SECTOR GAMMA AS Activity Q3 2009-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GILD	Buy	GILEAD SCIENCES INC	$46,696,838	+0.8%	623,123	+3.6%	11.94%	+15.1%
BMY	Buy	BRISTOL-MYERS SQUIBB CO	$38,990,111	+20.1%	671,780	+32.4%	9.96%	+37.2%
BIIB	Buy	BIOGEN INC	$26,802,545	-1.7%	104,286	+8.9%	6.85%	+12.2%
MDT	Sell	MEDTRONIC PLC	$25,694,479	-15.8%	327,903	-5.4%	6.57%	-3.9%
INCY	Buy	INCYTE CORP	$24,988,125	+1.0%	432,545	+8.8%	6.39%	+15.3%
CAH	Sell	CARDINAL HEALTH INC	$22,932,288	-37.0%	264,136	-31.3%	5.86%	-28.0%
BDX	Sell	BECTON DICKINSON & CO	$18,584,171	-24.2%	71,884	-22.6%	4.75%	-13.5%
ANTM	Buy	ELEVANCE HEALTH INC	$17,916,227	+28.6%	41,147	+31.2%	4.58%	+46.9%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$17,850,723	-17.6%	159,069	+6.9%	4.56%	-5.9%
	Buy	GE HEALTHCARE TECHNOLOGIES I	$15,621,236	+27.1%	229,589	+51.7%	3.99%	+45.1%
CNC	Sell	CENTENE CORP DEL	$15,370,434	-7.0%	223,148	-8.9%	3.93%	+6.2%
EW	Buy	EDWARDS LIFESCIENCES CORP	$14,756,294	-19.9%	212,995	+9.1%	3.77%	-8.5%
LH	Sell	LABORATORY CORP AMER HLDGS	$13,039,500	-26.1%	64,857	-11.3%	3.33%	-15.6%
GMED	New	GLOBUS MED INCcl a	$11,013,711	–	221,827	–	2.82%	–
THC	Sell	TENET HEALTHCARE CORP	$10,408,973	-20.8%	157,975	-2.2%	2.66%	-9.5%
CTLT	Buy	CATALENT INC	$9,430,583	+20.8%	207,129	+15.0%	2.41%	+38.0%
ALNY	Buy	ALNYLAM PHARMACEUTICALS INC	$9,380,633	+76.0%	52,968	+88.7%	2.40%	+100.9%
BMRN	Sell	BIOMARIN PHARMACEUTICAL INC	$8,498,327	-39.7%	96,048	-41.0%	2.17%	-31.2%
IONS	Buy	IONIS PHARMACEUTICALS INC	$7,512,342	+14.1%	165,616	+3.3%	1.92%	+30.3%
BAX	Sell	BAXTER INTL INC	$7,292,991	-66.2%	193,243	-59.2%	1.86%	-61.4%
BRKR	Sell	BRUKER CORP	$6,439,017	-22.4%	103,355	-7.9%	1.65%	-11.3%
RARE	Buy	ULTRAGENYX PHARMACEUTICAL IN	$4,105,668	-11.5%	115,166	+14.5%	1.05%	+1.1%
QGEN	Sell	QIAGEN NV	$4,078,877	-29.0%	100,713	-21.0%	1.04%	-18.9%
ACAD	Sell	ACADIA PHARMACEUTICALS INC	$3,746,719	-22.1%	179,785	-10.4%	0.96%	-10.9%
LNTH	Buy	LANTHEUS HLDGS INC	$3,540,840	-16.1%	50,962	+1.3%	0.90%	-4.2%
	New	KENVUE INC	$2,891,861	–	144,017	–	0.74%	–
AMED	Sell	AMEDISYS INC	$2,296,239	-64.6%	24,585	-65.4%	0.59%	-59.6%
VIR	Sell	VIR BIOTECHNOLOGY INC	$1,391,801	-62.3%	148,538	-1.2%	0.36%	-56.9%
PTCT	Exit	PTC THERAPEUTICS INC	$0	–	-56,577	–	-0.52%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-26,471	–	-0.98%	–
NUVA	Exit	NUVASIVE INC	$0	–	-266,370	–	-2.48%	–

Q2 2023

			Value		Shares		↓ Weighting
GILD	New	GILEAD SCIENCES INC	$46,347,355	–	601,367	–	10.37%	–
CAH	New	CARDINAL HEALTH INC	$36,375,594	–	384,642	–	8.14%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$32,459,485	–	507,576	–	7.26%	–
MDT	New	MEDTRONIC PLC	$30,527,355	–	346,508	–	6.83%	–
BIIB	New	BIOGEN INC	$27,276,381	–	95,757	–	6.10%	–
INCY	New	INCYTE CORP	$24,746,367	–	397,532	–	5.54%	–
BDX	New	BECTON DICKINSON & CO	$24,532,601	–	92,923	–	5.49%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$21,667,027	–	148,812	–	4.85%	–
BAX	New	BAXTER INTL INC	$21,578,765	–	473,634	–	4.83%	–
EW	New	EDWARDS LIFESCIENCES CORP	$18,421,800	–	195,291	–	4.12%	–
LH	New	LABORATORY CORP AMER HLDGS	$17,642,188	–	73,104	–	3.95%	–
CNC	New	CENTENE CORP DEL	$16,521,810	–	244,949	–	3.70%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$14,100,062	–	162,668	–	3.16%	–
ANTM	New	ELEVANCE HEALTH INC	$13,928,936	–	31,351	–	3.12%	–
THC	New	TENET HEALTHCARE CORP	$13,139,371	–	161,457	–	2.94%	–
	New	GE HEALTHCARE TECHNOLOGIES I	$12,293,887	–	151,328	–	2.75%	–
NUVA	New	NUVASIVE INC	$11,078,328	–	266,370	–	2.48%	–
BRKR	New	BRUKER CORP	$8,296,929	–	112,242	–	1.86%	–
CTLT	New	CATALENT INC	$7,808,616	–	180,088	–	1.75%	–
IONS	New	IONIS PHARMACEUTICALS INC	$6,581,253	–	160,401	–	1.47%	–
AMED	New	AMEDISYS INC	$6,492,880	–	71,007	–	1.45%	–
QGEN	New	QIAGEN NV	$5,742,496	–	127,526	–	1.28%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$5,331,046	–	28,067	–	1.19%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$4,806,669	–	200,696	–	1.08%	–
RARE	New	ULTRAGENYX PHARMACEUTICAL IN	$4,640,909	–	100,605	–	1.04%	–
JNJ	New	JOHNSON & JOHNSON	$4,381,480	–	26,471	–	0.98%	–
LNTH	New	LANTHEUS HLDGS INC	$4,221,931	–	50,309	–	0.94%	–
VIR	New	VIR BIOTECHNOLOGY INC	$3,689,459	–	150,406	–	0.83%	–
PTCT	New	PTC THERAPEUTICS INC	$2,300,987	–	56,577	–	0.52%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	EMBECTA CORP	$0	–	-5,246	–	-0.04%	–
NVAX	Exit	NOVAVAX INC	$0	–	-56,735	–	-0.27%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-6,921	–	-0.36%	–
RIGL	Exit	RIGEL PHARMACEUTICALS INC	$0	–	-1,346,904	–	-0.41%	–
VIR	Exit	VIR BIOTECHNOLOGY INC	$0	–	-89,808	–	-0.45%	–
RARE	Exit	ULTRAGENYX PHARMACEUTICAL IN	$0	–	-45,520	–	-0.49%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-27,077	–	-0.62%	–
ITCI	Exit	INTRA-CELLULAR THERAPIES INC	$0	–	-68,612	–	-0.82%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-43,443	–	-1.07%	–
PTCT	Exit	PTC THERAPEUTICS INC	$0	–	-86,692	–	-1.12%	–
SAGE	Exit	SAGE THERAPEUTICS INC	$0	–	-115,696	–	-1.17%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-11,988	–	-1.29%	–
IONS	Exit	IONIS PHARMACEUTICALS INC	$0	–	-164,223	–	-1.87%	–
QGEN	Exit	QIAGEN NV	$0	–	-204,074	–	-2.17%	–
BAX	Exit	BAXTER INTL INC	$0	–	-169,028	–	-2.35%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-109,604	–	-2.39%	–
NUVA	Exit	NUVASIVE INC	$0	–	-248,649	–	-2.81%	–
SGEN	Exit	SEAGEN INC	$0	–	-84,730	–	-2.99%	–
BRKR	Exit	BRUKER CORP	$0	–	-237,958	–	-3.25%	–
CI	Exit	CIGNA CORP NEW	$0	–	-50,517	–	-3.61%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-387,184	–	-3.86%	–
CNC	Exit	CENTENE CORP DEL	$0	–	-201,555	–	-4.04%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-166,080	–	-4.48%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-46,032	–	-5.39%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-269,957	–	-5.62%	–
MRK	Exit	MERCK & CO INC	$0	–	-253,159	–	-5.62%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-358,700	–	-6.16%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-353,627	–	-6.48%	–
INCY	Exit	INCYTE CORP	$0	–	-418,794	–	-7.19%	–
BIIB	Exit	BIOGEN INC	$0	–	-110,230	–	-7.58%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-883,106	–	-14.04%	–

