FCP OP MEDICAL BioHealth Trends FCP OP ... - Sal. Oppenheim

OPPENHEIM ASSET MANAGEMENT SERVICES S.À R.L. 

FCP OP MEDICAL BioHealth BioHealth-Trends Trends 

SMALL AND MID-CAP HEALTHCARE INVESTMENTS – GROWTH THROUGH INNOVATION 

Luxembourg Luxembourg, 06/30/2012

Contents 

Fund orientation Page 3 

Healthcare market Page 6 

Investment process Page 15 

Growth in different market phases Page 19 

Stock picking and portfolio structure Page 22 

PPerformance f PPage 31 

Summary Page 38 

OOutlook tl k PPage 40 

Annex: Fund data and note about risks Page 45 

06/30/2012| Page 2 Oppenheim Asset Management Services S.à r.l.

FUND ORIENTATION 

Small and mid-cap healthcare investments 

BASIC ORIENTATION 

� MMedical di l St Strategy* t * iis one of f th the lleading di independent i d d t healthcare h lth investment i t t consultants lt t iin 

Europe. 

� The focus of the investment spectrum p is on small and mid-cap p companies. p 

� Our target**: Early identification of new growth trends for high returns. 

*Medical Strategy GmbH, Gräfelfing near Munich 

**This investment target may or may not be achieved and cannot be regarded as any type of assurance or guarantee. 

The fund fund’ss investment strategy can be changed at any time within the legal and contractual limits. limits Details of these limits can be found in the sales prospectus prospectus. 



Medical Strategy – consultants specialising in healthcare investments 

THE TEAM 

Dr Dr. med. med Michael Fischer: Founder of the company, company more than 15 years of experience in the portfolio 

management of healthcare investments 

Jürgen Harter: Qualified investment expert (ZfU), more than 20 years of experience in the banking sector 

Harald Schwarz: Qualified economist, more than 20 years of experience in international pharmaceutical 

companies 

Stefan Kraft: Qualified economist, analyst 

Katrin Winterstein: Back office 

Grit Fischer: Technical analysis 

THE SCIENTIFIC ADVISORY COUNCIL 

Prof. Dr. med. Peter Hohenberger: Head of thoracic surgery department and special surgical oncology 

department p at the University y Hospital p of Mannheim 

Prof. Dr. med. Manfred Weber: Chief physician of the City of Cologne’s Medical Hospital I 

Prof. Dr. med. Thomas Zeller: Chief physician and head of the angiology department of the Bad Krozingen 

Cardiac Centre 

Source: Medical Strategy GmbH, Gräfelfing near Munich 

As of: 03/31/2010 



The investment spectrum for healthcare investors 

Venture 

OVER 1000 FIRMS / 

25% OF MARKET CAPITALIZATION 

Capital 

Ziopharm 

ImmunoGen Atricure 

Arqule 

Incyte 

Ligand 

Staar 

Surgical 

Alk Abello 

Drug 

Discovery/ 

Technology 

Clinical 

development 

CA. 100 FIRMS / 75 % OF 

MARKET CAPITALIZATION 

Future-oriented healthcare portfolio Typical healthcare portfolio 

USD 100 m 

market cap. 

Commercial 

sales 

Source: Medical Strategy GmbH, Gräfelfing near Munich (adapted UBS) 

Biomarin 

Biogen 

IDEC 

Celgene Gilead 

Amgen 

Profitability Several products in the 

marketplace 

USD 2 bn 

market cap. 

USD 30 bn 

market cap. 

FCP OP Medical BioHealth-Trends: investment focus is on small and mid-cap 

companies right across the entire healthcare spectrum* 

Big Pharma 

USD 100 bn 

market cap. 

As of: 03/31/2012 

*The fund fund’ss investment strategy can be changed at any time within the legal and contractual limits limits. Details of these limits can be found in the sales prospectus prospectus. 

. 


HEALTHCARE MARKET 

Sector rotation: Health Care Market outperforming 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30% 

-40% 

REASONS 

COMPARISION OF INDEX PERFORMANCE (USD) 

Indexed representation: 06/30/2011 = 0% 

-50% 50% 

06/11 07/11 08/11 09/11 10/11 11/11 12/11 01/12 02/12 03/12 04/12 05/12 06/12 

� Health care as defensive investment 

� Low PE ratios within the Large Cap-Segment / High dividend yields 

� Innovation as emerging investment theme 

NASDAQ Biotech 

Index 

AMEX Pharma 

Index 

S&P 500 Index 

EURO STOXX 50 

Index (in USD) 

Source: Datastream As of: 06/30/2012 

Past Performance is no indicator of future performance and not a guarantee of future success. 



Why invest in the healthcare sector? 

Number of Alzheimer A patients (m) ( 

Medicare costs (in USD bn) 

Number of Alzheimer patients in the USA (in m, left scale) 

16 1400 

14 

13,5 

1200 

12 

1000 

1000 

10 

8 

800 

6 

4,5 

5,6 

600 

4 

241 

400 

2 

0 

Potential savings (in USD bn) 

20-50 * 

2004 2020 2050 

Forecast 

Innovative drugs g can ggenerate high g ppotential savings g 

200 

0 

Medicare costs (UUSD 

bn) Pootential 

savings (UUSD 

bn) 

*According to the Lewin Group 

model. Higher potential 

savings are expected if a drug 

118 118-401* 401* 500 

iis ddeveloped l dthat h can ddelay l 

400 

300 

200 

100 

0 

onset of the disease; the 

potential savings are lower if a 

drug merely slows down the 

progression of the disease. 

The greatest saving is 

achieved if both are possible. 

