Portfolio Manager Factsheet

February 2019

M&A was once again a hallmark of top contributors in the period. Specifically, the take out of gene therapy player, Spark Therapeutics, by Roche Holding for nearly $5 billion resulted in nearly 100 basis points of performance. Teva Pharmaceutical Industries moved lower in February after the company reported an in-line quarter but provided 2019 financial guidance in which nearly every line item missed consensus estimates. 

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Worldwide Healthcare Trust PLC conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.