Q3 2022

			Value		Shares		↓ Weighting
GILD	Buy	GILEAD SCIENCES INC	$54,479,000	+4.5%	883,106	+4.7%	14.04%	+20.4%
BIIB	Buy	BIOGEN INC	$29,431,000	+56.0%	110,230	+19.2%	7.58%	+79.7%
INCY	Sell	INCYTE CORP	$27,908,000	-20.0%	418,794	-8.8%	7.19%	-7.9%
BMY	Buy	BRISTOL-MYERS SQUIBB CO	$25,139,000	+4.7%	353,627	+13.5%	6.48%	+20.7%
CAH	Sell	CARDINAL HEALTH INC	$23,918,000	+18.5%	358,700	-7.1%	6.16%	+36.6%
MRK	Sell	MERCK & CO INC	$21,802,000	-42.3%	253,159	-38.9%	5.62%	-33.5%
MDT	Sell	MEDTRONIC PLC	$21,799,000	-16.4%	269,957	-7.1%	5.62%	-3.7%
ANTM	Buy	ELEVANCE HEALTH INC	$20,910,000	+26.3%	46,032	+34.2%	5.39%	+45.5%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$17,364,000	+21.8%	166,080	+22.3%	4.48%	+40.2%
CNC	Buy	CENTENE CORP DEL	$15,683,000	+2.0%	201,555	+10.9%	4.04%	+17.4%
BSX	Sell	BOSTON SCIENTIFIC CORP	$14,996,000	-24.5%	387,184	-27.3%	3.86%	-13.0%
CI	Sell	CIGNA CORP NEW	$14,017,000	-19.8%	50,517	-23.8%	3.61%	-7.6%
BRKR	Sell	BRUKER CORP	$12,626,000	-19.9%	237,958	-5.2%	3.25%	-7.7%
SGEN	Buy	SEAGEN INC	$11,594,000	+29.0%	84,730	+66.8%	2.99%	+48.6%
NUVA	Buy	NUVASIVE INC	$10,893,000	-10.5%	248,649	+0.5%	2.81%	+3.1%
BMRN	Buy	BIOMARIN PHARMACEUTICAL INC	$9,291,000	+6.5%	109,604	+4.1%	2.39%	+22.6%
BAX	New	BAXTER INTL INC	$9,104,000	–	169,028	–	2.35%	–
QGEN	Buy	QIAGEN NV	$8,424,000	-11.5%	204,074	+1.2%	2.17%	+1.9%
IONS	Sell	IONIS PHARMACEUTICALS INC	$7,264,000	+18.6%	164,223	-0.7%	1.87%	+36.6%
BIO	Buy	BIO RAD LABS INCcl a	$5,001,000	-14.3%	11,988	+1.7%	1.29%	-1.2%
SAGE	Sell	SAGE THERAPEUTICS INC	$4,531,000	+18.4%	115,696	-2.3%	1.17%	+36.4%
PTCT	Buy	PTC THERAPEUTICS INC	$4,352,000	+28.0%	86,692	+2.2%	1.12%	+47.4%
CVS	Sell	CVS HEALTH CORP	$4,143,000	-73.4%	43,443	-74.2%	1.07%	-69.4%
ITCI	Sell	INTRA-CELLULAR THERAPIES INC	$3,193,000	-30.8%	68,612	-15.1%	0.82%	-20.3%
RARE	Sell	ULTRAGENYX PHARMACEUTICAL IN	$1,885,000	-31.7%	45,520	-1.5%	0.49%	-21.2%
VIR	Sell	VIR BIOTECHNOLOGY INC	$1,731,000	-38.3%	89,808	-18.5%	0.45%	-29.0%
RIGL	Sell	RIGEL PHARMACEUTICALS INC	$1,589,000	-4.1%	1,346,904	-8.2%	0.41%	+10.5%
ALNY	Sell	ALNYLAM PHARMACEUTICALS INC	$1,385,000	-77.8%	6,921	-83.8%	0.36%	-74.5%
NVAX	Buy	NOVAVAX INC	$1,033,000	-63.7%	56,735	+2.6%	0.27%	-58.2%
ATRA	Exit	ATARA BIOTHERAPEUTICS INC	$0	–	-123,713	–	-0.22%	–
	Exit	SOMALOGIC INC	$0	–	-301,224	–	-0.30%	–
QTRX	Exit	QUANTERIX CORP	$0	–	-88,670	–	-0.32%	–
PFE	Exit	PFIZER INC	$0	–	-100,000	–	-1.17%	–
ABT	Exit	ABBOTT LABS	$0	–	-49,205	–	-1.20%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-33,474	–	-2.11%	–
OGN	Exit	ORGANON & CO	$0	–	-356,089	–	-2.69%	–

