The objective is to grow net assets by investing in companies operating in the healthcare sector, over the recommended investment period.
US president Donald Trump has suffered a major setback with his first healthcare reform proposal. The House of Representatives refused to sanction the repeal and replacement of Obamacare. Some senior Republicans officials argue that the Bill does not break radically enough with Obama's Affordable Care Act. While the more centrist among them see a risk for the 24 million Americans who benefited from health coverage through the Obama reform. Drug price discussions have focused exclusively on Medicare negotiations, which represent a very limited slice of pharmaceutical laboratory income, and would be difficult to implement. In this climate, however, uncertainties and concerns over healthcare reform and price regulation should no longer unduly trouble investors. On the corporate side, we have strengthened our exposure to Roche. The results of the Aphinity study are positive for Roche's Herceptin franchise. In addition, the FDA has approved its product Ocrelizumab, the first treatment against the progressive primary form of multiple sclerosis. Vertex recorded a strong performance after the publication of very positive results from its cystic fibrosis combination treatment trials. Meanwhile, we have initiated a position on Evolent Health, a US company that provides software and services to hospitals to improve the delivery of care value. The company should benefit from the evolution of the healthcare system in the United States, as it moves increasingly towards reimbursement/reward systems that depend on the value or effectiveness of the care delivered.
(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.