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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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Past performance is not a reliable indicator of future performance.

Strategy

Health Sciences Equity

The Health Sciences 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.

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

Tracking Error
(5 Years)

16.28%
2.94%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

26.27%
1.29

Inception Date 31-Jan-1996

Performance figures calculated in USD

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
204
Largest Holding UnitedHealth Group 5.88% Was (30-Jun-2021) 6.07%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 30.88% View Top 10 Holdings Monthly data as of  30-Sep-2021

Top Purchase

Merck
1.76%
Was (30-Jun-2021) 1.4%

Top Sale

BioNTech
1.26%
Was (30-Jun-2021) 1.84%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
7
Largest Sector Biotechnology 30.68% Was (30-Jun-2021) 32.36%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: Lipper Health/Biotechnology Funds Index

Top Contributor^

Biotechnology
Net Contribution 0.76%
Sector
-0.03%
Selection 0.80%

Top Detractor

N/A

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Services
By8.22%
Portfolio 21.48%
Benchmark 13.26%

Largest Underweight

Biotechnology
By-18.73%
Portfolio 30.68%
Benchmark 49.41%

Monthly Data as of 30-Sep-2021