare fund - uob group · thermo fisher scientific inc 8,299,364 2.21 portola...

United Global Healthcare FundSemi Annual Report

for the half year ended 30th June 2018

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120ZTel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTLee Wai FaiEric Tham Kah JinPeh Kian HengThio Boon Kiat

TRUSTEEState Street Trust (SG) Limited168 Robinson Road#33-01, Capital TowerSingapore 068912

CUSTODIAN / ADMINISTRATOR / REGISTRARState Street Bank and Trust Company, acting through its Singapore Branch168 Robinson Road#33-01, Capital TowerSingapore 068912

AUDITORPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

SUB-MANAGERWellington Management Singapore Pte. Ltd.8 Marina Boulevard#03-01, Tower 1, Marina Bay Financial CentreSingapore 018981

United Global Healthcare Fund(Constituted under a Trust Deed in the Republic of Singapore)

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A) Fund Performance

Class SGD Acc

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception21 August

2000Ann

CompRet

United Global Healthcare Fund 6.37 6.39 2.64 4.45 15.46 12.00 9.47Benchmark 6.59 3.56 4.27 3.68 12.22 10.25 5.13

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis, with dividends and distributionsreinvested, if any.The benchmark of the Fund: MSCI ACWI Healthcare.

Class USD Dist

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

1 September2015Ann

CompRet

United Global HealthcareFund 2.33 4.25 3.54 N/A N/A N/A 5.67Benchmark 2.51 1.50 5.29 N/A N/A N/A 5.73

Source: Morningstar.

Note: The performance returns of the Fund are in United States Dollar based on a NAV-to-NAV basis, with dividends and distributionsreinvested, if any.The benchmark of the Fund: MSCI ACWI Healthcare.

For the six months ending 30 June 2018, the net asset value of Class SGD Acc of the Fund increased6.39%, outperforming the benchmark MSCI World Healthcare Index, which gained 3.56% (in SingaporeDollar terms) while the net asset value of Class USD Dist increased 4.25%, underperforming thebenchmark, which increased 1.50% (in United States Dollar terms).

The Fund is sub-managed by Wellington Management Singapore Pte Ltd and the commentary thatfollows reflects the views of the sub-manager.

The portfolio’s outperformance was due primarily to stock selection in medical technology andbiopharma.Withinmedical technology,Boston Scientificwas a top contributor to the portfolio. The stockoutperformed in the first quarter of 2018 as fundamental progress remained strong and pipeline updateswere well received by the market. In the second quarter, Boston Scientific continued to showmarket-leading organic growth in medical technology, largely due to management’s strategy to pivot the


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A) Fund Performance (continued)

portfolio towards higher growth end-markets over the last five years. In addition, management’scontinued focus on operational efficiency helped drive further profitability improvements and we seemoreroom ahead.While the launch of the Lotus Edge transcatheter aortic valve replacement (TAVR) has beenpushed back until 2019, pipeline initiatives in atrial fibrillation, neuromodulation, urology/pelvic repair andelectrophysiology should continue to position the company attractively within their sector.

Loxo Oncology, a biotechnology company developing precision oncology drugs with three programs inclinical development, was a top contributor within the biopharma mid cap sector. During the secondquarter, the company announced that its lead drug larotrectinib was accepted for priority review by the USFood and Drug Administration for NTRK/Trk-driven solid tumours. In addition, the company presentedcompelling clinical data for its second molecule, LOXO-292, in RET-driven tumours at the AmericanSociety of Clinical Oncology annual meeting. We believe Loxo is a leading oncology biotech with furtherupside based on its pipeline assets.

The top relative contributors to returns were Johnson & Johnson, Loxo Oncology, Boston Scientific,BeiGene and Agios Pharmaceutical.

The key relative detractors were Portola Pharmaceuticals, Alkermes, Alnylam Pharmaceuticals,TESARO and Incyte.

