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Objective
Seeks long-term capital appreciation.
Overview
A stock fund that invests exclusively in health care, a sector that is experiencing innovations and breakthroughs across multiple subsectors.
The Health-Care Revolution
The health-care sector is undergoing dramatic changes that will impact everything from the drugs we take to the way patients’ medical records are shared. Aging demographics globally and rising prosperity in emerging-market nations will drive even greater demand for lifesaving drugs, innovative procedures, and disruptive medical technology.
Pipeline to Innovation
With innovation and breakthroughs taking place across the globe, the Fund uses a broadly diversified, global approach that seeks to identify companies with the greatest opportunities in areas including biotechnology, medical technology, health services, and pharmaceuticals.
Backed by Size, Scale, and Experience
Wellington Management, the Fund’s sub-adviser, is one of the largest managers of health care stocks in the world. The portfolio managers on the Fund average 26 years of experience.
Portfolio Management
2
YRS
MANAGING THIS FUND
16
YRS
AT WELLINGTON MANAGEMENT
18
YRS
EXPERIENCE IN THIS INDUSTRY
2
YRS
MANAGING THIS FUND
8
YRS
AT WELLINGTON MANAGEMENT
16
YRS
EXPERIENCE IN THIS INDUSTRY
1
YRS
MANAGING THIS FUND
10
YRS
AT WELLINGTON MANAGEMENT
24
YRS
EXPERIENCE IN THIS INDUSTRY
1
YRS
MANAGING THIS FUND
12
YRS
AT WELLINGTON MANAGEMENT
12
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 05/01/2000
Share Class Inception: 8/31/06.
Class I-share performance prior to its inception date reflects Class A-share performance (excluding sales charges) and operating expenses. SI performance is calculated from 5/1/00.
Characteristics
FUND STATS
| # of Holdings | 94 |
|---|---|
| % in Equities | 98 |
| % in Foreign Equities | 14 |
| Beta (3 year) | 0.94 |
| R Squared (3 year) | 0.88 |
| Standard Deviation | 14.97% |
| Turnover- (6/30/2023) | 31% |
| Active Share | 48% |
Holdings Characteristics
| FUND | S&P Composite 1500 Health Care Index | |
|---|---|---|
| Price/Earnings | 22.7x | 16.7x |
| Price/Book | 4.6x | 4.7x |
| EPS Growth Rate | 11.9% | 9.3% |
| Asset Weighted Market Cap (billions) | $148.8 | $199.1 |
| Return on Equity | 19.5% | 30.4% |
| Median Market Cap (billions) | $11.8 | $4.7 |
Regional Exposure (%)
Market Cap Distribution (%)
| Less than $2 billion | 3 | |
| $2 billion - $5 billion | 6 | |
| $5 billion - $10 billion | 8 | |
| Greater than $10 billion | 83 | |
| Not Classified | 0 | |
RETURN CHARACTERISTICS
|
Alpha (5 Year)
|
-2.43 |
|
Down Capture (5 Year)
|
107.36 |
|
Information Ratio (5 Year)
|
-0.44 |
|
Sharpe Ratio (5 Year)
|
0.33 |
|
Up Capture (5 Year)
|
96.17 |
Subsector Exposure
Based on sub-adviser's classification of health care subsectors, which includes combining biotechnology and pharmaceuticals in terms of capitalization: biopharma small-cap, biopharma mid-cap, and biopharma large-cap. Excludes cash. May not total to 100% due to rounding.
Past distributions are not indicative of future distributions.
Insights
Fund Literature
06/30/2023 - PDF (211 KB)
This client flyer summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance
06/30/2023 - PDF (147 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
06/30/2023 - PDF (267 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
PDF (140 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
06/30/2023 - PDF (319 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, and general portfolio parameters.
PDF (3 KB)
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
PDF (3 KB)
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Risks of focusing investments on the healthcare related sector include regulatory and legal developments, changes in funding or subsidies, patent and intellectual property considerations, intense competitive pressures, rapid technological changes, long and costly process for obtaining product approval by government agencies, potential product obsolescence, rising cost of medical products and services, and liquidity risk. • Small- and mid-cap securities can have greater risks and volatility than large-cap securities. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets.
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