The Health Sciences II Equity Composite seeks long-term capital appreciation primarily through investment in companies engaged in the research, development, production, or distribution of products or services related to health care, medicine, or life sciences. The strategy may employ the use of written and purchased call and put options.
- Stock selection is based on analysis of specific long-term trends in the health care sector and rigorous fundamental analysis.
- Focus on steadily growing companies with above-average and accelerating growth per share, recurring revenues, and high or growing market share resulting from a sustainable competitive advantage.
- We seek companies that have the greatest ability to bring new products and technologies to the health care marketplace that will improve the practice of medicine and satisfy unmet clinical needs.
- Investment candidates should possess a catalyst designed to unlock unrecognized or underappreciated economic and/or strategic value.
- Typically 125-175 stock portfolio
- Typical position sizes range from 0.25% to 5.00%
- The strategy is diversified across pharmaceuticals, health care services companies, products and devices providers, and biotechnology firms
- Industry allocations are a by-product of our bottom-up stock selection process
|1 YR||3 YR
|Composite Gross %||18.32%||15.21%||9.35%||21.42%|
|Composite Net %||17.62%||14.53%||8.70%||20.71%|
|Excess Return (Gross) %||-3.91%||1.06%||1.26%||2.90%|
|3 MonthsData as of 30-Jun-2020||Year to DateData as of 30-Jun-2020|
|Composite Gross %||23.64%||7.26%|
|Composite Net %||23.46%||6.94%|
|Excess Return (Gross) %||-0.64%||-1.38%|
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
ServicesNet Contribution 0.68%
BiotechnologyNet Contribution -1.48%
Ziad Bakri is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the Health Sciences Strategy. In addition, he is a vice president and an Investment Advisory Committee member of the Blue Chip Growth, New America Growth, New Horizons, Mid-Cap Growth, and Tax-Efficient Equity Strategies. Mr. Bakri is also an Investment Advisory Committee member of the Global Growth Stock Strategy and a vice president of the Emerging Europe Strategy. Previously, he was an investment analyst in the U.S. Equity Division, covering biotechnology in the health care sector. Mr. Bakri is a vice president of T. Rowe Price Group, Inc.
Mr. Bakri has 14 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2011, he was a vice president in equity research at Cowen and Company, where he also covered biotechnology companies. Prior to this, Mr. Bakri was a health care investment banking analyst with Merrill Lynch in London.
Mr. Bakri is a medical doctor and was an emergency medicine resident at the Royal London Hospital in the UK. He earned a bachelor of medical science degree, with first-class honors, from the University of Nottingham and bachelor of medicine, bachelor of surgery, degree from the University of Nottingham, Medical School. Mr. Bakri also has earned the Chartered Financial Analyst designation.
- Portfolio manager2016
- Years at9
T. Rowe Price
- Years investment15
Brian Dausch is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is a member of the Global Natural Resources Equity, US Mid-Cap Growth Equity, US Small-Cap Growth Equity, QM US Small-Cap Growth Equity, and Health Sciences Strategy teams, working closely with institutional clients, consultants, and prospects. Mr. Dausch is a vice president of T. Rowe Price Group, Inc.
Mr. Dausch has 22 years of investment experience, 21 of which have been at T. Rowe Price. He joined the firm in 1998; prior to his current position, he managed the U.S. Equity Portfolio Analysis Group. Mr. Dausch also served as an associate research analyst in the U.S. Equity Division in health care, specializing in biotechnology and pharmaceutical company research.
Mr. Dausch earned a B.S. in business administration, with a concentration in finance, from the University of Delaware. He also has earned the Chartered Financial Analyst designation.
- Years at21
T. Rowe Price
- Years investment22