In terms of country exposure, investments in theUnited States,China and Switzerland generated mostof the weight’s outperformance. As at end June 2018, the Fund had the following country asset allocation:United States (69.69%), Ireland (7.19%), Japan (4.89%), United Kingdom (4.13%), China (2.18%),Switzerland (1.99%),Netherlands (1.66%),Belgium (1.21%) and others (2.50%), with the remainder incash (4.56%).

Economic and Market Review

The Health Care sector has performed generally in line with the broader market year-to-date. The smalland midcap biopharma stocks have somewhat outperforming larger-cap biopharma, driven both bycontinuing innovation and pipeline successes in the small-to-midcap space as well as a number ofacquisitions that commanded significant premiums. We are also encouraged by the strong number ofbiopharma Initial Public Offerings that in our view underline the continuing flow of innovation intherapeutics.

Outlook and Fund Strategy

The Health Care sector has advanced strongly since the 2016 US elections, but a number ofuncertainties have recently driven stock volatility. We believe that meaningful structural reform of drugpricing is unlikely in the foreseeable future, regardless of political rhetoric. However, we are mindful of therisks. Regarding efforts to repeal the Affordable Care Act (ObamaCare), we still believe that most of themillions of Americans who have obtained insurance coverage in the past few years will retain coverage insome form, whatever adjustments might be made.

As Health Care companies continue to share additional information about the implications of the US taxreform bill passed in December 2017, we remain of the view that the bill will be generally favourable forthe industry. Large-cap multinational companies should benefit from cash repatriation, providing free


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A) Fund Performance (continued)

access to cash flows, some of which we expect to see redeployed into mergers and acquisitions. Thatsaid, we expect sizeable variation between both companies and sub-sectors within the Health Careindustry.

In selecting stocks for the portfolio, we strive to identify companies that develop innovative products andprovide a true value proposition. We believe that such companies should be comparatively wellpositioned over the longer term, despite inevitable political and regulatory changes.


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2018under review classified by

i) Country

Fair Value(S$)

% of NAV

Belgium 4,537,279 1.21Canada 675,920 0.18China 8,204,875 2.18Denmark 2,841,610 0.75France 290,965 0.08Germany 592,328 0.16Hong Kong 2,639,093 0.70Ireland 27,036,178 7.19Israel 1,946,809 0.52Japan 18,400,088 4.89Netherlands 6,229,825 1.66Sweden 427,537 0.11Switzerland 7,489,058 1.99United Kingdom 15,555,125 4.13United States 262,223,239 69.69Portfolio of investments 359,089,929 95.44Other net assets/(liabilities) 17,161,499 4.56Total 376,251,428 100.00

ii) Industry

Fair Value(S$)

% of NAV

Consumer Staples 2,427,914 0.65Health Care 356,662,015 94.79Portfolio of investments 359,089,929 95.44Other net assets/(liabilities) 17,161,499 4.56Total 376,251,428 100.00


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2018under review classified by (continued)

iii) Asset Class

Fair Value(S$) % of NAV

Quoted Equities 359,089,929 95.44Other net assets/(liabilities) 17,161,499 4.56Total 376,251,428 100.00

iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 30 June 2018

Fair Value(S$)

Percentage oftotal net assetsattributable tounitholders

%

UNITEDHEALTH GROUP INC 15,410,383 4.10BRISTOL-MYERS SQUIBB CO 12,029,361 3.20BOSTON SCIENTIFIC CORP 11,920,054 3.17ASTRAZENECA PLC 9,847,548 2.62ALLERGAN PLC 9,141,783 2.43THERMO FISHER SCIENTIFIC INC 8,299,364 2.21PORTOLA PHARMACEUTICALS INC 7,613,825 2.02ALKERMES PLC 7,511,604 2.00MEDTRONIC PLC 6,807,065 1.81ALNYLAM PHARMACEUTICALS INC 6,710,124 1.78


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C) Top Ten Holdings (continued)

