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Public equity

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Public equity

Sectoral Asset Management is an investment advisor exclusively focused on the global healthcare sector. We manage public and private equity healthcare strategies for investors around the world. Our investment philosophy is grounded in the belief that financial performance can go hand in hand with driving lasting benefits for society through improved health and well-being. We have one of the world’s longest track records in managing biotech equities. Currently, Sectoral Asset Management offers four Healthcare strategies in the public equity markets: Healthcare, Emerging Markets Healthcare, Small & Mid Cap Healthcare, and Biotech.


SECTORAL EMERGING MARKETS HEALTHCARE VALUE BASKET

Actively Managed Certificate (AMC) with exposure on a portfolio of high-quality Emerging Markets healthcare companies with low valuation relative to history/peers, competitive products/services or pipeline assets, and clear catalysts including earnings revisions and clinical and regulatory developments.

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Portfolio Strategies

Biotech Portfolio Strategy

The Biotech Strategy was created on January 31, 1994 and includes all institutional discretionary portfolios that have a mandate to take long positions in biotech equities. Accounts meeting this criterion must be under management for at least one full month to be included in the Biotech Strategy.

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Healthcare Portfolio Strategy

The Healthcare Strategy was created on January 1, 2002 and includes all discretionary portfolios that have a mandate to take long positions in global healthcare equities. Accounts meeting this criterion must be under management for at least one full month to be included in the Healthcare Strategy. Currently, the strategy consists of 2 portfolios.

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Emerging Markets Healthcare Strategy

The Emerging Markets Healthcare Strategy was created on June 1, 2011 and includes all discretionary portfolios that have a mandate to take long positions in emerging market healthcare equities.

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Small & Mid-Cap Healthcare Strategy

The Small & Mid-Cap Healthcare Strategy was created on March 1, 2016 and includes all discretionary portfolios that have a mandate to take long positions in small and mid-cap healthcare equities. Accounts meeting this criterion must be under management for at least one full month to be included in the Small & Mid-Cap Healthcare Strategy.

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Sub-Advisory Mandates

Sectoral Asset Management offers asset management services to institutional investors and mutual fund companies that wish to outsource the management of their healthcare portfolios.

Our clients include institutions, private banks, and family offices. In addition, we have long-standing sub-advisory relationships with institutional investors in Europe and Asia.

Segregated Portfolios

Sectoral Asset Management offers individual portfolios for institutions and High Net Worth Individuals investing in Healthcare.

For segregated portfolios a minimum of USD 5 million is required.

Highly Focused and Grounded in Primary Research

Investment process

At Sectoral, our investment process is highly focused and based on primary research into company fundamentals. Our portfolios are built from the bottom up, with an approach that can be categorized as Growth at a Reasonable Price (GARP).

Our investment philosophy is grounded in the belief that financial performance can go hand in hand with driving lasting benefits for society, through improved health and well-being. We invest in biotechnology and pharmaceutical companies developing novel therapies and cures for complex diseases, medical device companies developing innovative technologies that improve patient outcomes, healthcare services and digital health companies that drive greater efficiency within healthcare systems, as well as emerging-market drug and device manufacturers that help increase access and improve affordability of healthcare in developing geographies. We aim to achieve a positive societal impact by investing at least 80% of assets in companies that are tackling unmet medical needs and improving the health and well-being of people around the globe.

Once an investment candidate has been identified, we perform detailed due diligence, which includes management contact and a comprehensive evaluation of the company's scientific, financial, organizational, and ESG strengths and weaknesses. We then conduct various forecasting and scenario analyses, testing a range of assumptions and success factors critical to the company's success. Finally, we generate a realistic valuation range for the potential investment and assess the impact of the investment on the overall risk/return profile of the portfolio.

Investment Process

Sectoral Investment Funds

Investor Profile
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Special Legal Information regarding the Investment Fund


1. Consent
You are now given access to the investment funds section of the website of Sectoral Asset Management Inc. ("Sectoral") . This website, referred to hereinafter as the"Sectoral Website", contains information on investment funds.