Q2 2022

			Value		Shares		↓ Weighting
GILD	New	GILEAD SCIENCES INC	$52,132,000	–	843,427	–	11.66%	–
MRK	New	MERCK & CO INC	$37,775,000	–	414,338	–	8.45%	–
INCY	New	INCYTE CORP	$34,903,000	–	459,429	–	7.81%	–
MDT	New	MEDTRONIC PLC	$26,074,000	–	290,521	–	5.83%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$24,001,000	–	311,696	–	5.37%	–
CAH	New	CARDINAL HEALTH INC	$20,176,000	–	385,988	–	4.51%	–
BSX	New	BOSTON SCIENTIFIC CORP	$19,855,000	–	532,735	–	4.44%	–
BIIB	New	BIOGEN INC	$18,864,000	–	92,497	–	4.22%	–
CI	New	CIGNA CORP NEW	$17,467,000	–	66,283	–	3.91%	–
ANTM	New	ELEVANCE HEALTH INC	$16,552,000	–	34,300	–	3.70%	–
BRKR	New	BRUKER CORP	$15,755,000	–	251,042	–	3.52%	–
CVS	New	CVS HEALTH CORP	$15,577,000	–	168,111	–	3.48%	–
CNC	New	CENTENE CORP DEL	$15,382,000	–	181,799	–	3.44%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$14,262,000	–	135,749	–	3.19%	–
NUVA	New	NUVASIVE INC	$12,167,000	–	247,502	–	2.72%	–
OGN	New	ORGANON & CO	$12,018,000	–	356,089	–	2.69%	–
QGEN	New	QIAGEN NV	$9,522,000	–	201,729	–	2.13%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$9,433,000	–	33,474	–	2.11%	–
SGEN	New	SEAGEN INC	$8,988,000	–	50,795	–	2.01%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$8,723,000	–	105,259	–	1.95%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$6,249,000	–	42,844	–	1.40%	–
IONS	New	IONIS PHARMACEUTICALS INC	$6,125,000	–	165,439	–	1.37%	–
BIO	New	BIO RAD LABS INCcl a	$5,834,000	–	11,785	–	1.30%	–
ABT	New	ABBOTT LABS	$5,346,000	–	49,205	–	1.20%	–
PFE	New	PFIZER INC	$5,243,000	–	100,000	–	1.17%	–
ITCI	New	INTRA-CELLULAR THERAPIES INC	$4,615,000	–	80,843	–	1.03%	–
SAGE	New	SAGE THERAPEUTICS INC	$3,827,000	–	118,476	–	0.86%	–
PTCT	New	PTC THERAPEUTICS INC	$3,400,000	–	84,864	–	0.76%	–
NVAX	New	NOVAVAX INC	$2,845,000	–	55,324	–	0.64%	–
VIR	New	VIR BIOTECHNOLOGY INC	$2,807,000	–	110,223	–	0.63%	–
RARE	New	ULTRAGENYX PHARMACEUTICAL IN	$2,758,000	–	46,221	–	0.62%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$2,727,000	–	27,077	–	0.61%	–
RIGL	New	RIGEL PHARMACEUTICALS INC	$1,657,000	–	1,466,678	–	0.37%	–
QTRX	New	QUANTERIX CORP	$1,436,000	–	88,670	–	0.32%	–
	New	SOMALOGIC INC	$1,362,000	–	301,224	–	0.30%	–
ATRA	New	ATARA BIOTHERAPEUTICS INC	$964,000	–	123,713	–	0.22%	–
	New	EMBECTA CORP	$133,000	–	5,246	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
NVAX	Exit	NOVAVAX INC	$0	–	-11,044	–	-0.46%	–
MRTX	Exit	MIRATI THERAPEUTICS INC	$0	–	-26,000	–	-0.92%	–
SAGE	Exit	SAGE THERAPEUTICS INC	$0	–	-110,767	–	-0.98%	–
PDCO	Exit	PATTERSON COS INC	$0	–	-170,547	–	-1.02%	–
RIGL	Exit	RIGEL PHARMACEUTICALS INC	$0	–	-1,772,730	–	-1.28%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-50,295	–	-1.39%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-11,255	–	-1.68%	–
IONS	Exit	IONIS PHARMACEUTICALS INC	$0	–	-263,870	–	-1.76%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-37,858	–	-2.13%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-409,731	–	-2.61%	–
CNC	Exit	CENTENE CORP DEL	$0	–	-212,223	–	-2.64%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-251,330	–	-2.91%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-176,120	–	-2.98%	–
ANTM	Exit	ANTHEM INC	$0	–	-43,192	–	-3.21%	–
QGEN	Exit	QIAGEN NV	$0	–	-330,220	–	-3.40%	–
NUVA	Exit	NUVASIVE INC	$0	–	-298,426	–	-3.56%	–
OGN	Exit	ORGANON & CO	$0	–	-546,062	–	-3.57%	–
BRKR	Exit	BRUKER CORP	$0	–	-233,252	–	-3.63%	–
BAX	Exit	BAXTER INTL INC	$0	–	-237,429	–	-3.81%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-81,593	–	-4.00%	–
INCY	Exit	INCYTE CORP	$0	–	-302,739	–	-4.15%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-184,700	–	-4.62%	–
BIIB	Exit	BIOGEN INC	$0	–	-83,319	–	-4.70%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-523,606	–	-5.17%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-371,085	–	-5.17%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-602,682	–	-5.22%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-445,010	–	-5.25%	–
PFE	Exit	PFIZER INC	$0	–	-651,600	–	-5.59%	–
MRK	Exit	MERCK & CO INC	$0	–	-812,814	–	-12.18%	–

Q3 2021

			Value		Shares		↓ Weighting
MRK	Buy	MERCK & CO INC	$61,050,000	+72.4%	812,814	+78.5%	12.18%	+94.1%
PFE	Sell	PFIZER INC	$28,025,000	-37.2%	651,600	-42.8%	5.59%	-29.3%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$26,331,000	-24.7%	445,010	-15.0%	5.25%	-15.2%
BSX	Buy	BOSTON SCIENTIFIC CORP	$26,150,000	+40.1%	602,682	+38.1%	5.22%	+57.9%
GILD	Sell	GILEAD SCIENCES INC	$25,920,000	-34.8%	371,085	-35.7%	5.17%	-26.6%
CAH	Buy	CARDINAL HEALTH INC	$25,898,000	+23.0%	523,606	+41.9%	5.17%	+38.5%
BIIB	Buy	BIOGEN INC	$23,578,000	-6.8%	83,319	+14.1%	4.70%	+5.0%
MDT	Sell	MEDTRONIC PLC	$23,152,000	-10.8%	184,700	-11.7%	4.62%	+0.4%
INCY	Buy	INCYTE CORP	$20,822,000	-12.9%	302,739	+6.5%	4.15%	-1.9%
BDX	Sell	BECTON DICKINSON & CO	$20,057,000	-12.9%	81,593	-13.8%	4.00%	-1.9%
BAX	Buy	BAXTER INTL INC	$19,096,000	+23.1%	237,429	+23.2%	3.81%	+38.6%
BRKR	Sell	BRUKER CORP	$18,217,000	-21.8%	233,252	-23.9%	3.63%	-11.9%
OGN	Sell	ORGANON & CO	$17,905,000	+7.1%	546,062	-1.1%	3.57%	+20.7%
NUVA	Buy	NUVASIVE INC	$17,861,000	-10.3%	298,426	+1.6%	3.56%	+1.0%
QGEN	Buy	QIAGEN NV	$17,066,000	+120.4%	330,220	+106.3%	3.40%	+148.1%
ANTM	Sell	ANTHEM INC	$16,102,000	-5.5%	43,192	-3.2%	3.21%	+6.5%
CVS	Sell	CVS HEALTH CORP	$14,946,000	-10.6%	176,120	-12.1%	2.98%	+0.7%
XRAY	New	DENTSPLY SIRONA INC	$14,590,000	–	251,330	–	2.91%	–
CNC	Sell	CENTENE CORP DEL	$13,224,000	-21.0%	212,223	-7.5%	2.64%	-11.0%
ELAN	Buy	ELANCO ANIMAL HEALTH INC	$13,066,000	-5.0%	409,731	+3.3%	2.61%	+7.0%
LH	Sell	LABORATORY CORP AMER HLDGS	$10,655,000	-11.3%	37,858	-13.1%	2.13%	-0.0%
IONS	Buy	IONIS PHARMACEUTICALS INC	$8,850,000	-15.8%	263,870	+0.1%	1.76%	-5.2%
BIO	Sell	BIO RAD LABS INCcl a	$8,396,000	-19.2%	11,255	-30.2%	1.68%	-9.0%
UHS	Buy	UNIVERSAL HLTH SVCS INCcl b	$6,959,000	+62.7%	50,295	+72.2%	1.39%	+83.1%
RIGL	Buy	RIGEL PHARMACEUTICALS INC	$6,435,000	-13.1%	1,772,730	+3.9%	1.28%	-2.1%
PDCO	Buy	PATTERSON COS INC	$5,140,000	+19.3%	170,547	+20.3%	1.02%	+34.3%
SAGE	Buy	SAGE THERAPEUTICS INC	$4,908,000	-4.8%	110,767	+22.1%	0.98%	+7.2%
MRTX	New	MIRATI THERAPEUTICS INC	$4,600,000	–	26,000	–	0.92%	–
NVAX	Sell	NOVAVAX INC	$2,290,000	-20.8%	11,044	-18.9%	0.46%	-10.7%
LIVN	Exit	LIVANOVA PLC	$0	–	-14,803	–	-0.22%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-4,876	–	-0.48%	–
AUPH	Exit	AURINIA PHARMACEUTICALS INC	$0	–	-234,916	–	-0.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-30,000	–	-0.88%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-68,964	–	-1.02%	–
HOLX	Exit	HOLOGIC INC	$0	–	-117,738	–	-1.39%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-204,732	–	-1.66%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-58,017	–	-1.74%	–
PKI	Exit	PERKINELMER INC	$0	–	-67,661	–	-1.85%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-165,721	–	-2.18%	–