Source: Alzheimer’s Association As of: 2010 



Increased life expectancy entails rising costs 

Kosten Costs im iin 

i 2004 Jahr (in 2004 US (in dol US-Dollar) Ulars) 

30.000 

25.000 

20 20.000 000 

15.000 

10.000 

5.000 

0 

Healthcare Gesundheitskosten costs per person pro Person in US dollars in US-Dollar 

0-18 19-44 45-54 55-64 65-74 75-84 85+ 

Altersgruppen 

Age groups 

PER CAPITA HEALTHCARE COSTS 

� Persons over the age of 65 consume nearly 4 

times as much medication as 35- to 44-yearolds 

� Health costs rise disproportionately as people 

grow older 

Source: U.S. Department of Health & Human Services, Centers for Medicare & Medicaid Services (CMS), http://www4.cms.gov/NationalHealthExpendData/downloads/2004-age-tables.pdf, 2004 



Growth through innovation 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

DEVELOPMENT OF DRUGS 

Start Idea Research Pre-clinical Phase I Phase II Phase III Approval Early market 

phase phase 

Value of drug 

Source: Medical Strategy GmbH, Gräfelfing near Munich As of: March 2010 

Companies p achieved ggreatest ggrowth in final clinical pphases and upon p approval pp 



Pipeline: development of medical drugs in the USA 

DISEASE PRODUCTS IN THE PIPELINE 

CCancer 861 

Infections 338 

Autoimmune diseases 59 

HIV/AIDS 97 

Heart 312 

Diabetes 183 

Total 1850 

Source: Pharmaceutical Research and Manufacturers of America (PhRMA) As of: 2010 



Pharma-equities: Since 2000 end of growth era 

450 

400 

350 

300 

250 

200 

AMEX-PHARMA-INDEX (USD) EARNINGS GROWTH AND PER 

Period: 11/1996 to 06/2012 

150 

11/96 11/98 11/00 11/02 11/04 11/06 11/08 11/10 11/12 

Source: Datastream 

PER 2012 

expected 

PER 2013 

expected 

Expected sales 

growth 2011-2014 2011 2014 

Expected earnings 

growth g 2011-2014 

US 

Big- Pharma 

EU 

Big-Pharma 

11,9 12,0 

11 11,7 7 10 10,7 7 

0,6% 3,9% 

2,3% 8,0% 

Source: Medical Strategy GmbH, Gräfelfing bei München, yahoo! Finance 

(5.8.2011), Citi (29.12.2011) 



Pharmaceutical industry – transforming the business model 

40 

35 

30 

25 

20 

15 

10 

5 

0 

10 

18 

EXPECTED PATENT EXPIRIES IN THE PHARMACEUTICAL INDUSTRY 

iin USD bbn � Situation: Declining sales as a result of expired 

37 

patents, therapy substitution and a lack of research 

efficiency 

29 

23 

20 

17 

16 

14 14 14 

2005 2006 2007 2008 2009 2010 2011e 2012e 2013e 2014e 2015e 2016e 

Source: Medical Strategy GmbH, IMS, FDA, Bernstein Research As of: 2011 

13 

� TTransformation: f ti 

› Mega-mergers (Pfizer/Wyeth) 

› Transformation into bio-pharmaceutical companies 

(Roche/Genentech) 

› Diversification by adding speciality pharma 

(Novartis/Alcon) and medtech (Abbott/Advanced 

Medical Optics) 

› Expansion in emerging markets 

Patent expiries p have a negative g impact p on future development p 



Big-Biotech-Equities: Valuation under pressure 

140 

120 

100 

80 

60 

40 

20 

0 

Pi Price/Earings-Ratio 

/E i R ti 

NASDAQ Biotech S&P 500 Index 

PER-COMPRESSION 2004-2009 

THE REASONS 

� Decreasing growth rates 

� Approaching patent expiration; defined 

approval path for bio-generics 

� Additional factors such as health care reform, 

price pressure (EU), and decreasing research 

productivity 

Source: Medical Strategy GmbH, Gräfelfing near Munich As of: June 2012 

Source for PE Time series data: Datastream 



Biotech: Large Caps largely depleted 

MARKET CAPITALISATION BIOTECH-SECTOR IN 2001 AND TAKE-OVERS 

Sonstige Other 

42% 

AMGN 

23% 

DNA 10% 

GENZ 4% 

IMNX 5% 

ABI 2% 

CHIR 3% 

MLNM 

IDHP 3% 

2% BGEN 3% 

MEDI 3% 

Source: Credit Suisse First Boston As of: 26.11.2001 

YYear Ti Ticker k TTarget-Company t C BBuyer 

2010 GENZ Genzyme Sanofi 

2009 DNA Genentech Roche 

2008 MLNM Millennium Takeda 

2008 ABI Applied Biosciences Invitrogen 

2007 MEDI Mediummune AstraZeneca 

2006 CHIR Chiron Novartis 

2003 IDHP Idec Biogen 

2002 IMNX Immunex Amgen 

� Number of US-Large Caps were largely depleted by take-overs over the last couple of years 

� Funds within the peer group loose their investment candidates and enter unknown territory 


INVESTMENT PROCESS 

Basis for a successful strategy within the health care industry 

THE RIGHT COMPANY STOCK PICKING 

AT RIGHT PRICE VALUATION MODEL 

AT RIGHT TIME TIMING 



Our investment criteria 

� Degree of innovation: 

Has the company the potential to establish new standards within its field? 

� Stage of development: 

Has the product been rolled out sufficiently to the market, so that the opportunities/risks-relation 

can be assessed concretely? 

� Management and financing: 

Has management g sufficient experience p and is the company p y financed for at least 2 yyears? 

� Valuation: 

Does the current stock price offer an above average growth potential compared to the fair value 

price i th the stock t k iis expected t d tto reach h over ttwo tto th three years? ? 

Avoid drawdown of overvalued firms e.g. Dendreon 

Th The ffund’s d’ iinvestment t t strategy t t can be b changed h d at t any ti time within ithi th the llegal l and d contractual t t l li limits. it DDetails t il of f th these li limits it can bbe ffound diin th the sales l prospectus. 

t 



Example case: ImmunoGen (Biotech) 

Price in USD 

16 

14 

12 

10 

8 

30.06.20111 

31.07.20111 

31.08.20111 

30.09.20111 

31.10.20111 

30.11.20111 

31.12.20111 

31.01.20122 

29.02.20122 

31.03.20122 

30.04.20122 

IMMUNOGEN 

31.05.20122 

30.06.20122 

� One of the leading companies for antibodytoxin-conjugates 

� Trastuzumab-DM Trastuzumab DM 1(partner Roche) as 

potential Herceptin-replacement – planned for 

filing 2012 

� 8f 8 further th products d t (partly ( tl li licenced d tto partner t 

firms) in phase I and II of clinical trial 

� Average g buy y pprice 

7.17 USD 

Average market cap in USD: 1019,6 Million 

Source: Medical Strategy GmbH, Gräfelfing near Munich As of: 06/2012 

Past Performance is no indicator of future performance and not a guarantee of future success. The fund’s investment strategy can be 

changed at any time within the legal and contractual limits. Details of these limits can be found in the sales prospectus. 