10 largest holdings as at 30 June 2017

Fair Value

Percentage oftotal net assetsattributable tounitholders

(S$) %

UNITEDHEALTH GROUP INC 14,510,743 3.82ALLERGAN PLC 13,467,262 3.55BRISTOL-MYERS SQUIBB CO 13,240,237 3.49PORTOLA PHARMACEUTICALS INC 11,743,183 3.09ASTRAZENECA PLC 10,818,438 2.85BOSTON SCIENTIFIC CORP 10,521,414 2.77ALKERMES PLC 10,008,287 2.63MEDTRONIC PLC 8,409,612 2.21ELI LILLY & CO 7,681,154 2.02ALNYLAM PHARMACEUTICALS INC 7,671,195 2.02

D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 30 June 2018

Contract orunderlyingprincipalamount

Positivefair value % of NAV

Negativefair value % of NAV

$ $ $

Foreign currency contracts 155,036 166 -* - -

* denotes amount less than 0.01%

ii) There was a net realised loss of SGD 603,035 on derivative contracts during the financial period from1 January 2018 to 30 June 2018.

iii) There was a net unrealised gain of SGD 166 on outstanding derivative contracts marked to marketas at 30 June 2018.

E) Amount and percentage of NAV invested in other schemes as at 30 June 2018

N/A


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F) Amount and percentage of borrowings to NAV as at 30 June 2018

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 January 2018 to30 June 2018

Total amount of redemptions SGD 243,790,839Total amount of subscriptions SGD 121,812,365

H) The amount and terms of related-party transactions for the financial period from 1 January2018 to 30 June 2018

i) As at 30 June 2018, the Fund maintained current accounts with its related party as follows:

State Street Bank and Trust Company, Singapore BranchCash and bank balances SGD 20,768,997

ii) Investment in Initial Public Offerings managed by UOB Group

N/A

iii) As at 30 June 2018, there was no brokerage income earned by UOB Kay Hian Pte Ltd.


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I) Expense ratios

2018 2017$ $

Class SGD AccTotal operating expenses 7,942,650 8,219,110Average daily net asset value 355,053,207 411,129,352Expense ratio 2.24% 2.00%

Class USD DistTotal operating expenses 1,387,214 254,259Average daily net asset value 59,986,125 12,771,436Expense ratio 2.31% 1.99%

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). The calculation of the Fund’s expense ratio at 30 June 2018 was based on total operating expensesdivided by the average net asset value respectively for the financial period. The total operating expenses do not include(where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out tounitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and taxdeducted at source or arising out of income received. The Fund does not pay any performance fee. The average net assetvalue is based on the daily balances.

J) Turnover ratios

2018 2017$ $

Lower of total value of purchases or sales 71,588,453 60,609,715Average daily net assets value 425,662,166 424,000,135

Turnover ratio 16.82% 14.29%

Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective InvestmentSchemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales ofthe underlying investments divided by the average daily net asset value.

K) Any material information that will adversely impact the valuation of the scheme such ascontingent liabilities of open contracts

N/A


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L) For schemes which invest more than 30% of their deposited property in another scheme, thefollowing key information on the second-mentioned scheme (“the underlying scheme”)1should be disclosed as well

i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June 2017

N/A

ii) Expense ratios for the financial period ended 30 June 2018 and 30 June 2017

N/A

iii) Turnover ratios for the financial period ended 30 June 2018 and 30 June 2017

N/A

1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or hasa formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed onthe underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readilyavailable to the Singapore manager.

M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers fromwhom products and services are received from third parties. The products and services relateessentially to computer hardware and software to the extent that they are used to support theinvestment decision making process, research and advisory services, economic and politicalanalyses, portfolio analyses including performance measurements, market analyses, data andquotation services, all of which are believed to be helpful in the overall discharge of UOB AssetManagement’s duties to clients. As such services generally benefit all of UOB Asset Management’sclients in terms of input into the investment decision making process, the soft credits utilised are notallocated on a specific client basis. The Manager confirms that trades were executed on a bestexecution basis and there was no churning of trades.