Q2 2021

			Value		Shares		↓ Weighting
PFE	New	PFIZER INC	$44,642,000	–	1,139,985	–	7.91%	–
GILD	New	GILEAD SCIENCES INC	$39,758,000	–	577,368	–	7.04%	–
MRK	New	MERCK & CO. INC	$35,420,000	–	455,447	–	6.27%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$34,980,000	–	523,493	–	6.20%	–
MDT	New	MEDTRONIC PLC	$25,959,000	–	209,128	–	4.60%	–
BIIB	New	BIOGEN INC	$25,293,000	–	73,043	–	4.48%	–
INCY	New	INCYTE CORP	$23,905,000	–	284,145	–	4.23%	–
BRKR	New	BRUKER CORP	$23,299,000	–	306,650	–	4.13%	–
BDX	New	BECTON DICKINSON & CO	$23,025,000	–	94,681	–	4.08%	–
CAH	New	CARDINAL HEALTH INC	$21,062,000	–	368,931	–	3.73%	–
NUVA	New	NUVASIVE INC	$19,911,000	–	293,754	–	3.53%	–
BSX	New	BOSTON SCIENTIFIC CORP	$18,661,000	–	436,406	–	3.30%	–
ANTM	New	ANTHEM INC	$17,037,000	–	44,624	–	3.02%	–
CNC	New	CENTENE CORP DEL	$16,731,000	–	229,410	–	2.96%	–
CVS	New	CVS HEALTH CORP	$16,725,000	–	200,441	–	2.96%	–
OGN	New	ORGANON & CO	$16,711,000	–	552,232	–	2.96%	–
BAX	New	BAXTER INTL INC	$15,515,000	–	192,739	–	2.75%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$13,754,000	–	396,478	–	2.44%	–
HSIC	New	HENRY SCHEIN INC	$12,295,000	–	165,721	–	2.18%	–
LH	New	LABORATORY CORP AMER HLDGS	$12,012,000	–	43,547	–	2.13%	–
IONS	New	IONIS PHARMACEUTICALS INC	$10,511,000	–	263,488	–	1.86%	–
PKI	New	PERKINELMER INC	$10,448,000	–	67,661	–	1.85%	–
BIO	New	BIO RAD LABS INCcl a	$10,396,000	–	16,136	–	1.84%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$9,835,000	–	58,017	–	1.74%	–
PRGO	New	PERRIGO CO PLC	$9,387,000	–	204,732	–	1.66%	–
HOLX	New	HOLOGIC INC	$7,855,000	–	117,738	–	1.39%	–
QGEN	New	QIAGEN NV	$7,744,000	–	160,061	–	1.37%	–
RIGL	New	RIGEL PHARMACEUTICALS INC	$7,402,000	–	1,705,553	–	1.31%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$5,754,000	–	68,964	–	1.02%	–
SAGE	New	SAGE THERAPEUTICS INC	$5,155,000	–	90,738	–	0.91%	–
JNJ	New	JOHNSON & JOHNSON	$4,942,000	–	30,000	–	0.88%	–
PDCO	New	PATTERSON COS INC	$4,308,000	–	141,743	–	0.76%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$4,277,000	–	29,211	–	0.76%	–
AUPH	New	AURINIA PHARMACEUTICALS INC	$3,045,000	–	234,916	–	0.54%	–
NVAX	New	NOVAVAX INC	$2,893,000	–	13,626	–	0.51%	–
REGN	New	REGENERON PHARMACEUTICALS	$2,723,000	–	4,876	–	0.48%	–
LIVN	New	LIVANOVA PLC	$1,245,000	–	14,803	–	0.22%	–

Q4 2020

			Value		Shares		↓ Weighting
CLVS	Exit	CLOVIS ONCOLOGY INC	$0	–	-156,969	–	-0.21%	–
CERN	Exit	CERNER CORP	$0	–	-26,122	–	-0.43%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-19,491	–	-0.65%	–
RIGL	Exit	RIGEL PHARMACEUTICALS INC	$0	–	-1,365,286	–	-0.75%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-200,111	–	-1.27%	–
LIVN	Exit	LIVANOVA PLC	$0	–	-143,361	–	-1.48%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-65,956	–	-1.87%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-57,116	–	-1.94%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-216,780	–	-2.26%	–
IONS	Exit	IONIS PHARMACEUTICALS INC	$0	–	-236,342	–	-2.55%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-60,263	–	-2.58%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-25,452	–	-2.99%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-285,281	–	-3.05%	–
NUVA	Exit	NUVASIVE INC	$0	–	-289,436	–	-3.20%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-251,781	–	-3.35%	–
BRKR	Exit	BRUKER CORP	$0	–	-386,961	–	-3.50%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-169,734	–	-3.90%	–
ANTM	Exit	ANTHEM INC	$0	–	-67,802	–	-4.14%	–
ABT	Exit	ABBOTT LABS	$0	–	-170,219	–	-4.22%	–
BIIB	Exit	BIOGEN INC	$0	–	-67,343	–	-4.35%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-555,002	–	-4.83%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-215,068	–	-5.60%	–
PKI	Exit	PERKINELMER INC	$0	–	-202,707	–	-5.79%	–
INCY	Exit	INCYTE CORP	$0	–	-284,904	–	-5.82%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-477,094	–	-6.86%	–
MRK	Exit	MERCK & CO INC	$0	–	-393,374	–	-7.43%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-541,194	–	-7.43%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-320,121	–	-7.57%	–

