Biotech Composite
Annual Returns
GIPS Performance Report
Auditor's Report
| 12 months ended December 31 (except where noted) | Composite Return (Gross of fees)% |
Composite Return (Net of fees)% |
NBI Index 1% | Performance Relative to NBI Index 1,2% | S&P500 Total Return Index 1% |
Performance Relative to S&P500 Total Return Index 1,2% |
| 20103 | -13.2 | -14.0 | -5.2 | -8.0 | -6.7 | -6.5 |
| 2009 | 1.0 | -0.9 | 15.6 | -14.6 | 26.5 | -25.5 |
| 2008 | -12.3 | -14.0 | -12.6 | 0.3 | -37.0 | 24.7 |
| 2007 | 17.7 | 15.4 | 4.6 | 13.1 | 5.5 | 12.2 |
| 2006 | 15.3 | 13.2 | 1.0 | 14.3 | 15.8 | -0.5 |
| 2005 | 14.4 | 12.3 | 2.8 | 11.6 | 4.9 | 9.5 |
| 2004 | 14.6 | 12.5 | 6.1 | 8.5 | 10.9 | 3.7 |
| 2003 | 53.8 | 50.9 | 45.7 | 8.1 | 28.7 | 25.1 |
| 2002 | -41.9 | -43.1 | -45.3 | 3.4 | -22.1 | -19.8 |
| 2001 | -9.2 | -11.0 | -16.2 | 7.0 | -11.9 | 2.7 |
| 2000 | 72.9 | 69.9 | 23.0 | 49.9 | -9.1 | 82.0 |
| 1999 | 63.1 | 60.2 | 101.6 | -38.5 | 21.0 | 42.1 |
| 1998 | 29.6 | 27.3 | 44.3 | -14.7 | 28.6 | 1.0 |
| 1997 | 7.0 | 5.1 | -0.1 | 7.1 | 33.4 | -26.4 |
| 1996 | 1.0 | -0.8 | -0.3 | 1.3 | 23.0 | -22.0 |
| 1995 | 75.5 | 72.4 | 88.5 | -13.0 | 37.6 | 37.9 |
| 19944 | -14.0 | -15.4 | -23.0 | 9.0 | -2.0 | -12.0 |
1 Not covered by auditors' report
2 Relative performance of gross returns vis-à-vis the benchmark
3 Period from January 1, 2010 to June 30, 2010
4 Period from January 31, 1994 to December 31, 1994