The Sub-Manager, Wellington Management Singapore Pte Ltd and their affiliates (collectively, the“Wellington Management group”) may utilize external research provided by broker/dealers andindependent, or third-party research firms in their investment decision-making process (“ResearchServices”). These Research Services include written research material, conversations with analystsat the research firms, meetings with corporate management and access to experts in a variety offields, such as government officials, doctors, researchers, lawyers and scientists.

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of theactual payouts received by participants and any significant deviation from thepre-determined payouts

N/A


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STATEMENT OF TOTAL RETURN

For the half year ended 30 June 2018 (Un-audited)

30 June 30 June2018 2017$ $

IncomeDividends 1,960,838 2,039,816Interest 20,462 35,139Total 1,981,300 2,074,955

Less: ExpensesManagement fee 3,701,253 3,685,625Trustee fee 71,339 79,163Audit fee 9,372 8,654Registrar fee 12,431 12,482Valuation fee 423,000 421,214Custody fee 92,743 32,652Transaction costs 93,176 170,843Other expenses 391,443 18,504Total 4,794,757 4,429,137

Net income/(losses) (2,813,457) (2,354,182)

Net gains/(losses) on value of investments and financialderivativesNet gains/(losses) on investments 35,926,035 65,620,846Net gains/(losses) on financial derivatives (602,869) 158,234Net foreign exchange gains/(losses) 630,481 (2,039,277)

35,953,647 63,739,803

Total return/(deficit) for the period before income tax 33,140,190 61,385,621Less: Income tax (416,578) (419,936)Less: Capital gains tax - (5,905)Total return/(deficit) for the period 32,723,612 60,959,780


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STATEMENT OF FINANCIAL POSITION

As at 30 June 2018 (Un-audited)

30 June 31 December2018 2017$ $

AssetsPortfolio of investments 359,089,929 447,806,752Sales awaiting settlement - 137,029Receivables 5,498,220 3,084,596Cash and bank balances 20,768,997 27,119,234Financial derivatives at fair value 166 231Total assets 385,357,312 478,147,842

LiabilitiesPurchases awaiting settlement 155,108 6,016,057Payables 8,485,010 3,374,039Distribution payable 465,766 436,976Financial derivatives at fair value - 113Total liabilities 9,105,884 9,827,185

EquityNet assets attributable to unitholders 376,251,428 468,320,657


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STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDS

For the half year ended 30 June 2018 (Un-audited)

30 June 31 December2018 2017$ $

Net assets attributable to unitholders at the beginning of thefinancial period/year 468,320,657 458,177,999

OperationsChange in net assets attributable to unitholders resulting fromoperations 32,723,612 49,264,301

Unitholders’ contributions/(withdrawals)Creation of units 121,812,365 269,014,688Cancellation of units (243,790,839) (306,048,674)

Change in net assets attributable to unitholders resulting from netcreation and cancellation of units (121,978,474) (37,033,986)

Distributions (2,814,367) (2,087,657)

Total increase/(decrease) in net assets attributable to unitholders (92,069,229) 10,142,658

Net assets attributable to unitholders at the end of the financialperiod/year 376,251,428 468,320,657


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STATEMENT OF PORTFOLIO


Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

30 June2018

30 June2018$

30 June2018%

By Geography - Primary

Quoted Equities

BELGIUMGALAPAGOS NV 978 122,904 0.03UCB SA 41,178 4,414,375 1.18

TOTAL BELGIUM 4,537,279 1.21

CANADACLEMENTIA PHARMACEUTICALS INC 37,669 675,920 0.18

CHINABEIGENE LTD 11,332 2,375,310 0.63CHINA RESOURCES PHOENIXHEALTHCARE HOLDINGS CO LTD 784,000 1,308,051 0.35LIFETECH SCIENTIFIC CORP 5,053,990 2,178,328 0.58MICROPORT SCIENTIFIC CORP 1,307,025 2,153,424 0.57WUXI BIOLOGICS CAYMAN INC 12,500 189,762 0.05

