FCP OP MEDICAL BioHealth-Trends - medical.lu

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FCP OP MEDICAL BioHealth-Trends / Annual Report as of December 31, 2010 the USA, Europe and Japan are expected to grow by USD 1.8 - 2.0 trillion, and the rest of the world (in particular the emerging markets) by USD 1.7 - 2.2 trillion (Morgan Stanley, 7 January 2010, sources IMF and WHO). With respect to drug expenditures, IMS Health (21 April 2010) predicts annual growth rates of approximately 5 %, which corresponds to an increase in global drug sales from USD 839 billion in 2009 to USD 1.1 trillion in 2014. In the industrialised countries, this is primarily based on expected product innovations and the increasing age of the population. The strong growth in emerging market demand for healthcare services is correlated with the above-average increase in prosperity there. In contrast to these growth forecasts, current valuations of pharmaceutical, biotechnology and medical technology companies are at historically low levels, mainly due to a focus on generally weak growth resulting from structural factors. This weak growth is primarily the result of extensive drug patent expirations (it is estimated that approximately USD 180 billion in annual sales will become patent-free between 2009 and 2016, Morgan Stanley, 17 June 2010), as well as government healthcare reforms and economising measures in public budgets that could negatively affect healthcare expenditures in the industrialised countries. On the other hand, US healthcare reform could, by itself, trigger a significant growth spurt starting in 2014 by enrolling more than 32 million Americans in health insurance plans. New drugs in both the pharmaceutical and biotechnology sectors will once again make key contributions to this growth. These include, for example, a second generation of antibodies with improved characteristics, new cancer medications and products for CNS illnesses, such as multiple sclerosis and Alzheimer’s disease. Further advances can also be expected in terms of medications for auto-immune illnesses such as rheumatism, antibiotics for multiresistant germs and preparations for stroke, cardiac dysrhythmias and diabetes. In addition, companies have also specialised in new vaccine development, so-called "orphan" products for rare hereditary illnesses (e.g. Gaucher’s disease) and targeted therapies for personalised medicine based on genetic profiles. The prospects for the medical technology sector are also varied. Due to a mature product portfolio, intensive price competition is having an adverse effect on the sales growth of many products. The competitive situation is, however, having a positive effect on purchases of innovative medical technology capital goods for diagnosis and therapy in the hospital sector. In addition, a strengthening of the economic upturn could be expected to overcome the recessionary weakness in self-pay products (aesthetic products, dental implants, hearing aids) and co-payments by patients should 8 eliminate the backlog of surgical interventions built up in previous years. Product innovations, such as molecular or gene-based testing systems, innovative minimally invasive procedures for replacing heart valves, robot-controlled surgical technologies, innovative radiation procedures for cancer therapy, and imaging procedures are also attractive growth segments. The process of transformation already begun by large cap companies will continue. As a result, M&A activities can also be expected to continue in the future, which means that small and mid cap companies with innovative and well differentiated products can be expected to be attractive licensing partners and takeover candidates. Continued economic recovery should also improve the funding conditions for small cap companies with market capitalisations of less than USD 500 million, so that they too can pursue product development in financial security. Summary FCP OP MEDICAL BioHealth-Trends' focus on small and mid cap companies developing innovative products in the healthcare sector (biotechnology, medical technology, emerging pharmaceuticals, etc.) is designed to offer long- term investors potential price gains that will continue to exceed average market growth rates. The small and mid cap segment still continues to offer favourable conditions for positive price performance, even after the good performance achieved by the Fund in the last two years. *) calculated according to BVI Bundesverband Investment und Asset Management e.V. The statements about the capital market environment are consistent with the state of information at the time of the reporting. The investment advisor reserves the right to modify his assessment.
FCP OP MEDICAL BioHealth-Trends / Annual Report as of December 31, 2010 THE KEY FACTS Investment policy Shares in biotechnology, medical German Security-code technology, health industry and pharmacy Unit Class EUR 941.135 Unit Class EUR H A0F69B Unit Class I A0MNRQ Unit Class I H A0MQG5 ISIN-Code Unit Class EUR LU0119891520 Unit Class EUR H LU0228344361 Unit Class I LU0294851513 Unit Class I H LU0295354772 Swiss Security-code Unit Class EUR 1.148.391 Unit Class EUR H 2.256.911 Unit Class I 3.032.638 Unit Class I H 3.041.692 Fund currency EUR Date of inception Unit Class EUR 30.10.2000 Unit Class EUR H 01.10.2005 Unit Class I 02.05.2007 Unit Class I H 02.05.2007 Financial year 01.01. - 31.12. Reporting period 01.01.2010 - 31.12.2010 First offering price per unit Unit Class EUR 126,00 EUR Unit Class EUR H 124,02 EUR Unit Class I 129,00 EUR Unit Class I H 133,72 EUR (each incl. offering premium) First bid price per unit Unit Class EUR 120,00 EUR Unit Class EUR H 118,11 EUR Unit Class I 122,86 EUR Unit Class I H 127,35 EUR Subscription fee up to 5,00 % Management fee p.a. up to 1,90 % plus performance bonus Custodian bank fee p.a. up to 0,15 % Dividends none (reinvested) AT-A-GLANCE 31.12.2010 Total Net Assets (EUR millions) 101,65 Units in circulation Class (EUR) - (units) 370.450 Bid price Class (EUR) - (EUR per unit) 138,77 Offering price Class (EUR) - (EUR per unit) 145,71 Units in circulation Class (EUR H) - (units) 101.580 Bid price Class (EUR H) - (EUR per unit) 141,07 Offering price Class (EUR H) - (EUR per unit) 148,12 Units in circulation Class (I) - (units) 209.358 Bid price Class (I) - (EUR per unit) 141,65 Offering price Class (I) - (EUR per unit) 148,73 Units in circulation Class (I H) - (units) 41.538 Bid price Class (I H) - (EUR per unit) 150,60 Offering price Class (I H) - (EUR per unit) 158,13 DEVELOPMENT OF THE TOTAL NET ASSETS OVER THE LAST 3 YEARS VALUES AT FINANCIAL YEAR-END Financial year Total Net Assets 01.10.2006 - 31.12.2007 (in EUR) 01.01.2008 - 31.12.2008 51.191.562,56 01.01.2009 - 31.12.2009 78.501.097,30 01.01.2010 - 31.12.2010 DEVELOPMENT OF THE NET ASSET VALUE OVER THE LAST 3 YEARS VALUES AT FINANCIAL YEAR-END Financial Year 110.208.840,60 101.647.221,24 Net Asset Value per Unit (in EUR) EUR EUR H I I H 01.10.2006 - 31.12.2007 100,47 111,50 100,33 111,54 01.01.2008 - 31.12.2008 68,76 75,17 69,02 78,79 01.01.2009 - 31.12.2009 114,80 124,56 115,86 131,57 01.01.2010 - 31.12.2010 138,77 141,07 141,65 150,60 9
Page 1: FCP OP MEDICAL Sub-fund: FCP OP MED
Page 4 and 5: Distribution of the fund’s units
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