The Investment process: Systematic investment decisions 

Company 

contacts 

Annual reports 

RESEARCH OF FUND ADVISOR 

Investment 

conferences 

Scientific 

conventions, 

publications 

Expert 

opinion* 

Medical Strategy‘s 

internal data base 

(stage of development, patents, competitors, financial parameters) 

Proprietary 

valuation model 

Buy- / Sell recommendation 

EXTERNAL RESEARCH 

Specialized Broker 

*expert opinion: 

Prof. Dr. Peter Hohenberger, surgical hospital 

Mannheim 

Prof. Dr. Manfred Weber 

chief physic of medical hospital 

Med. Klinik I – Kliniken der Stadt Köln 

Prof. Dr. Thomas Zeller, chief physician of 

angiology of the cardiological center Bad 

Krozingen 

Source: Medical Strategy GmbH, Gräfelfing near Munich As of: 12/2010 


GROWTH IN DIFFERENT MARKET PHASES 

Considerable outperformance* as compared to key indices since issue 

135 

120 

105 

90 

75 

60 

45 

30 

PERFORMANCE SINCE INCEPTION 

Indexed representation: 10/30/2000 =EUR100 = EUR 100 

15 10/00 10/01 10/02 10/03 10/04 10/05 10/06 10/07 10/08 10/09 10/10 10/11 10/12 

FCP OP MEDICAL BioHealth Trends Share 

class EUR, EUR outperformance 

o tperformance 

(in percentage points) versus: 

FCP OP MEDICAL 

BioHealth-Trends 

EUR 

NASDAQ Biotech- Biotech 

Index (in EUR) 

MSCI World Index (in 

EUR) 

S&P 500 Index (in 

EUR) 

AAmex Pharma-Index 

Ph I d 

(in EUR) 

MSCI World Index (in EUR) 64,0% NASDAQ Biotech Index (EUR) 54,5% 

AMEX Pharma Index (EUR) 74,0% S&P 500 Index (EUR) 63,6% 

Source: Datastream (Price indices in EUR / The previous day’s closing rates were used in each case to calculate the index performance and to convert the exchange rates. 

Because the fund is mainly invested in North America, this takes the time difference into account.) , Oppenheim Asset Management Services S.à r.l. (fund performance 

calculated according to Bundesverband Investment und Asset Management e.V. (BVI) / Initial charges (for investment and reinvestment) as well as individual costs such as the 

custodian t di ffee were not ti included. l d d PPerformance f would ldtturn out tllower ifth if these charges h and dcosts t were iincluded. l d d ) 

*Past Performance is no indicator of future performance and not a guarantee of future success. As of 06/30/2012 



Considerable outperformance* as compared to key indices over 3 years 

220 

200 

PERFORMANCE OVER 3 YEARS 

Indexed representation: 06/30/2009 =EUR100 = EUR 100 



EUR 

180 NASDAQ Bi Biotech t h 

Index (EUR) 

160 

140 

120 

100 

80 

06/09 06/10 06/11 06/12 

FCP OP MEDICAL BioHealth Trends 

Share class EUR, outperformance 

(in percentage points) versus: 

S&P 500 Index 

(EUR) 

MSCI World (EUR) 

Amex Pharma Index 

(EUR) 

NASDAQ Biotech Index (EUR) -44,7 S&P 500 Index (EUR) -9,0 

AMEX Pharma Index (EUR) 6,8 MSCI World (EUR) 13,3 








Considerable outperformance* as compared to key indices since issue 

80 % 

70 % 

60 % 

50 % 

40 % 

30 % 

20 % 

10 % 

0 % 

64 64,0% 0% 

MSCI World Index (in 

EUR) 

OUTPERFORMANCE SINCE ISSUE (EUR) 

Period: 12/30/2000 to 06/30/2012 

74,0% 

AMEX Pharma Index 

(EUR) 

54,5% 

NASDAQ Biotech Index 

(EUR) 

63 63,6% 6% 

S&P 500 Index (EUR) 







STOCKPICKING AND PORTFOLIO STRUCTURE 

Factors influencing performance: market capitalisation vs. stockpicking 

PERFORMANCE IN EUR (%) 

Median performance by 

size classes 

less than USD 200 m 

USD 200-499 m 

USD 500-999 m 

USD 1000-1999 m 

USD 2000 m & over 

11.000 000 - 44.999 999 Mio Mio. USD 

≥ 5000 Mio. USD 

Source: BioCentury 



EUR 

100 

60 

20 

-20 20 

-60 

-100 100 

Reprinted by permission of BioCentury Publications, Inc. 

PERFORMANCE AND MARKET CAPITALISATION 

-31,6 

-26,3 

-39,4 

-45,0 

-65,7 

-21,0 

67,0 

34,6 

38,1 

15,6 

0,8 

11,6 

20,9 17,4 

13,8 13,2 


Source for fund performance: Oppenheim Asset Management Services S.à r.l., performance calculated according to BVI method 

Growth in the past is no indication of future performance and no guarantee of success in the future. 

-7,1 , 

-3,8 

10,1 

-3,4 

-10 -10,2 2 

-16,3 

-30,5 

-29,7 

15,4 

0,3 

17,0 

15,3 

2008 2009 2010 2011 2012 YTD 

18,3 

17,7 

As of: 06/30/2012 



Added value through access to interesting finance possibilities (selected 

PIPE deals), ), Private financing g rounds in which the fund took part p 

DATE COMPANY TERMS PRICE AS AT 29.06.12 

11.10.2010 Cerus 2,85 USD, 50% warrant coverage 3.32 USD 

2011-01-31 Celsion Corp 

Preferred shares + 100% warrant coverage 

(conversion price 2.4045 USD) 

3.07 USD 

2011 2011-01-04 01 04 AVIBi AVI Biopharma h 150USD 1.50 USD 063USD 0.63 USD 

2011-05-18 Celldex Therapeutics 3.15 USD 5.18 USD 

2011 2011-06-16 06 16 Tekmira Pharmaceuticals 22.85 85 USD USD, 50% warrant coverage 211USD 2.11 USD 

2012-02-08 Mannkind 2.40 USD, 60% warrant coverage 2.29 USD 

2012-02-10 2012 02 10 Vernalis Subscription rights at 00.20 20 GBP 023GBP 0.23 GBP 

2012-03-15 Intellipharmaceutics 2.75 USD 3.22 USD 

10.04.2012 Titan Pharna 

16.04.2012 Allon Therapeutics 

Source: Medical Strategy GmbH GmbH, Gräfelfing near Munich 

*equally devided into series A and B warrants, which have different maturities 

0.85 USD 

200% warrant coverage* coverage 

0.25 CAD 

50% warrant coverage 

0.70 USD 

0.24 CAD 



Corporate takeovers (2011/2012) 

