Healthcare Composite
Annual Returns
GIPS Performance Report
Auditor's Report
| 12 months ended December 31 | Composite Return (Gross of fees)% |
Composite Return (Net of fees)% |
Healthcare Benchmark 1,3% | Performance Relative to Healthcare Benchmark 1,2% | S&P500 Total Return Index 1% |
Performance Relative to S&P500 Total Return Index 1,2% |
| 20104 | 0.1 | -0.3 | -9.6 | 9.7 | -6.7 | 6.8 |
| 2009 | 26.0 | 23.3 | 18.9 | 7.1 | 26.5 | -0.5 |
| 2008 | -15.1 | -16.7 | -21.5 | 6.4 | -37.0 | 21.9 |
| 2007 | 1.8 | -0.1 | 3.9 | -2.1 | 5.5 | -3.7 |
| 2006 | 9.1 | 6.5 | 5.3 | 3.8 | 15.8 | -6.7 |
| 2005 | 10.9 | 8.3 | 2.6 | 8.3 | 4.9 | 6.0 |
| 2004 | 11.9 | 9.5 | 1.4 | 10.5 | 10.9 | 1.0 |
| 2003 | 41.4 | 38.2 | 29.2 | 12.2 | 28.7 | 12.7 |
| 2002 | -20.4 | -21.3 | -33.6 | 13.2 | -22.1 | 1.7 |
1 Not covered by auditors' report
2 Relative performance of gross returns vis-à-vis the benchmark
3 From January 1, 2007, the MSCI World Healthcare Index (Ticker: NDWUHC) is the benchmark used as it is a better reflection of the strategy of the composite. Prior to that period, the benchmark used comprised 50% Nasdaq Biotechnology Index (Ticker: NBI) and 50% Philadelphia Drug Index (Ticker: RXS).
4 Period from January 1, 2010 to June 30, 2010