Q3 2020

			Value		Shares		↓ Weighting
MDT	Buy	MEDTRONIC PLC	$33,267,000	+36.0%	320,121	+20.0%	7.57%	+49.9%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$32,629,000	-13.9%	541,194	-16.0%	7.43%	-5.1%
MRK	Sell	MERCK & CO INC	$32,630,000	+5.1%	393,374	-2.0%	7.43%	+15.8%
GILD	Buy	GILEAD SCIENCES INC	$30,148,000	-9.7%	477,094	+10.0%	6.86%	-0.4%
INCY	Buy	INCYTE CORP	$25,567,000	-10.9%	284,904	+3.2%	5.82%	-1.8%
PKI	Sell	PERKINELMER INC	$25,442,000	+0.6%	202,707	-21.3%	5.79%	+11.0%
ALXN	Buy	ALEXION PHARMACEUTICALS INC	$24,610,000	+26.9%	215,068	+24.5%	5.60%	+39.9%
BSX	Sell	BOSTON SCIENTIFIC CORP	$21,207,000	-15.1%	555,002	-22.0%	4.83%	-6.4%
BIIB	Buy	BIOGEN INC	$19,104,000	+11.2%	67,343	+4.9%	4.35%	+22.6%
ABT	Sell	ABBOTT LABS	$18,525,000	-22.6%	170,219	-35.0%	4.22%	-14.7%
ANTM	Sell	ANTHEM INC	$18,211,000	+0.4%	67,802	-1.7%	4.14%	+10.7%
A	Sell	AGILENT TECHNOLOGIES INC	$17,133,000	-6.2%	169,734	-17.9%	3.90%	+3.5%
BRKR	Buy	BRUKER CORP	$15,382,000	+12.1%	386,961	+14.7%	3.50%	+23.6%
CVS	Buy	CVS HEALTH CORP	$14,704,000	+57.8%	251,781	+75.6%	3.35%	+74.1%
NUVA	Sell	NUVASIVE INC	$14,058,000	-19.0%	289,436	-7.1%	3.20%	-10.6%
CAH	Buy	CARDINAL HEALTH INC	$13,394,000	+9.3%	285,281	+21.5%	3.05%	+20.5%
BIO	Sell	BIO RAD LABS INCcl a	$13,119,000	+10.6%	25,452	-3.1%	2.99%	+22.0%
LH	New	LABORATORY CORP AMER HLDGS	$11,346,000	–	60,263	–	2.58%	–
IONS	Buy	IONIS PHARMACEUTICALS INC	$11,214,000	+0.1%	236,342	+24.4%	2.55%	+10.4%
PRGO	Sell	PERRIGO CO PLC	$9,952,000	-38.0%	216,780	-25.4%	2.26%	-31.7%
JNJ	Buy	JOHNSON & JOHNSON	$8,503,000	+99.7%	57,116	+88.6%	1.94%	+120.1%
HCA	Buy	HCA HEALTHCARE INC	$8,223,000	+140.2%	65,956	+87.0%	1.87%	+164.8%
LIVN	Buy	LIVANOVA PLC	$6,481,000	+23.4%	143,361	+31.4%	1.48%	+36.1%
ELAN	Sell	ELANCO ANIMAL HEALTH INC	$5,589,000	+1.0%	200,111	-22.4%	1.27%	+11.4%
RIGL	New	RIGEL PHARMACEUTICALS INC	$3,277,000	–	1,365,286	–	0.75%	–
ALNY	Sell	ALNYLAM PHARMACEUTICALS INC	$2,838,000	-54.0%	19,491	-53.2%	0.65%	-49.3%
CERN	Sell	CERNER CORP	$1,888,000	-67.7%	26,122	-69.4%	0.43%	-64.4%
CLVS	Sell	CLOVIS ONCOLOGY INC	$915,000	-61.6%	156,969	-55.5%	0.21%	-57.7%
PTCT	Exit	PTC THERAPEUTICS INC	$0	–	-90,396	–	-0.95%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-54,906	–	-1.29%	–
RARE	Exit	ULTRAGENYX PHARMACEUTICAL IN	$0	–	-108,734	–	-1.76%	–
PDCO	Exit	PATTERSON COS INC	$0	–	-466,487	–	-2.12%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-108,482	–	-2.76%	–
HUM	Exit	HUMANA INC	$0	–	-36,457	–	-2.92%	–

Q2 2020

			Value		Shares		↓ Weighting
BMY	New	BRISTOL MYERS SQUIBB CO	$37,899,000	–	644,533	–	7.82%	–
GILD	New	GILEAD SCIENCES INC	$33,375,000	–	433,784	–	6.89%	–
MRK	New	MERCK & CO INC	$31,055,000	–	401,595	–	6.41%	–
INCY	New	INCYTE CORP	$28,694,000	–	275,987	–	5.92%	–
PKI	New	PERKINELMER INC	$25,280,000	–	257,722	–	5.22%	–
BSX	New	BOSTON SCIENTIFIC CORP	$24,980,000	–	711,482	–	5.16%	–
MDT	New	MEDTRONIC PLC	$24,466,000	–	266,800	–	5.05%	–
ABT	New	ABBOTT LABS	$23,949,000	–	261,939	–	4.94%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$19,393,000	–	172,780	–	4.00%	–
A	New	AGILENT TECHNOLOGIES INC	$18,259,000	–	206,616	–	3.77%	–
ANTM	New	ANTHEM INC	$18,146,000	–	69,002	–	3.75%	–
NUVA	New	NUVASIVE INC	$17,345,000	–	311,628	–	3.58%	–
BIIB	New	BIOGEN INC	$17,182,000	–	64,220	–	3.55%	–
PRGO	New	PERRIGO CO PLC	$16,061,000	–	290,593	–	3.32%	–
HUM	New	HUMANA INC	$14,136,000	–	36,457	–	2.92%	–
BRKR	New	BRUKER CORP	$13,723,000	–	337,346	–	2.83%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$13,380,000	–	108,482	–	2.76%	–
CAH	New	CARDINAL HEALTH INC	$12,254,000	–	234,792	–	2.53%	–
BIO	New	BIO RAD LABS INCcl a	$11,861,000	–	26,270	–	2.45%	–
IONS	New	IONIS PHARMACEUTICALS INC	$11,201,000	–	189,981	–	2.31%	–
PDCO	New	PATTERSON COS INC	$10,263,000	–	466,487	–	2.12%	–
CVS	New	CVS HEALTH CORP	$9,318,000	–	143,416	–	1.92%	–
RARE	New	ULTRAGENYX PHARMACEUTICAL IN	$8,505,000	–	108,734	–	1.76%	–
DGX	New	QUEST DIAGNOSTICS INC	$6,257,000	–	54,906	–	1.29%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$6,174,000	–	41,684	–	1.27%	–
CERN	New	CERNER CORP	$5,847,000	–	85,300	–	1.21%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$5,532,000	–	257,891	–	1.14%	–
LIVN	New	LIVANOVA PLC	$5,251,000	–	109,110	–	1.08%	–
PTCT	New	PTC THERAPEUTICS INC	$4,587,000	–	90,396	–	0.95%	–
JNJ	New	JOHNSON & JOHNSON	$4,258,000	–	30,279	–	0.88%	–
HCA	New	HCA HEALTHCARE INC	$3,424,000	–	35,276	–	0.71%	–
CLVS	New	CLOVIS ONCOLOGY INC	$2,383,000	–	353,085	–	0.49%	–

Q4 2019

			Value		Shares		↓ Weighting
CLVS	Exit	CLOVIS ONCOLOGY INC	$0	–	-431,425	–	-0.29%	–
SGMO	Exit	SANGAMO THERAPEUTICS INC	$0	–	-251,698	–	-0.38%	–
AGIO	Exit	AGIOS PHARMACEUTICALS INC	$0	–	-102,913	–	-0.56%	–
PTLA	Exit	PORTOLA PHARMACEUTICALS INC	$0	–	-125,925	–	-0.57%	–
PTCT	Exit	PTC THERAPEUTICS INC	$0	–	-121,402	–	-0.69%	–
RARE	Exit	ULTRAGENYX PHARMACEUTICAL IN	$0	–	-172,978	–	-1.25%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-96,900	–	-1.32%	–
IONS	Exit	IONIS PHARMACEUTICALS INC	$0	–	-131,514	–	-1.33%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-469,255	–	-1.41%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-89,964	–	-1.49%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-197,299	–	-1.57%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-429,677	–	-1.61%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-64,742	–	-1.63%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-417,042	–	-1.87%	–
HUM	Exit	HUMANA INC	$0	–	-43,999	–	-1.90%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-148,147	–	-2.00%	–
BIIB	Exit	BIOGEN INC	$0	–	-52,426	–	-2.06%	–
BRKR	Exit	BRUKER CORP	$0	–	-308,004	–	-2.29%	–
TAK	Exit	TAKEDA PHARMACEUTICAL CO LTDsponsored ads	$0	–	-816,299	–	-2.37%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-257,844	–	-2.44%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-46,368	–	-2.61%	–
QGEN	Exit	QIAGEN NV	$0	–	-484,601	–	-2.70%	–
LLY	Exit	LILLY ELI & CO	$0	–	-152,105	–	-2.87%	–
ANTM	Exit	ANTHEM INC	$0	–	-74,607	–	-3.03%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-260,293	–	-3.37%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-75,835	–	-3.55%	–
PKI	Exit	PERKINELMER INC	$0	–	-300,198	–	-4.32%	–
INCY	Exit	INCYTE CORP	$0	–	-345,893	–	-4.34%	–
NUVA	Exit	NUVASIVE INC	$0	–	-468,258	–	-5.01%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-475,056	–	-5.09%	–
BAX	Exit	BAXTER INTL INC	$0	–	-472,305	–	-6.98%	–
ABT	Exit	ABBOTT LABS	$0	–	-537,260	–	-7.60%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,108,336	–	-7.62%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-1,386,722	–	-11.88%	–