STOCKS SELECTED FOR THE PORTFOLIO OF FCP OP MEDICAL BioHealth-Trends 

Over taken From Sector 

Price in mil mil. Premium 

USD 

in % 

Sales-Multiple 

Cypress Ramius EmPharma 255 160% 7.5-times 

Genzyme Sanofi Biotech 20 20.100 100 50% 45times 4.5-times 

Prostrakan Kyowa Hakko EmPharma 470 21% 3-times 

Celera Quest Biotech 671 28% 5.2-times 

Chemgenex Cephalon Biotech 231 59% na 

Orthovita Stryker Medtech 305 41% 3.2- times 

Adolor Cubist EmPharm 190-415 121-355%* 4.4-times** 

Micromet Amgen Biotech 1160 33% na 

Oridion Covidien Medtech 300 72% 4.3-times 

Human Genome 

Sciences 

Biotech GSK 2600 81%*** 14-times 

Ardea EmPharma AstraZeneca 1260 54% NA 

Source: Medical Strategy GmbH, Gräfelfing near Munich As of: April 2012 

*Cash 4.25 USD, plus up to 4.50 USD in case predefined milestones are reached / ** Based on Cash-Payment 



FCP OP MEDICAL BioHealth-Trends: Sources of Outperformance 

The Outperformance is mainly dependent upon company specific events: 

IImportant t t events t are 

� Progress in trial 

�� Product approval 

� Reimbursement acceptance 

� Gain of market share 

� Reach of profitability 

� Partnered products 

� Company take-over 

� Initial Broker Coverage 

Risk adjusted weighting of candidates which offer the best opportunities 

VVery high hi h performance f contribution t ib ti of f single i l portfolio tf li names 



Portfolio structure by market capitalisation 

40 

35 

30 

25 

20 

15 

10 

5 

0 

23,7 

FOCUS ON SMALL AND MEDIUM-SIZED COMPANIES 

33,4 

Sh Share of f fund f d assets t (%) 

19,1 

< USD 200 m USD 200 - 500 m USD 500 - 1500 m USD 1500 - 5000 m > USD 5000 m CCash h 

Number 38 26 14 7 9 


The fund’s investment strategy can be changed at any time within the legal and contractual limits limits. Details of these 

limits can be found in the sales prospectus. 

9,4 

13,4 

1,0 

As of: 06/30/2012 



FCP OP MEDICAL BioHealth-Trends: Risk control 

� Concentration on companies with products in advanced stages of development or early market 

phases 

� Continually monitor the opportunities-risks-profile of investments and adjust the portfolio 

weighting accordingly 

� Bread diversification (ca. 70-90 titles) and companies with different business models 

� Use of derivatives in light of critical events, which might lead to heavy price movements such as 

results from studies/trials and product approvals 

Th The ffund’s d’ iinvestment t t strategy t t can be b changed h d at t any ti time within ithi th the llegal l and d contractual t t l li limits. it DDetails t il of f th these li limits it can bbe ffound diin th the sales l prospectus. 

t 



FCP OP MEDICAL BioHealth-Trends: Comparison of Volatility 

VOLATILITY CAME OUT AT THE LOWER END COMPARED TO PEER FUNDS 

FUNDS FONDS 1 1J 1 year Jahr ear h 3 3J 3 years Jahre ears h 5 5J 5 Jahre years ears h 

Dexia Equities L Biotechnology D 25,70% 21,70% 27,90% 

Pictet-Biotech-P 30,40% 23,10% 25,90% 

Allianz Rcm Biotechnologie - A - Eur 21,60% 18,60% 22,10% 

Franklin Biotechnology Discovery Fund A (Acc) 24,80% 19,60% 22,20% 

Nordea 1 Biotech Fund Bp-Usd 25 25,50% 50% 20 20,30% 30% 22 22,90% 90% 

UBS (Lux) Equity Fund - Biotech B 28,10% 22,70% 25,90% 

BNP Paribas L1 Equity Biotechnology World C 22,00% 20,00% 25,00% 

DWS Biotech Typ O 25,00% 21,30% 25,30% 

Lacuna - Biotech 22,90% 19,10% 21,40% 

FCP OP MEDICAL BioHealth-Trends 22,50% , 17,30% , 22,30% , 

FCP OP MEDICAL BioHealth-Trends H 23,50% 17,70% 22,10% 

Source: Datastream, , share price p volatilityy in fund currencyy As of. 06/30/2012 

Growth in the past is no indication of future performance and no guarantee of success in the future. 



The five leading investments 

COMPANY 

SHARE OF FUND 

ASSETS (%) 

MARKET CAP. 

(USD m) 

LIGAND PHARMA SHS 6,1 334 Biotechnology 

IMMUNOGEN SHS 5,8 1294 Biotechnology 

FURIEX PHARMA SHS 3,8 208 

BASILEA PHARMA N- 

AKT 

SECTOR COMMENT 

Emerging 

Pharma 

2,8 455 Biotechnology 

Broad product pipeline 

Royalties on 4 products with market presence (alter alia Promacta / GSK for treatment of 

thrombopenia) 

One of the leading companies for antibody-toxin-conjugates 

Trastuzumab-DM 1(partner Roche) as potential Herceptin-replacement – planned for filing 2012 

8 further products (partly verpartnert) in phase I and II of clinical trial 

Emerging Pharma company with several development programs 

With Nesina and Priligy already two products in the market (through partners) 

High sales expectation through royalty income from diabetes drug Nesina with blockbuster 

potential 

Swiss Biotech company with focus on dermatology and antibiotics 

With Toctino Basilea already has the first product for treatment of severe chronical hand eczema 

on the market 

In the United States Toctino is in late stage of clinical trial 

Moreover ant-infective envisaged as partner product 

· Global bio-pharmaceutical company, focused on CNS and 

UCB AKT 2,8 9271 Biotechnology immunology, growth particularly with biotech products like Cimzia 

· Broad product pipeline 

Focus on potential future climbers and special situations 

Source: Medical Strategy GmbH GmbH, Gräfelfing near Munich / Source for market capitalisation: Datastream 

As of: 06/30/2012 

The fund’s investment strategy can be changed at any time within the legal and contractual limits. Details of these limits can be found in the sales prospectus. 



