INVESTMENT OBJECTIVE 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 TECHNICAL INFORMATION GEOGRAPHICAL BREAKDOWN GENERAL INFORMATION
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.
J o u r n a l o f Oral RehabilitationArthrocentesis with or without additional drugsin temporomandibular joint inflammatory-degenerativedisease: comparison of six treatment protocols*D . M A N F R E D I N I , D . R A N C I T E L L I , G . F E R R O N A T O & L . G U A R D A - N A R D I N I TMDClinic, Department of Maxillofacial Surgery, University of Padova, Padova, ItalySUMMARY The aim o
710 MALCOLM’S MONEY TRANSCRIPT Yeah. what are those kids complaining about?Four, three, two. brown. clear. brown again. good. What about this watch, Dad? It's only $12.99. That's where they get you, son. See, it says $12.99, but that doesn't include the hidden costs. Shipping, handling, box tops. By the time you're through you're paying on the high side of $15. I've Son, a cork and a pie
INVESTMENT OBJECTIVE
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.