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

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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 Source: Medical Strategy GmbH, Gräfelfing near Munich 06/30/2012| Page 44 Oppenheim Asset Management Services S.à r.l.
ANNEX: FUND DATA AND NOTE ABOUT RISKS Overview of fund data FUND DATA Management company: Legal form: External consultant: Depositary bank: FCP OP MEDICAL 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 06/30/2012| Page 45 Oppenheim Asset Management Services S.à r.l.
Page 1 and 2: OPPENHEIM ASSET MANAGEMENT SERVICES
Page 3 and 4: FUND ORIENTATION Small and mid-cap
Page 5 and 6: FUND ORIENTATION The investment spe
Page 7 and 8: HEALTHCARE MARKET Why invest in the
Page 9 and 10: HEALTHCARE MARKET Growth through in
Page 11 and 12: HEALTHCARE MARKET Pharma-equities:
Page 13 and 14: HEALTHCARE MARKET Big-Biotech-Equit
Page 15 and 16: INVESTMENT PROCESS Basis for a succ
Page 17 and 18: INVESTMENT PROCESS Example case: Im
Page 19 and 20: GROWTH IN DIFFERENT MARKET PHASES C
Page 21 and 22: GROWTH IN DIFFERENT MARKET PHASES C
Page 23 and 24: STOCKPICKING AND PORTFOLIO STRUCTUR
Page 31 and 32: PERFORMANCE Multiple awards SAUREN
Page 33 and 34: PERFORMANCE Performance: FCP OP MED
Page 35 and 36: PERFORMANCE Share class EUR H far-r
Page 37 and 38: PERFORMANCE FCP OP MEDICAL BioHealt
Page 39 and 40: SUMMARY Current arguments in favour
Page 41 and 42: OUTLOOK FCP OP MEDICAL BioHealth-Tr
Page 43: OUTLOOK Basis for outperformance of
Page 47: Disclaimer Management company: Oppe

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

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