Portfolio structure by product status 

Companies with 

products on the 

market a e 

39,0 % 

Companies with 

products on the 

market and 

profitable 

26,0 % 

PRODUCT STATUS INDUSTRIES 

Share of fund assets 

Cash 

1,0 % 

Products in early 

clinical phase 

10,0 % 

Products in phase 

III and in approval 

process 

24,0 % 

Share of fund assets (%) 

Biotechnology 49,1 

Emerging Pharma 34,0 

Emerging Medtech 14,7 

Healthcare Services 1,2 

Cash 1,0 

Total 100,0 


As of: 06/30/2012 


Focus on companies close to the market 


PERFORMANCE 

Multiple awards 

SAUREN FUND RESEARCH 

Source: Sauren Fonds-Research AG 

Valid: 2011-2012 

SAUREN 

FUND MANAGER RATING 2011 

Fund Award 2012, €URO / €URO am Sonntag 

FCP OP MEDICAL BioHealth-Trends EUR 

in the equity funds (biotechnology) category 

2nd place over 3 years 

FCP OP MEDICAL BioHealth-Trends EUR H 

in the equity funds (biotechnology) category 

3rd place over 3 years 

Source: €uro, issue 02/2012 Validity: 2012 


PERFORMANCE 

Standard & Poor’s Fund Management Rating 

LONG-TERM RATING RATING 

FCP OP Medical BioHealth-Trends 

since June 2010 

Copyright © 2010. Standard and Poor’s, a division of The McGraw-Hill Companies, 

Li Limited. it d RReproduction d ti or di distribution t ib ti off S&P FFundd MManagementt RRatings ti andd S&P’ S&P’s 

trademarks, trade names, service marks or logos in any form is prohibited except 

with the prior written permission of S&P. S&P its affiliates and sources do not 

guarantee the accuracy, completeness or availability of any information and are not 

responsible for any errors or omissions or for the results obtained from the use of 

such information. S&P, ITS AFFILIATES AND SOURCES GIVE NO EXPRESS OR 

IMPLIED WARRANTIES WARRANTIES, INCLUDING INCLUDING, BUT NOT LIMITED TO TO, ANY 

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR 

PURPOSE OR USE. In no event shall S&P, its affiliates or sources be liable for any 

indirect, special or consequential damages in connection with S&P Fund 

Management Ratings. 

Source: Standard & Poor’s Valid until reassessed by S&P 

FCP OP Medical BioHealth-Trends 

2011/2012 

An S&P Fund Management Rating represents an opinion only and should not be 

relied li d on when h making ki an iinvestment t t ddecision i i as th the ffundd rating ti iis ffor iinformation f ti 

purposes only and not tailored to a specific investor. Copyright (c) 2010 Standard & 

Poor's, a division of The McGraw-Hill Companies, Inc. 

S&P Fund Management Ratings are regarded as a mark of quality for investment 

funds. 

Th They are bbased d on personall iinterviews i with ih the h ffundd manager andd offer ff an 

independent evaluation of consistency in performance and of the quality of the fund 

management 

Source: Standard & Poor’s Validity: 08/2011 – 08/2012 


PERFORMANCE 

Performance: FCP OP MEDICAL BioHealth-Trends EUR 

1300 1.300 

1.200 

1.100 

1.000 

900 

800 

700 

600 

500 

MODEL CALCULATION (5 YEARS) INVESTMENT OF EUR 1000 

400 

06/07 06/08 06/09 06/10 06/11 06/12 

PERFORMANCE OVER 12 MONTH PERIODS 

06/07-06/08 06/08-06/09 06/09-06/10 06/10-06/11 06/11-06/12 

-31,98% 26,67% 21,85% 10,85% 13,36% 

Performance including all internal costs as 

well as the charge for the initial investment. 

Individual costs such as custodian fee were 

not included. Performance would turn out 

lower if these charges and costs were 

included. 

Initial charges (for investment and 

reinvestment) as well as individual costs 

such as the custodian fee were not included. 

Performance would turn out lower if these 

charges and costs were included. 

Source: Oppenheim Asset Management Services S.à r.l. As of: 06/30/2012 

Fund Performance calculated according to Bundesverband Investment und Asset Management e.V. (BVI) 



PERFORMANCE 

Performance: FCP OP MEDICAL BioHealth-Trends EUR H 

1300 1.300 

1.200 

1.100 

1.000 

900 

800 

700 

600 

500 

MODEL CALCULATION (5 YEARS) INVESTMENT OF EUR 1000 

400 

06/07 06/08 06/09 06/10 06/11 06/12 

PERFORMANCE OVER 12 MONTH PERIODS 

06/07-06/08 06/08-06/09 06/09-06/10 06/10-06/11 06/11-06/12 

-23,44% 15,77% 10,85% 22,90% 2,92% 

Performance including all internal costs as 

well as the charge for the initial 

investment. 

Individual costs such as custodian fee 

were not included. Performance would 

turn out lower if these charges and costs 

were included. 

Initial charges (for investment and 

reinvestment) as well as individual costs 

such as the custodian fee were not included included. 

Performance would turn out lower if these 

charges and costs were included. 

Source: Oppenheim Asset Management Services S.à r.l. As of: 06/30/2012 

Fund Performance calculated according to Bundesverband Investment und Asset Management e.V. (BVI) 



PERFORMANCE 

Share class EUR H far-reaching hedging* against foreign currency risks 

130 

COMPARISON OF SHARE CLASSES 

IIndexed d d representation: t ti 04 04.10.2005 10 2005 = EUR 100 

120 

FCP OP 

MEDICAL 

BioHealth- 

110 Trends EUR H 

100 

90 

80 

70 

60 

50 

10/05 10/06 10/07 10/08 10/09 10/10 10/11 10/12 

FCP OP 

MEDICAL 

BioHealth- 

Trends EUR 

* This investment target may 

or may not be achieved and 

cannot be regarded as any 

type of assurance or 

guarantee. 

Source: Oppenheim Asset 

Management Services S.à r.l. 

(fund: performance calculated 

according to BVI method) 

Initial charges (for investment 

and reinvestment) as well as 

individual costs such as the 

custodian fee were not 

included. Performance would 

turn out lower if these charges 

and costs were included. 

Growth in the past is no 

indication of future 

performance and no guarantee 

of success in the future. 

As of: 06/30/2012 

Investments in a currency-hedged share class have been possible since October 

2005 


PERFORMANCE 

Leading position in performance comparison with other biotech funds 

140 

120 

100 

80 

60 

40 

PEER FUND COMPARISON 

Indexed representation: 30 30.10.2000 10 2000 = EUR 100 

20 

10/00 10/01 10/02 10/03 10/04 10/05 10/06 10/07 10/08 10/09 10/10 10/11 10/12 

FCP OP MEDICAL BioHe@lth-Trends Share Anteilklasse class EUR EUR ESPA Stock Biotec T Dexia Eqs L Biotechnology C Acc 

PF (LUX) Biotech P Cap SEB Concept BioTech B Allianz RCM Biotechnologie A EUR 

Franklin Biotechnology Disc A Acc $ ING (L) Invest Biotechnology P USD Acc Nordea-1 Biotech BP 

CS EF (Lux) Global Biotech Aberdeen B UBS (LUX) EF Biotech B USD P DWS Biotech-Aktien Typ O 

BNPP L1 Equity World Biotech Acc Lacuna - APO BioTech Oyster Oncology USD 

Since its issue on 

30.10.2000, the FCP 

Medical BioHealth- 

Trends has 

significantly 

outperformed funds 

in the reference 

group group. 

