Roxbury's Health Sciences strategy is a unique non-diversified product focused on one of today's fastest growing areas of the economy: healthcare. This dynamic sector includes biotechnology, medical device, pharmaceutical, and professional health services companies. Healthcare stocks continue to benefit from a series of powerful dynamics, such as an aging population, rapid innovation, and cost-efficient delivery of medical services.

Following a bottom-up investment process, we look for stocks exhibiting such characteristics as above-average earnings and dividend growth, strong financial strength, dominant business models, pricing power, significant free cash flows, and attractive risk/reward characteristics.

In addition, every company must have what we refer to as a wide economic moat, or competitive advantage, that will allow it to grow returns on capital well into the future.

Holdings are sold, in whole or part, if the risk/reward characteristics of a stock turn negative, company fundamentals deteriorate, a more attractive investment idea is identified, and/or the stock achieves our price target.

The portfolio typically consists of 20 to 40 stocks. We believe demographic trends and constant developments in this sector will continue to generate strong, sustainable returns on investment capital for leading healthcare companies, and this strategy is designed to capture the most attractive businesses in those respective sectors.

For a more complete description of the Health Sciences strategy, including the latest portfolio statistics, please download the most recent Fact Sheet.

Portfolio Managers: Brian L. Massey, CFA and Silas A. Myers, CFA (Sub-advised by Mar Vista Investment Partners)