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Strategy

Health Sciences Equity

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.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

10.36%
3.57%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-8.51%
0.69

Inception Date 31-Jan-1996

Performance figures calculated in USD

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Ziad Bakri, CFA, MD
Ziad Bakri, CFA, MD, Portfolio Manager

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.

 

Strategy

Investment Approach

  • 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.

Portfolio Construction

  • 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

Holdings

Total
Holdings
135
Largest Holding Intuitive Surgical 5.40% Was (30-Jun-2019) 4.75%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 35.28% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

AbbVie
1.48%
Was (30-Jun-2019) 0.00%

Top Sale

Pfizer
1.02%
Was (30-Jun-2019) 2.86%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
2
Largest Sector Health Care 98.98% Was (30-Jun-2019) 100.08%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Benchmark: Lipper Health/Biotechnology Funds Index

Top Contributor^

Life Sciences
Net Contribution 0.15%
Sector
0.17%
Selection -0.02%

Top Detractor^

Services
Net Contribution -0.51%
Sector
-0.01%
Selection
-0.51%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Industrials & Business Services
By0.33%
Portfolio 0.33%
Benchmark 0.00%

Largest Underweight

Health Care
By-0.54%
Portfolio 98.98%
Benchmark 99.52%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

Ziad Bakri, CFA, MD

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 manager
    since
    2016
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    14
Brian Dausch

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 at
    T. Rowe Price
    20
  • Years investment
    experience
    21
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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