Peer group funds 

focus primarily on 

stocks with higher 

capitalisation. 

Source for FCP OP MEDICAL BioHealth-Trends data: Oppenheim Asset Management Services S.à r.l. , performance calculated according to BVI method / 

Source for peer funds: Datastream / Initial charges (for investment and reinvestment) as well as individual costs such as the custodian fee were not included. 

Performance would turn out lower if these charges and costs were included included. Growth in the past is no indication of future performance and no guarantee of 

success in the future. As of: 06/30/2012 


PERFORMANCE 

FCP OP MEDICAL BioHealth-Trends: Peer group comparison 

FUND CATEGORY: EQUITIES BIOTECHNOLOGY 

ISIN S Ranking over nach 10 10 year Jahren period 10 Jahre years Rang rank 5 years Jahre Rang rank 3 3 years Jahre Rang rank 1 1 year Jahr Rang rank 

Sektordurchschnitt/Anzahl 

Sector average/number 

52,9 14 35,3 15 81,1 16 19,4 16 

LU0108459040 Dexia Eqs L Biotechnology C Acc 108,6 1 71,0 1 146,0 1 22,1 8 

AT0000746755 ESPA Stock Biotec T 85,3 2 44,9 6 94,5 4 34,1 2 

LU0118405827 SEB Concept BioTech D 84,5 3 44,7 7 103,2 3 28,5 4 

LU0115986761 RH&F Global Life Sciences Fund 65,9 4 68,2 2 128,3 2 10,0 13 

LU0130190969 CS SICAV (Lux) Equity Biotechnology B 65,3 5 40,7 9 84,1 8 23,9 7 

LU0090689299 Pictet-Biotech-P USD 63,1 6 14,6 13 46,5 15 14,9 11 

LU0109394709 Franklin Biotechnology Disc A Acc $ 61 61,5 5 7 48 48,1 1 5 94 94,0 0 5 28 28,9 9 3 

LU0119891520 FCP OP MEDICAL BioHealth-Trends EUR 58,5 8 21,7 11 63,3 12 4,4 15 

LU0348461467 DekaLux-BioTech CF 44,1 9 27,4 10 76,0 9 27,1 5 

LU0069152568 UBS (Lux) EF Biotech (USD) P-acc 36,2 10 54,4 3 91,9 6 19,2 9 

LU0125232032 UniSector: GenTech A 30,4 11 3,6 14 31,6 16 8,3 14 

DE0008481862 Allianz Biotechnologie A EUR 28,0 12 42,8 8 71,3 10 26,7 6 

DE0009769976 DWS Biotech-Aktien Typ O 21,7 13 50,0 4 91,0 7 36,1 1 

LU0095994793 Lacuna-Biotech -12,9 14 -16,7 15 67,5 11 12,7 12 

LU0228344361 FCP OP MEDICAL BioHealth-Trends EUR H 14,7 12 50,4 14 -4,1 16 

LU0415392322 BB Biotech B USD 57,7 13 18,5 10 

Source: Morningstar (Performance calculated according to BVI method), Initial charges (for investment and reinvestment) as well as individual costs such as the custodian fee were not included. 

Performance would turn out lower if these charges and costs were included. Growth in the past is no indication of future performance and no guarantee of success in the future. As of: 31/05/2012 


SUMMARY 

Biotech funds: overview of the top five 

DWS Biotech Typ O JB EF Biotech-USD / A 

Allianz RCM 

Biotechnologie A EUR 

DekaLux-BioTech CF 

Regeneron Pharma Pharma. 90% 9,0 % Amgen 90% 9,0 % Biogen Idec Inc 89% 8,9 % Regeneron Pharma Pharma. 75% 7,5 % 

Alexion Pharma 8,0 % Vertex Pharm. 7,4 % Amgen 7,3 % Alexion Pharma 7,5 % 

Gilead Sciences 6,7 % Biogen Idec Inc 7,2 % Celgene 5,7 % Gilead Sciences 5,8 % 

Vertex Pharm. 5,7 % Celgene 6,8 % Onyx Pharmaceuticals 5,3 % Celgene 5,5 % 

Biogen Idec Inc 5,0 % Regeneron Pharma. 5,6 % Medivation 5,2% Vertex Pharm. 5,0 % 

Total Summe of top Top 55 34,4 % Total Summe of top Top 55 36,1 % Total Summe of top Top 55 32,3 % Total Summe of top Top 5 5 31,3 % 

Pictet Funds (LUX) (LUX)-Biotech-P Biotech P Cap Cap- UBS (Lux) Equity Fund - Biotech 

iSharesNasdaq 

FCPOPMEDICALBioHealth- 

FCP OP MEDICAL BioHealth 

EUR 

(USD) P-acc 

Biotechnology Index 

Trends EUR 

Vertex Pharm. 6,8 % Biogen Idec Inc 8,4 % Alexion Pharma 8,2 % Ligand Pharma 6,1 % 

Incyte 6,0 % Gilead Sciences 7,6 % Amgen 7,3 % Immunogen 5,8 % 

Biogen Idec Inc 5,7 % Amgen 6,7 % Regeneron Pharma. 6,4 % Furiex Pharma 3,8 % 

Onyx Pharmaceuticals 5,7 % Vertex Pharm. 5,1 % Gilead Sciences 5,5 % Basilea Pharma N-Akt 2,8 % 

Gilead Sciences 5,6 % Celgene 4,7 % Biogen Idec Inc 5,5 % UCB 2,8 % 

TTotal SSumme t l of f top tTTop 5 5 298% 29,8 % SSumme TTotal t l of f TTop top t 5 5 324% 32,4 % TTotal SSumme t l of f top tTTop 5 5 33 33,0 0 % TTotal SSumme t l of f top tTTop 5 

5 212% 21,2 % 

Source: information provided by the respective management company As of: 05/31/2012 

As of 06/30/2012: FCP OP MEDICAL BioHealth-Trends EUR, Allianz RCM Biotechnologie A EUR, iSharesNasdaq Biotechnology Index 


SUMMARY 

Current arguments in favour of the FCP OP Medical BioHealth-Trends 

� Persuasive long-term data (outperformance of relevant indices)* 

� The portfolio p is ppositioned with a forward-looking g focus: ggrowth, innovation and stability y are the 

investment criteria 

� The rating level of the companies in the fund portfolio can still (as of 30.09.2011) be classified 

as favourable 

� The sub-fund FCP OP Medical BioHealth-Trends is available in an unhedged and a hedged 

share class 

� The sub-fund FCP OP Medical BioHealth-Trends is available in two institutional share classes 

� Undifferentiated correction creates opportunities, which can be used through rebalancing 

The FCP OP Medical BioHealth-Trends offers potential growth above the market 

average** 

* Growth in the past is no indication of future performance and no guarantee of success in the future. 