2. Limited Access
The Sectoral Website contains information and opinions on collective investment schemes (hereinafter referred to as "funds") and similar products registered and managed in various countries. Those webpages must not be accessed by persons who (in particular on the basis of their nationality and/or residence) are subject to a jurisdiction prohibiting publication of the contents of this Sectoral Website or access to the Sectoral Website (for whatever reasons). Persons to whom these restrictions apply are not allowed access to the Sectoral Website. Please note in particular that the funds distributed by us are not authorized for distribution in the United States of America (USA) and the Cayman Islands or to U. S. persons. Sectoral Asset Management Inc does not distribute the funds in Canada.

3. Country Registration of Funds
Protea Fund is an investment company incorporated under Luxembourg law. Sectoral Emerging Markets Healthcare Fund, Sectoral Biotech Opportunities Fund, and Sectoral Healthcare Opportunities Fund are subfunds of the Protea Fund which is incorporated under Luxembourg law. Some of these subfunds are authorized or registered for public distribution in Luxembourg, Switzerland, Germany, Austria, Italy, Spain, Sweden, and the United Kingdom. The funds authorized for distribution in the UK can be viewed via the following link:register.fca.org.uk

4. No Advice/No Offer
The information and opinions published on Sectoral Website are not to be construed as investment advice or any other kind of advice on legal, tax, financial or other issues. They are purely for information. Subscriptions should in any event be made solely on the basis of the current sales prospectus, the key investor information document (KID) and the most recent annual and semi-annual reports. You are also recommended to contact your account manager or other advisors before making any investments.

Interested parties may obtain the aforementioned documents free of charge from the Investment Manager:

Sectoral Asset Management Inc.
1010 Sherbrooke Street West, #1610
Montreal, QC H3A 2R7
Canada

Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed, as well as any custodian fees or withholding tax that could potentially reduce the value.

5. No Liability
Liability of Sectoral for damage of any kind (including consequential damage) directly or indirectly resulting from access to the Sectoral Website shall be excluded except where there is intent or gross negligence.

6. Risk Considerations
In principle, past performance of a fund or any other investment instrument is no guarantee of positive performance in the future. Moreover, investments denominated in foreign currencies are directly and indirectly subject to exchange rate fluctuations. Distributions made in connection with funds and other investment instruments may also vary. Investors thus face the risk of not recouping their original investment in full. Even a total loss cannot be ruled out. Please study carefully the risks inherent in an investment instrument, in particular the risk considerations contained in the current sales prospectus of the respective fund. Investors are also alerted to the fact that the liquidity of fund shares and other investment instruments may be limited.

7. Intellectual Property
All elements contained on the Sectoral Website are protected by intangible property rights and are owned by Sectoral or third parties.

The downloading or printing of elements of the Sectoral Website does not involve the transfer of any rights whatsoever, particularly no rights relating to software, trademarks or elements of the Sectoral Website. Notices relating to copyrights and brands must neither be changed nor removed.

The reproduction of elements of the Sectoral Website in whole or in part, in whatever form (particularly in electronic or printed form), is only allowed with full acknowledgment of source. The publication of reproduced elements of the Sectoral Website is only allowed with the prior written consent of Sectoral and with full acknowledgment of source.

8. Changes to the Terms and Conditions of Use
Sectoral reserves the right to change these "Terms and Conditions of Use" from time to time. Therefore, please read these "Terms and Conditions of Use" whenever you access the Sectoral Website and check whether you also agree with the new version. If you do not understand or do not accept any provisions of the present "Terms and Conditions of Use", please leave the Sectoral Website.

9. Links to other Websites
The Sectoral Website contains links to websites which are not checked and offered by Sectoral. Should you activate such links, you leave the Sectoral Website at your own risk. Sectoral has not investigated such websites and is not responsible for their contents.

10. Applicable Law/Place of Jurisdiction
Sectoral is responsible for the content and publications on this site. The use of the Sectoral Website and the "Terms and Conditions of Use" are subject to Canadian law. Exclusive place of jurisdiction shall be Montreal, Canada.

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Sectoral Public Investment Professionals

Sectoral's investment philosophy is based on fundamental research in the healthcare sector. This means that our investment team must have multiple areas of expertise. Sectoral's investment professionals have managed healthcare/biotechnology portfolios for over nineteen years. Most members of our team are CFA charterholders or candidates and most have earned postgraduate degrees in both business and science.

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