Q3 2019

			Value		Shares		↓ Weighting
BMY	Buy	BRISTOL MYERS SQUIBB CO	$70,321,000	+14.7%	1,386,722	+2.6%	11.88%	+20.6%
ABT	Sell	ABBOTT LABS	$44,953,000	-22.2%	537,260	-21.8%	7.60%	-18.3%
BAX	Buy	BAXTER INTL INC	$41,313,000	+9.1%	472,305	+2.2%	6.98%	+14.7%
GILD	Buy	GILEAD SCIENCES INC	$30,109,000	+0.1%	475,056	+6.7%	5.09%	+5.3%
NUVA	Sell	NUVASIVE INC	$29,678,000	+1.5%	468,258	-6.2%	5.01%	+6.7%
INCY	Buy	INCYTE CORP	$25,676,000	-3.7%	345,893	+10.2%	4.34%	+1.2%
REGN	Buy	REGENERON PHARMACEUTICALS	$21,037,000	+16.6%	75,835	+31.6%	3.55%	+22.6%
A	Sell	AGILENT TECHNOLOGIES INC	$19,946,000	-7.6%	260,293	-10.0%	3.37%	-2.9%
ANTM	Buy	ANTHEM INC	$17,913,000	-13.2%	74,607	+2.1%	3.03%	-8.7%
LLY	New	LILLY ELI & CO	$17,010,000	–	152,105	–	2.87%	–
QGEN	Buy	QIAGEN NV	$15,977,000	-7.0%	484,601	+14.4%	2.70%	-2.2%
BIO	Sell	BIO RAD LABS INCcl a	$15,428,000	-42.0%	46,368	-45.5%	2.61%	-39.0%
PRGO	Sell	PERRIGO CO PLC	$14,411,000	+8.9%	257,844	-7.2%	2.44%	+14.5%
TAK	Buy	TAKEDA PHARMACEUTICAL CO LTDsponsored ads	$14,040,000	-0.4%	816,299	+2.5%	2.37%	+4.7%
BRKR	Buy	BRUKER CORP	$13,531,000	+21.5%	308,004	+38.1%	2.29%	+27.7%
BIIB	Sell	BIOGEN INC	$12,206,000	-54.7%	52,426	-54.5%	2.06%	-52.4%
UTHR	New	UNITED THERAPEUTICS CORP DEL	$11,815,000	–	148,147	–	2.00%	–
HUM	Sell	HUMANA INC	$11,249,000	-36.6%	43,999	-34.2%	1.90%	-33.4%
ELAN	Buy	ELANCO ANIMAL HEALTH INC	$11,089,000	+77.3%	417,042	+125.4%	1.87%	+86.5%
THC	Buy	TENET HEALTHCARE CORP	$9,504,000	+40.0%	429,677	+30.7%	1.61%	+47.2%
ALXN	New	ALEXION PHARMACEUTICALS INC	$8,811,000	–	89,964	–	1.49%	–
ALNY	Buy	ALNYLAM PHARMACEUTICALS INC	$7,793,000	+49.4%	96,900	+34.8%	1.32%	+57.0%
RARE	Buy	ULTRAGENYX PHARMACEUTICAL IN	$7,400,000	+46.3%	172,978	+117.2%	1.25%	+53.8%
PTCT	Sell	PTC THERAPEUTICS INC	$4,106,000	-60.2%	121,402	-47.1%	0.69%	-58.2%
PTLA	Sell	PORTOLA PHARMACEUTICALS INC	$3,377,000	-39.0%	125,925	-38.2%	0.57%	-35.8%
MCK	Exit	MCKESSON CORP	$0	–	-44,175	–	-0.95%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-175,743	–	-1.54%	–
MYL	Exit	MYLAN N V	$0	–	-504,592	–	-1.54%	–

Q2 2019

			Value		Shares		↓ Weighting
BMY	New	BRISTOL MYERS SQUIBB CO	$61,301,000	–	1,351,722	–	9.85%	–
ABT	New	ABBOTT LABS	$57,799,000	–	687,260	–	9.29%	–
BSX	New	BOSTON SCIENTIFIC CORP	$47,636,000	–	1,108,336	–	7.66%	–
BAX	New	BAXTER INTL INC	$37,863,000	–	462,305	–	6.09%	–
GILD	New	GILEAD SCIENCES INC	$30,068,000	–	445,056	–	4.83%	–
NUVA	New	NUVASIVE INC	$29,232,000	–	499,354	–	4.70%	–
PKI	New	PERKINELMER INC	$28,921,000	–	300,198	–	4.65%	–
BIIB	New	BIOGEN INC	$26,925,000	–	115,126	–	4.33%	–
INCY	New	INCYTE CORP	$26,668,000	–	313,893	–	4.29%	–
BIO	New	BIO RAD LABS INCcl a	$26,578,000	–	85,026	–	4.27%	–
A	New	AGILENT TECHNOLOGIES INC	$21,584,000	–	289,065	–	3.47%	–
ANTM	New	ANTHEM INC	$20,632,000	–	73,107	–	3.32%	–
REGN	New	REGENERON PHARMACEUTICALS	$18,040,000	–	57,635	–	2.90%	–
HUM	New	HUMANA INC	$17,749,000	–	66,900	–	2.85%	–
QGEN	New	QIAGEN NV	$17,173,000	–	423,501	–	2.76%	–
TAK	New	TAKEDA PHARMACEUTICAL CO LTDsponsored ads	$14,094,000	–	796,299	–	2.26%	–
PRGO	New	PERRIGO CO PLC	$13,231,000	–	277,844	–	2.13%	–
BRKR	New	BRUKER CORP	$11,139,000	–	223,004	–	1.79%	–
PDCO	New	PATTERSON COMPANIES INC	$10,746,000	–	469,255	–	1.73%	–
PTCT	New	PTC THERAPEUTICS INC	$10,327,000	–	229,498	–	1.66%	–
MYL	New	MYLAN N V	$9,607,000	–	504,592	–	1.54%	–
CVS	New	CVS HEALTH CORP	$9,576,000	–	175,743	–	1.54%	–
CAH	New	CARDINAL HEALTH INC	$9,293,000	–	197,299	–	1.49%	–
IONS	New	IONIS PHARMACEUTICALS INC	$8,452,000	–	131,514	–	1.36%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$8,442,000	–	64,742	–	1.36%	–
THC	New	TENET HEALTHCARE CORP	$6,790,000	–	328,662	–	1.09%	–
CLVS	New	CLOVIS ONCOLOGY INC	$6,415,000	–	431,425	–	1.03%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$6,254,000	–	185,042	–	1.00%	–
MCK	New	MCKESSON CORP	$5,937,000	–	44,175	–	0.95%	–
PTLA	New	PORTOLA PHARMACEUTICALS INC	$5,532,000	–	203,925	–	0.89%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$5,217,000	–	71,900	–	0.84%	–
AGIO	New	AGIOS PHARMACEUTICALS INC	$5,133,000	–	102,913	–	0.82%	–
RARE	New	ULTRAGENYX PHARMACEUTICAL IN	$5,058,000	–	79,653	–	0.81%	–
SGMO	New	SANGAMO THERAPEUTICS INC	$2,711,000	–	251,698	–	0.44%	–