** This investment target may or may not be achieved and cannot be regarded as any type of assurance or guarantee guarantee. 



OUTLOOK 

FCP OP MEDICAL BioHealth-Trends: Outlook (I) 

2,60 tn 

USD 

GROWTH OF THE WORLD HEALTHCARE MARKET 

Worldwide Sales in 2010 

Worldwide Sales in 2020 

5,8 tn USD 9,6 tn USD 

2,40 tn 

USD 

390t 3,90 tn 

USD 

0,80 tn 

USD 

Th The emerging i markets k t will ill mainly i l 

contribute to the global healthcare growth 

270tn 2,70 tn 

USD 

USA Europe/OECD Emerging markets 

Source: Morgan Stanley 2010, 2010 Berenberg 2010 2010, (based on data of the IMF IMF, WHO and own calculations) 

calculations), 

calculation by Medical Strategy GmbH 2011 

06/30/2012| Page 40 Oppenheim Asset Management Services S.à r.l. 

3,00 tn 

USD

OUTLOOK 

FCP OP MEDICAL BioHealth-Trends: Outlook (II) 

� Transformation process within the large-cap segment makes innovative small- and mid-caps 

currently appear as a specially interesting investment segment 

� Focus on the mid- and small-cap area offers above average growth potential – number of U.S. 

large-cap Biotech firms reduced to four after Genzyme-take-over. 

� Small/mid-caps stay numerous and are still sought-after as take-over candidates 

� The winner will be the firm/product with high potential for innovation (Pricing Power) 

Source: Medical Strategy GmbH, GmbH Gräfelfing near Munich 



OUTLOOK 

Current crisis: effects on Health Care Sector 

� The fund invests predominantly in product developer (drugs, medical technology) – the health 

care service sector only serves as portfolio addition: current weight 1.7% 

� Investments are focused in innovative product developers – only mildly affected by possible 

austerity measures – possible rebate constraints in the U.S. and Europe will rather affect 

established companies 

� The FCP OP MEDICAL BioHealth-Trends invests in the Pipeline, that is to say predominantly 

in prospective sales 

� Companies with new disease influencing or curing drugs have pricing power 

FCP OP Medical BioHealth-Trends only limited affected by budget reductions 



OUTLOOK 

Basis for outperformance of Health Care Sector 

� New product cycle starts 

› Revolutionary treatment concepts for many fields in therapy 

� Peak of patent expiration in 2012 highlights pipelines 

› Sector will regain growth characteristics (FDA more efficient in 2011) 

� Transformation of drug industry 

› Big Pharma reduces R&D and focuses on severe chronic diseases (inter alia through M&A) 

� Cost benefit analysis for new therapies 

› NICE (VBP), IQWiG, IPAB – boosts new, more sophisticated special drugs (inter alia Orphan) 

� Global growth of health care spending (% GDP) 

› Emerging Markets, Demographics (>65 years), Universal Coverage 

Trends bring forward young, emerging companies with innovative products 



OUTLOOK 

Current crisis: effects on FCP OP MEDICAL BioHealth-Trends 

� Debt crisis in Europe, U.S. and Japan 

� Heightened g uncertainty y of economic development p – defensive sectors like health care favored 

� Already approved as well as new more restrictive austerity budgets for EU countries 

� U.S. - compromise for raising the debt ceiling: reductions sum up to 4 tn USD - Medicare 

(pensioner health insurance) and Medicaid (health insurance for people in need) may be 

affected by cut-backs of up to 300 bn USD over a 10 year time period 

�� Approximately 80% of Medicare/Medicaid expenses are dispensed with the regional service 

sector 

� The proportion of Medicare compensated drugs relative to global sales of 800 bn. USD = 7% 

Service Sector is more affected by budget reduction 



ANNEX: FUND DATA AND NOTE ABOUT RISKS 

Overview of fund data 

FUND DATA 

Management company: 

Legal form: 

External consultant: 

Depositary bank: 


Sub-fund: FCP OP MEDICAL BioHealth-Trends 

The fund was issued on 30 October 2000 

under the name Fonds Commun de 

Placement MEDICAL Medical BioHealth- 

Trends as a sub-fund of the umbrella fund 

Fonds Commun de Placement MEDICAL in 

accordance with the law of the Grand Duchy 

of Luxembourg according to Part II of the law 

relating to organisms for joint investments of 

30 March 1988. The fund changed its name to 

FCP OP MEDICAL BioHealth-Trends with 

effect from 16 August 2004. 

The sub-fund FCP OP Medical BioHealth- 

Trends is available in two institutional share 

classes. 

1Theindicatedfeemaybeadjustedupwardas well as downward at any time within the limits 

contained in the prospectus. 06/2012 

Oppenheim Asset Management Services S.à r.l., Luxembourg 

Fonds Commun de Placement MEDICAL in 

Fonds Commun de Placement according to law of the Grand Duchy of Luxembourg 

Medical Strategy GmbH, Gräfelfing district Munich 

Sal. Oppenheim jr. & Cie. S.C.A., Luxembourg 

SHARE CLASS EUR EUR H I I H 

Security identification 

number 

941135 / LU0119891520 A0F69B / LU0228344361 A0MNRQ / LU0294851513 A0MQG5 / LU0295354772 

Fund currency: EUR EUR EUR EUR 

2The performance fee is only paid when and if 

the Specific Net Asset Value per Unit reaches, 

Use of profits: distributed distributed distributed distributed 

at half year end, a new high, compared to the 

high at the previous half year end (the “High 

Fiscal year end: 31 December 31 December 31 December 31 December 

Water Mark”) and only on the new excess 

appreciation over the said high at the end of 

the previous half year for the Specific Net 

Date share first issued: 30 October 2000 4 October 2005 25 May 2007 8 May 2007 

Asset Value per Unit. The Net Asset Value per 

Unit is adjusted by any distributions that may 

Issue surcharge arise. 