TOTAL CHINA 8,204,875 2.18

DENMARKGENMAB A/S 9,905 2,084,178 0.55ZEALAND PHARMA A/S 20,227 363,031 0.10ZEALAND PHARMA A/S ADR 22,812 394,401 0.10

TOTAL DENMARK 2,841,610 0.75

FRANCEINNATE PHARMA SA 39,171 290,965 0.08


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30 June2018

30 June2018$

30 June2018%

By Geography - Primary (continued)Quoted Equities

GERMANYSIEMENS HEALTHINEERS AG 10,524 592,328 0.16

HONG KONGCHINA TRADITIONAL CHINESE MEDICINEHOLDINGS CO LTD 1,008,815 1,190,470 0.32HUTCHISON CHINA MEDITECH LTD 13,876 570,247 0.15SINO BIOPHARMACEUTICAL LTD 419,775 878,376 0.23

TOTAL HONG KONG 2,639,093 0.70

IRELANDALKERMES PLC 133,845 7,511,604 2.00ALLERGAN PLC 40,215 9,141,783 2.43ICON PLC 11,107 2,007,087 0.53MEDTRONIC PLC 58,315 6,807,065 1.81PROTHENA CORP PLC 30,979 615,857 0.17UDG HEALTHCARE PLC 64,077 952,782 0.25

TOTAL IRELAND 27,036,178 7.19

ISRAELTEVA PHARMACEUTICAL INDUSTRIES LTD 58,709 1,946,809 0.52

JAPANCHUGAI PHARMACEUTICAL CO LTD 62,960 4,502,912 1.20EISAI CO LTD 67,200 6,455,637 1.72KYOWA HAKKO KIRIN CO LTD 28,050 771,035 0.20


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30 June2018

30 June2018$

30 June2018%


JAPAN (continued)ONO PHARMACEUTICAL CO LTD 120,990 3,867,889 1.03SHIONOGI & CO LTD 20,960 1,468,360 0.39TAKEDA PHARMACEUTICAL CO LTD 23,170 1,334,255 0.35

TOTAL JAPAN 18,400,088 4.89

NETHERLANDSKONINKLIJKE PHILIPS NV 37,678 2,184,833 0.58MYLAN NV 82,087 4,044,992 1.08

TOTAL NETHERLANDS 6,229,825 1.66

SWEDENBIOARCTIC AB 128,674 427,537 0.11

SWITZERLANDGALENICA AG 6,190 447,949 0.12NOVARTIS AG 40,769 4,214,416 1.12TECAN GROUP AG 6,140 2,031,951 0.54ZUR ROSE GROUP AG 4,452 794,742 0.21

TOTAL SWITZERLAND 7,489,058 1.99

UNITED KINGDOMASTRAZENECA PLC 104,138 9,847,548 2.62GEORGIA HEALTHCARE GROUP PLC 165,240 748,109 0.20


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30 June2018

30 June2018$

30 June2018%


UNITED KINGDOM (continued)HIKMA PHARMACEUTICALS PLC 83,896 2,266,906 0.60NIGHTSTAR THERAPEUTICS PLC 33,802 737,424 0.19STERIS PLC 13,655 1,955,138 0.52