Q4 2018

			Value		Shares		↓ Weighting
LLY	Exit	LILLY ELI & CO	$0	–	-13,650	–	-0.23%	–
ONCE	Exit	SPARK THERAPEUTICS INC	$0	–	-33,814	–	-0.29%	–
RARE	Exit	ULTRAGENYX PHARMACEUTICAL IN	$0	–	-29,368	–	-0.35%	–
SGMO	Exit	SANGAMO THERAPEUTICS INC	$0	–	-154,960	–	-0.41%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-45,437	–	-0.62%	–
ARRY	Exit	ARRAY BIOPHARMA INC	$0	–	-334,100	–	-0.80%	–
CLVS	Exit	CLOVIS ONCOLOGY INC	$0	–	-185,577	–	-0.85%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-171,219	–	-0.93%	–
PTLA	Exit	PORTOLA PHARMACEUTICALS INC	$0	–	-269,701	–	-1.13%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-182,905	–	-1.14%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-136,335	–	-1.15%	–
LXRX	Exit	LEXICON PHARMACEUTICALS INC	$0	–	-862,602	–	-1.44%	–
IONS	Exit	IONIS PHARMACEUTICALS INC	$0	–	-202,434	–	-1.64%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-477,707	–	-1.83%	–
BIIB	Exit	BIOGEN INC	$0	–	-36,000	–	-1.99%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-105,012	–	-2.10%	–
INCY	Exit	INCYTE CORP	$0	–	-213,764	–	-2.32%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-213,300	–	-2.36%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-313,220	–	-3.48%	–
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-338,733	–	-3.50%	–
ANTM	Exit	ANTHEM INC	$0	–	-83,513	–	-3.59%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-323,187	–	-3.91%	–
NUVA	Exit	NUVASIVE INC	$0	–	-395,223	–	-4.40%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-96,697	–	-4.74%	–
PKI	Exit	PERKINELMER INC	$0	–	-369,081	–	-5.63%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-205,256	–	-5.83%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-720,880	–	-7.02%	–
MRK	Exit	MERCK & CO INC	$0	–	-731,046	–	-8.13%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,383,374	–	-8.35%	–
BAX	Exit	BAXTER INTL INC	$0	–	-706,228	–	-8.54%	–
ABT	Exit	ABBOTT LABS	$0	–	-982,312	–	-11.30%	–

Q3 2018

			Value		Shares		↓ Weighting
ABT	Sell	ABBOTT LABS	$72,062,000	+11.0%	982,312	-7.7%	11.30%	+4.7%
BAX	Sell	BAXTER INTL INC	$54,443,000	+2.3%	706,228	-2.1%	8.54%	-3.5%
BSX	Sell	BOSTON SCIENTIFIC CORP	$53,260,000	+11.5%	1,383,374	-5.3%	8.35%	+5.1%
MRK	Sell	MERCK & CO INC	$51,860,000	-6.5%	731,046	-20.0%	8.13%	-11.8%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$44,752,000	-10.4%	720,880	-20.1%	7.02%	-15.4%
SHPG	Buy	SHIRE PLCsponsored adr	$37,207,000	+28.3%	205,256	+19.5%	5.83%	+21.0%
PKI	Buy	PERKINELMER INC	$35,901,000	+35.1%	369,081	+1.7%	5.63%	+27.4%
BIO	Buy	BIO RAD LABS INCcl a	$30,265,000	+21.3%	96,697	+11.9%	4.74%	+14.4%
NUVA	Buy	NUVASIVE INC	$28,053,000	+43.2%	395,223	+5.2%	4.40%	+35.1%
GILD	Buy	GILEAD SCIENCES INC	$24,953,000	+20.8%	323,187	+10.8%	3.91%	+14.0%
ANTM	Sell	ANTHEM INC	$22,887,000	+9.4%	83,513	-5.0%	3.59%	+3.2%
IART	Buy	INTEGRA LIFESCIENCES HLDGS C	$22,312,000	+6.0%	338,733	+3.7%	3.50%	+0.0%
PRGO	Buy	PERRIGO CO PLC	$22,176,000	+52.5%	313,220	+57.0%	3.48%	+43.9%
A	New	AGILENT TECHNOLOGIES INC	$15,046,000	–	213,300	–	2.36%	–
INCY	New	INCYTE CORP	$14,767,000	–	213,764	–	2.32%	–
UHS	Buy	UNIVERSAL HLTH SVCS INCcl b	$13,425,000	+22.1%	105,012	+6.5%	2.10%	+15.2%
BIIB	New	BIOGEN INC	$12,719,000	–	36,000	–	1.99%	–
PDCO	Buy	PATTERSON COMPANIES INC	$11,680,000	+65.0%	477,707	+53.0%	1.83%	+55.7%
IONS	Sell	IONIS PHARMACEUTICALS INC	$10,442,000	-17.4%	202,434	-33.2%	1.64%	-22.0%
CAH	Buy	CARDINAL HEALTH INC	$7,362,000	+19.4%	136,335	+8.0%	1.15%	+12.6%
AZN	Sell	ASTRAZENECA PLCsponsored adr	$7,238,000	-74.3%	182,905	-77.2%	1.14%	-75.7%
PTLA	Buy	PORTOLA PHARMACEUTICALS INC	$7,182,000	-5.3%	269,701	+34.3%	1.13%	-10.6%
RDY	New	DR REDDYS LABS LTDadr	$5,924,000	–	171,219	–	0.93%	–
CLVS	Buy	CLOVIS ONCOLOGY INC	$5,450,000	-31.1%	185,577	+6.7%	0.85%	-35.0%
ARRY	New	ARRAY BIOPHARMA INC	$5,078,000	–	334,100	–	0.80%	–
ALNY	Buy	ALNYLAM PHARMACEUTICALS INC	$3,977,000	+24.2%	45,437	+39.8%	0.62%	+17.3%
SGMO	Buy	SANGAMO THERAPEUTICS INC	$2,627,000	+26.7%	154,960	+6.1%	0.41%	+19.4%
RARE	Sell	ULTRAGENYX PHARMACEUTICAL IN	$2,242,000	-57.1%	29,368	-56.8%	0.35%	-59.5%
ONCE	Buy	SPARK THERAPEUTICS INC	$1,845,000	-29.4%	33,814	+7.0%	0.29%	-33.6%
LLY	Sell	LILLY ELI & CO	$1,465,000	-90.5%	13,650	-92.5%	0.23%	-91.1%
RGNX	Exit	REGENXBIO INC	$0	–	-10,000	–	-0.12%	–
BLUE	Exit	BLUEBIRD BIO INC	$0	–	-17,000	–	-0.44%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-90,503	–	-0.50%	–
IRWD	Exit	IRONWOOD PHARMACEUTICALS INC	$0	–	-423,850	–	-1.35%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-51,654	–	-1.54%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-28,500	–	-1.63%	–