1 Issue surcharge %: effektive: 55.0 0 / maxmal: 55.0 0 effektive: 5.0 5 0 / maximal: 5.0 5 0 effektive:50/maximal:50 effektive: 5.0 / maximal: 5.0 effektive:50/maximal:50 

effektive: 5.0 / maximal: 5.0 

Depositary bank fee 

3Total Expense Ratio (TER) is calculated 

according to SFA method and contains all 

costs (with exception of transaction costs and 

performance fee) 

Portfolio Turnover Rate (PTR) for reporting 

period January 1, 2011 to Dezember 31, 

2011 l l t d di t SFA th d 

1 p.a. %: effektive: 0.15 / maximal: 0.15 effektive: 0.15 / maximal: 0.15 effektive: 0.15 / maximal: 0.15 effektive: 0.15 / maximal: 0.15 

Management fee 1 p.a. %: effektive: 1.7 / maximal: 1.9 effektive: 1.7 / maximal: 1.9 effektive: 1.2 / maximal: 1.9 effektive: 1.2 / maximal: 1.9 

2 

Performance fee rule 

15 % of outperformance referring to NAV per share and half 

year. 

10 % of outperformance referring to NAV per share and half 

year. 

2011 calculated according to SFA method: 

0,85. 

The fund is an opportunity-oriented investment 

for investors with a long-term investment 

horizon. The particular investment policy of 

the fund entails a more pronounced 

opportunities-risks profile. This means that 

higher fluctuation in the share prices 

2 : 

Total expense ratio 3 year. 

Outperformance is deemed to be the semi-annual performance 

in excess of 2,5 % 

year. 

Outperformance is deemed to be the semi-annual performance 

in excess of 2,5 % 

% 

(excluding performance 

fee), financial year: 

2.11 / 31. December 2011 2.13 / 31. December 2011 1.52 / 31. December 2011 1.59 / 31. December 2011 

PPerformance f fee f %, % 

financial year: 

0.00 / 31. December 2011 0.37 / 31. December 2011 0.00 / 31. December 2011 0.28 / 31. December 2011 

higher fluctuation in the share 

(increased volatility) is possible. 

prices 


ANNEX: FUND DATA AND NOTE ABOUT RISKS 

A few words about risks 

Investment funds are subject to the risk of falling share prices because fluctuations in the value of the assets contained in the fund are reflected in the share 

price. 

The fund invests in shares and is thus subject j to the volatilityy and the risk of possible p share price p losses on the stock markets. Stocks are picked p from within 

the healthcare sector. The evaluation of companies in the healthcare industry may be based on less reliable assumptions because product development and 

approval depend on the results of comprehensive series of tests. This lack of certainty can result in an increased share price volatility. Because there may be 

little information available about the status of the development and the approval process, investing in such stocks may be highly speculative. 

Stocks are picked worldwide. Investments of this type open up additional potential earnings yet also entail an exchange rate risk and are thus subject to the 

effects of social, political and economic changes in these countries. 

The particular investment policy of the FCP OP MEDICAL BioHealth-Trends entails a more pronounced opportunities-risks profile. This means that higher 

fluctuation in the share prices (increased volatility) is possible. 

The fund is an opportunity-oriented investment for investors with a long-term investment horizon. 


Growth in the past is no indication of future performance and no guarantee of success in the future. The indices illustrated are solely for the purposes of 

general market information. 

Detailed information and risk descriptions can be found in the sales prospectuses that can be obtained free of charge from the Oppenheim Fonds Trust 

GmbH, Unter Sachsenhausen 4, 50667 Cologne or online at www.oppenheim-fonds.de. 


Disclaimer 

Management company: 

Oppenheim Asset Management 

SServices S.à S r.l. 

4, rue Jean Monnet 

L-2180 Luxembourg 

www.oppenheim-fonds.lu 

Paying Agent in Germany: 

Sal. Oppenheim jr. & Cie. AG & Co. 

KGaA 

Unter Sachsenhausen 4 

50667 Cologne 

Germany 

and its branches 

Paying Agent and Distribution in Austria: 

Deutsche Bank Österreich AG 

Vienna Main Office 

Palais Equitable 

Stock im Eisen-Platz 3 

AA-1010 1010 Vi Vienna 

© Copyright 

This publication is copyright-protected. All rights appertaining thereto, even in case of only partial use, shall remain 

reserved, particularly with regard to the following: translation, reprinting, recital, use of images and graphics, 

broadcasting broadcasting, duplication via microfiche or other means means, and storage in data processing equipment equipment. Any duplication 

of this publication or portions thereof, even in isolated cases, shall be subject to the limitations set forth under the 

law. Any breaches may carry civil and criminal penalties. 

Exclusion of liability 

Although this presentation was prepared with reasonable care care, it can not be ruled out out, that it is incomplete or 

includes mistakes. The editor, its managing directors, executive employees or staff members therefore do not take 

the liability for the accuracy, completeness and actuality of the information. This applies as well to the data 

contained in this document and provided by third parties even though only data is used which was considered 

reliable. A possible incorrectness or incompleteness of information does not constitute a direct or secondary liability 

in case of claims. 

If statements t t t are contained t i d iin thi this publication bli ti concerning i market k t conditions diti th they representt your own view i on th the 

portrayed situation. Hereby we neither make generally valid statements nor give recommendations or investment 

advice. Moreover the remarks are based on our judgment of the current legal and tax conditions. Statements 

contained in this publication may be changed at any time without prior notice. 

The publication may not be understood as sale offer or as request to submit an offer to purchase investment 

securities. In particular it is not a prospectus in the legal sense, but a promotional description, which in meant for 

individual information. Reading this publication is no substitute for individual consultancy. 

Details contained in this publication do not represent an investment consulting service, but simply give a short 

summarizing abstract of the basic characteristics of the fund. 

The complete specifications for the fund, detailed notice on investments objectives, fees and risks as well as legal 

and tax notice are contained in the prospectus. 

The prospectus is the solely obligatory basis for the purchase of fund shares. Please read the prospectus carefully 

and seek advice from you legal and/or tax advisor before investing. 

You get the prospectus on request at the following address: Oppenheim Fonds Trust GmbH, Unter Sachsenhausen 

4, 50667 Cologne or on the internet at www.oppenheim-fonds.de.

FCP OP MEDICAL BioHealth Trends FCP OP ... - Sal. Oppenheim

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