The new offering is an open-ended UCITS fund with no minimum investment. It is listed on the Irish Stock Exchange and is available in sterling, US dollars and euro-denominated share classes.
The benchmark it is aiming to beat is the MSCI World Daily Total Return Net Health Care Index.
The annual management charge is 0.85% and there is also a performance fee of 10% of any outperformance of the benchmark.
The fund’s objective is to achieve long-term capital appreciation via a global portfolio of healthcare companies.
A concentrated portfolio of 25 to 30 blue chip stocks will be maintained using bottom-up stock picking but also taking into account sub-sector exposure, including pharmaceuticals, biotechnology, medical device and healthcare services companies. Portfolio turnover will be is expected to be reasonably low.
“Major demographic change is underway and it is amazing to think that 1 in 5 of the world’s population will be aged 60 or over by 2050,” Mahony said.
“The 20th century model for healthcare is unsustainable and a period of major structural change has already begun that will create new pressures but also tremendous growth opportunities for companies with solutions to the efficiency conundrum, he added.
“The fund will provide investors with exposure to one of the most exciting sectors with compelling long-term, secular growth potential,” Powell added. “With over 60 years of experience in the team, we are ideally placed to undertake the research and invest in those companies that are positioned to drive and take advantage of the major structural change that's coming,” he said.
