Fund Description

The fund normally invests at least 80% of total assets in equity securities of U.S. and foreign healthcare and biotechnology companies of any market capitalization, including common and preferred stocks, convertible securities, and warrants. The adviser uses a top-down approach focused on long-term economic trends, assessing the overall economic outlook, identifying industries with attractive characteristics and long-term growth potential, and selecting high-quality companies at attractive prices. Stock selection is based on fundamental analysis, including earnings growth potential, valuation, competitive advantages, and management quality. It may make temporary investments in investment-grade debt when conditions warrant.