TOTAL UNITED KINGDOM 15,555,125 4.13

UNITED STATESABBOTT LABORATORIES 43,510 3,618,286 0.96ABEONA THERAPEUTICS INC 56,990 1,243,294 0.33ACADIA HEALTHCARE CO INC 37,250 2,077,834 0.55ADURO BIOTECH INC 172,107 1,642,675 0.44AETNA INC 6,324 1,582,279 0.42AGIOS PHARMACEUTICALS INC 36,009 4,135,547 1.10AIMMUNE THERAPEUTICS INC 22,402 821,358 0.22AKCEA THERAPEUTICS INC 60,110 1,943,271 0.52ALDER BIOPHARMACEUTICALS INC 71,593 1,542,350 0.41ALNYLAM PHARMACEUTICALS INC 49,967 6,710,124 1.78AMNEAL PHARMACEUTICALS INC 55,494 1,241,680 0.33ANTHEM INC 19,410 6,299,591 1.67ARCUS BIOSCIENCES INC 41,225 688,014 0.18ARENA PHARMACEUTICALS INC 42,124 2,504,213 0.67ATHENAHEALTH INC 21,939 4,760,486 1.27ATRICURE INC 53,371 1,968,465 0.52AUDENTES THERAPEUTICS INC 23,703 1,234,911 0.33BAXTER INTERNATIONAL INC 19,530 1,966,297 0.52BECTON DICKINSON AND CO 17,515 5,721,101 1.52BIOGEN INC 9,740 3,854,529 1.02


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30 June2018

30 June2018$

30 June2018%


UNITED STATES (continued)BIOHAVEN PHARMACEUTICAL HOLDINGCO LTD 7,505 404,411 0.11BIO-TECHNE CORP 4,967 1,001,992 0.27BLUEBIRD BIO INC 11,229 2,403,021 0.64BLUEPRINT MEDICINES CORP 23,931 2,071,347 0.55BOSTON SCIENTIFIC CORP 267,347 11,920,054 3.17BRISTOL-MYERS SQUIBB CO 159,422 12,029,361 3.20CALITHERA BIOSCIENCES INC 41,659 284,010 0.08CARDINAL HEALTH INC 37,900 2,523,371 0.67CARDIOVASCULAR SYSTEMS INC 35,204 1,552,341 0.41CENTENE CORP 11,461 1,925,412 0.51CERNER CORP 18,338 1,494,981 0.40CIGNA CORP 21,603 5,005,995 1.33CLEARSIDE BIOMEDICAL INC 93,017 1,355,799 0.36COHERUS BIOSCIENCES INC 155,560 2,969,485 0.79CYTOMX THERAPEUTICS INC 22,067 687,820 0.18DANAHER CORP 23,245 3,127,619 0.83DERMIRA INC 49,107 616,008 0.16EDWARDS LIFESCIENCES CORP 23,041 4,573,286 1.22ELI LILLY & CO 53,853 6,265,660 1.67EVOLUS INC 56,340 2,150,180 0.57FIVE PRIME THERAPEUTICS INC 84,582 1,823,329 0.48GLOBAL BLOOD THERAPEUTICS INC 27,673 1,705,493 0.45GLOBUS MEDICAL INC 17,348 1,193,581 0.32HCA HEALTHCARE INC 30,372 4,248,894 1.13HERON THERAPEUTICS INC 14,710 779,218 0.21HMS HOLDINGS CORP 73,872 2,177,663 0.58


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30 June2018

30 June2018$

30 June2018%


UNITED STATES (continued)HUMANA INC 4,924 1,998,250 0.53INCYTE CORP 40,963 3,742,154 0.99INSULET CORP 10,798 1,261,767 0.34INTERSECT ENT INC 61,829 3,157,179 0.84INTUITIVE SURGICAL INC 3,200 2,087,704 0.56INVITAE CORP 342,893 3,436,379 0.91IONIS PHARMACEUTICALS INC 14,220 807,938 0.22IRONWOOD PHARMACEUTICALS INC 202,423 5,277,192 1.40JOUNCE THERAPEUTICS INC 18,575 194,005 0.05K2M GROUP HOLDINGS INC 71,504 2,193,653 0.58KALA PHARMACEUTICALS INC 4,873 91,227 0.02KARYOPHARM THERAPEUTICS INC 128,403 2,974,567 0.79LIFEPOINT HEALTH INC 17,768 1,182,261 0.31LOXO ONCOLOGY INC 18,963 4,485,508 1.19MCKESSON CORP 30,665 5,577,684 1.48MERSANA THERAPEUTICS INC 40,112 976,812 0.26MOLINA HEALTHCARE INC 9,379 1,252,483 0.33MOMENTA PHARMACEUTICALS INC 77,896 2,172,019 0.58NEKTAR THERAPEUTICS 46,175 3,074,318 0.82NUVASIVE INC 16,815 1,194,968 0.32ORASURE TECHNOLOGIES INC 78,726 1,767,938 0.47OTONOMY INC 63,569 333,704 0.09PORTOLA PHARMACEUTICALS INC 147,843 7,613,825 2.02PTC THERAPEUTICS INC 58,053 2,669,907 0.71R1 RCM INC 152,456 1,804,344 0.48RA PHARMACEUTICALS INC 73,582 998,274 0.27RADIUS HEALTH INC 32,163 1,292,385 0.34


