PERFORMANCE vs. MSCI World Pharmaceuticals 1) 2) 3)
The sub-fund seeks capital growth by investing at least two- thirds of its total assets in a diversified portfolio of the shares of companies operating in the area of generic drugs.
Geographically, the investment universe is not restricted to MARKET REVIEW
After a strong October, the MSCI World index fell by almost 3% in November, in USD terms. Healthcare outperformed broader markets, with the MSCI World Healthcare Index down less than 1% (in USD), and the reference index MSCI World Pharmaceuticals only slightly negative. The Generics sector was slightly below other healthcare stocks. Renewed political instability in Egypt weighed on Jordan-based Hikma’s stock (-10%), while the Indian company Ranbaxy (- 19%) was down on doubts about its ability to resolve manufacturing issues in time to launch a generic Lipitor.
Injectable player Hospira (-10%) fell on concerns about being placed under a consent decree by the US FDA, while smaller-cap Sagent (-19%) declined without concrete INDEXED PERFORMANCE
reason. On the positive side, specialty player Valeant (+17%) was up after reporting strong Q3 numbers, as was 3SBio (+15%), whose results helped put investors at ease on the pricing environment for a generic EPO in China. Stada (+14%) was up after winning a significant number of contracts in the most recent round of AOK tenders in Germany, AOK being a German health insurance company.
On the M&A front, Indian player Lupin announced plans to expand its presence on the Japanese generic market by buying privately held injectables specialist I’rom, while Mylan struck a deal for the global rights to Pfizer’s delivery platform SECTOR BREAKDOWN
Paulina Niewiadomska (Sectoral Asset Management), Michael Sjöström (Sectoral Asset Management) Sub-fund of the Luxembourg-registered Pictet SICAV 10 LARGEST HOLDINGS
Aspen Pharmacare
In case the fund has ever changed its benchmark, all historical benckmarks will be indicated in this section and the Index performances shown in the table will be chain-linked performances of all historical benchmarks of the fund.
For index performance represented by a hyphen '-', it means that the benchmark might either not be available during that period, or the fund was not compared to any public index during that period.
For the cumulative performance of the fund in its first year of inception, it refers to its cumulative performance from its inception date to end of the inception year.
This document is produced for information purposes and does not constitute investment advice, nor does it constitute a recommendation or solicitation to buy or offer to sell any shares or investments. Any research or analysis used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinions, estimates or forecasts may be changed at any time without prior warning. Share prices, values and income may go down as well as up and investors may get back less than they initially invested. Past performance is no guarantee for future performance. Historical statistics are calculated over 3 years. For hedged shareclasses, only the compartment's consolidation currency is hedged into the shareclass currency. Foreign exchange exposure, resulting from assets in the portfolio which are not denominated in the consolidation currency, can remain.
The investment which is the subject of this document is not authorised or recognised by the Monetary Authority of Singapore and is not allowed to be offered to the retail public. This document is not a prospectus as defined in the Securities and Futures Act. Accordingly statutory liability under that Act in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.
The sale of shares in Pictet Funds may be restricted in certain jurisdictions. In particular shares may not be offered or sold, directly or indirectly in the United States or to U.S. Persons, as is more fully described in the Fund's Prospectus. Further details may be obtained from the Fund's distributor.
Source of performance figures and statistical information : Pictet Funds S.A.


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