Many Health Care stocks that have been strong positive contributors to return over past quarters continued to face concerns about drug pricing. Biotechnology companies that sell innovative, high priced drugs lost ground, including Alexion Pharmaceuticals (NASDAQ:ALXN). We believe that the long-term fundamentals of the Fund’s biotechnology holdings remain intact, and that current valuations underestimate the potential of pipeline drugs.
From Spiros Segamas' Armiel Appreciation second quarter 2016 commentary.