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30 June2018

30 June2018$

30 June2018%


UNITED STATES (continued)REGENERON PHARMACEUTICALS INC 8,142 3,829,947 1.02REVANCE THERAPEUTICS INC 65,604 2,455,431 0.65RIGEL PHARMACEUTICALS INC 681,732 2,630,603 0.70SOLID BIOSCIENCES INC 18,790 912,846 0.24SPARK THERAPEUTICS INC 20,869 2,354,926 0.63STRYKER CORP 13,403 3,085,915 0.82SYNDAX PHARMACEUTICALS INC 51,991 497,646 0.13SYNEOS HEALTH INC 31,308 2,002,089 0.53TELADOC INC 32,895 2,603,678 0.69TESARO INC 33,079 2,005,740 0.53THE MEDICINES CO 69,800 3,492,823 0.93THERMO FISHER SCIENTIFIC INC 29,385 8,299,364 2.21ULTRAGENYX PHARMACEUTICAL INC 22,707 2,379,972 0.63UNITEDHEALTH GROUP INC 46,067 15,410,383 4.10UNIVERSAL HEALTH SERVICES INC 15,892 2,414,765 0.64VERTEX PHARMACEUTICALS INC 22,035 5,106,401 1.36WALGREENS BOOTS ALLIANCE INC 19,958 1,633,172 0.43WELLCARE HEALTH PLANS INC 10,648 3,575,047 0.95ZIMMER BIOMET HOLDINGS INC 13,606 2,067,410 0.55

TOTAL UNITED STATES 262,223,239 69.69

Total Equities 359,089,929 95.44

Portfolio of investments 359,089,929 95.44Other net assets/(liabilities) 17,161,499 4.56Net assets attributable to unitholders 376,251,428 100.00


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Percentage oftotal net assetsattributable tounitholders at30 June2018%

Percentage oftotal net assetsattributable tounitholders at31 December

2017%

By Geography - Primary (Summary)Quoted Equities

Belgium 1.21 1.47Brazil - 0.20Canada 0.18 0.21China 2.18 1.82Denmark 0.75 0.90France 0.08 0.10Germany 0.16 -Hong Kong 0.70 0.89Ireland 7.19 8.55Israel 0.52 0.54Japan 4.89 5.32Luxembourg - 0.13Netherlands 1.66 1.49Sweden 0.11 0.17Switzerland 1.99 2.26United Kingdom 4.13 4.49United States 69.69 67.08Portfolio of investments 95.44 95.62Other net assets/(liabilities) 4.56 4.38Net assets attributable to unitholders 100.00 100.00


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Fair value at30 June2018$

Percentage oftotal net assetsattributable tounitholders at30 June2018%

Percentage oftotal net assetsattributable tounitholders at31 December

2017%

By Industry - SecondaryQuoted Equities

Consumer Staples 2,427,914 0.65 1.41Health Care 356,662,015 94.79 94.21Portfolio of investments 359,089,929 95.44 95.62Other net assets/(liabilities) 17,161,499 4.56 4.38Net assets attributable to unitholders 376,251,428 100.00 100.00


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