Q2 2018

			Value		Shares		↓ Weighting
ABT	New	ABBOTT LABS	$64,928,000	–	1,064,562	–	10.79%	–
MRK	New	MERCK & CO INC	$55,469,000	–	913,830	–	9.22%	–
BAX	New	BAXTER INTL INC	$53,243,000	–	721,058	–	8.85%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$49,929,000	–	902,226	–	8.30%	–
BSX	New	BOSTON SCIENTIFIC CORP	$47,785,000	–	1,461,300	–	7.94%	–
SHPG	New	SHIRE PLCsponsored adr	$29,004,000	–	171,825	–	4.82%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$28,109,000	–	800,588	–	4.67%	–
PKI	New	PERKINELMER INC	$26,579,000	–	362,956	–	4.42%	–
BIO	New	BIO RAD LABS INCcl a	$24,944,000	–	86,449	–	4.15%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$21,040,000	–	326,659	–	3.50%	–
ANTM	New	ANTHEM INC	$20,925,000	–	87,910	–	3.48%	–
GILD	New	GILEAD SCIENCES INC	$20,657,000	–	291,600	–	3.43%	–
NUVA	New	NUVASIVE INC	$19,587,000	–	375,807	–	3.26%	–
LLY	New	LILLY ELI & CO	$15,499,000	–	181,641	–	2.58%	–
PRGO	New	PERRIGO CO PLC	$14,541,000	–	199,440	–	2.42%	–
IONS	New	IONIS PHARMACEUTICALS INC	$12,636,000	–	303,240	–	2.10%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$10,992,000	–	98,633	–	1.83%	–
LXRX	New	LEXICON PHARMACEUTICALS INC	$10,351,000	–	862,602	–	1.72%	–
REGN	New	REGENERON PHARMACEUTICALS	$9,832,000	–	28,500	–	1.63%	–
LH	New	LABORATORY CORP AMER HLDGS	$9,273,000	–	51,654	–	1.54%	–
IRWD	New	IRONWOOD PHARMACEUTICALS INC	$8,104,000	–	423,850	–	1.35%	–
CLVS	New	CLOVIS ONCOLOGY INC	$7,907,000	–	173,892	–	1.31%	–
PTLA	New	PORTOLA PHARMACEUTICALS INC	$7,584,000	–	200,800	–	1.26%	–
PDCO	New	PATTERSON COMPANIES INC	$7,078,000	–	312,232	–	1.18%	–
CAH	New	CARDINAL HEALTH INC	$6,165,000	–	126,263	–	1.02%	–
RARE	New	ULTRAGENYX PHARMACEUTICAL IN	$5,228,000	–	68,015	–	0.87%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$3,201,000	–	32,500	–	0.53%	–
THC	New	TENET HEALTHCARE CORP	$3,038,000	–	90,503	–	0.50%	–
BLUE	New	BLUEBIRD BIO INC	$2,668,000	–	17,000	–	0.44%	–
ONCE	New	SPARK THERAPEUTICS INC	$2,615,000	–	31,600	–	0.44%	–
SGMO	New	SANGAMO THERAPEUTICS INC	$2,073,000	–	146,000	–	0.34%	–
RGNX	New	REGENXBIO INC	$718,000	–	10,000	–	0.12%	–

Q4 2017

			Value		Shares		↓ Weighting
RDUS	Exit	RADIUS HEALTH INC	$0	–	-39,173	–	-0.23%	–
OMI	Exit	OWENS & MINOR INC NEW	$0	–	-175,874	–	-0.78%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-136,655	–	-0.85%	–
MNTA	Exit	MOMENTA PHARMACEUTICALS INC	$0	–	-320,055	–	-0.90%	–
CI	Exit	CIGNA CORPORATION	$0	–	-33,370	–	-0.95%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-515,180	–	-1.29%	–
IPXL	Exit	IMPAX LABORATORIES INC	$0	–	-422,261	–	-1.31%	–
LXRX	Exit	LEXICON PHARMACEUTICALS INC	$0	–	-737,453	–	-1.38%	–
NUVA	Exit	NUVASIVE INC	$0	–	-183,000	–	-1.55%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-70,000	–	-1.61%	–
CLVS	Exit	CLOVIS ONCOLOGY INC	$0	–	-148,092	–	-1.86%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-396,332	–	-2.34%	–
MCK	Exit	MCKESSON CORP	$0	–	-119,100	–	-2.79%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-279,440	–	-3.60%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-109,440	–	-3.71%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-162,156	–	-3.78%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-740,671	–	-3.82%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-84,000	–	-4.01%	–
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-529,230	–	-4.07%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-335,690	–	-4.15%	–
IRWD	Exit	IRONWOOD PHARMACEUTICALS INC	$0	–	-1,825,002	–	-4.39%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-459,606	–	-4.46%	–
ANTM	Exit	ANTHEM INC	$0	–	-182,610	–	-5.28%	–
PKI	Exit	PERKINELMER INC	$0	–	-541,608	–	-5.69%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,468,880	–	-6.53%	–
BAX	Exit	BAXTER INTL INC	$0	–	-934,133	–	-8.93%	–
LLY	Exit	LILLY ELI & CO	$0	–	-719,546	–	-9.38%	–
ABT	Exit	ABBOTT LABS	$0	–	-1,271,742	–	-10.34%	–

Q3 2017

			Value		Shares		↓ Weighting
ABT	Sell	ABBOTT LABS	$67,860,000	-9.2%	1,271,742	-17.3%	10.34%	-4.8%
LLY	Buy	LILLY ELI & CO	$61,550,000	+57.4%	719,546	+51.4%	9.38%	+65.0%
BAX	Sell	BAXTER INTL INC	$58,617,000	-9.5%	934,133	-12.7%	8.93%	-5.2%
BSX	Buy	BOSTON SCIENTIFIC CORP	$42,847,000	+7.5%	1,468,880	+2.2%	6.53%	+12.7%
PKI	Sell	PERKINELMER INC	$37,355,000	-13.2%	541,608	-14.2%	5.69%	-9.0%
ANTM	Buy	ANTHEM INC	$34,674,000	+2.7%	182,610	+1.8%	5.28%	+7.7%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$29,295,000	-40.9%	459,606	-48.3%	4.46%	-38.0%
IRWD	Sell	IRONWOOD PHARMACEUTICALS INC	$28,780,000	-16.8%	1,825,002	-0.4%	4.39%	-12.8%
GILD	Sell	GILEAD SCIENCES INC	$27,198,000	-29.9%	335,690	-38.8%	4.15%	-26.5%
IART	Buy	INTEGRA LIFESCIENCES HLDGS C	$26,716,000	-0.6%	529,230	+7.3%	4.07%	+4.2%
BIIB	Buy	BIOGEN IDEC INC	$26,302,000	+67.7%	84,000	+45.3%	4.01%	+75.8%
AZN	New	ASTRAZENECA PLCsponsored adr	$25,094,000	–	740,671	–	3.82%	–
SHPG	Sell	SHIRE PLCsponsored adr	$24,833,000	-27.7%	162,156	-22.0%	3.78%	-24.2%
BIO	Sell	BIO RAD LABS INCcl a	$24,320,000	-6.5%	109,440	-4.8%	3.71%	-2.0%
PRGO	Sell	PERRIGO CO PLC	$23,655,000	+6.9%	279,440	-4.7%	3.60%	+12.0%
MCK	Buy	MCKESSON CORP	$18,295,000	-4.2%	119,100	+2.6%	2.79%	+0.4%
PDCO	Buy	PATTERSON COMPANIES INC	$15,318,000	-15.5%	396,332	+2.6%	2.34%	-11.4%
CLVS	New	CLOVIS ONCOLOGY INC	$12,203,000	–	148,092	–	1.86%	–
LH	Sell	LABORATORY CORP AMER HLDGS	$10,568,000	-19.3%	70,000	-17.6%	1.61%	-15.4%
NUVA	New	NUVASIVE INC	$10,149,000	–	183,000	–	1.55%	–
LXRX	Buy	LEXICON PHARMACEUTICALS INC	$9,063,000	-11.5%	737,453	+18.4%	1.38%	-7.3%
IPXL	Sell	IMPAX LABORATORIES INC	$8,572,000	-9.7%	422,261	-28.3%	1.31%	-5.2%
THC	Sell	TENET HEALTHCARE CORP	$8,464,000	-23.9%	515,180	-10.4%	1.29%	-20.2%
CI	Sell	CIGNA CORPORATION	$6,238,000	-55.8%	33,370	-60.4%	0.95%	-53.6%
MNTA	Sell	MOMENTA PHARMACEUTICALS INC	$5,921,000	-42.1%	320,055	-47.1%	0.90%	-39.4%
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$5,548,000	–	136,655	–	0.85%	–
RDUS	New	RADIUS HEALTH INC	$1,510,000	–	39,173	–	0.23%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-40,300	–	-0.71%	–
LPNT	Exit	LIFEPOINT HEALTH INC	$0	–	-149,714	–	-1.46%	–
MASI	Exit	MASIMO CORP	$0	–	-201,418	–	-2.67%	–

Q2 2017

			Value		Shares		↓ Weighting
ABT	New	ABBOTT LABS	$74,730,000	–	1,537,342	–	10.86%	–
BAX	New	BAXTER INTL INC	$64,798,000	–	1,070,333	–	9.42%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$49,557,000	–	889,390	–	7.20%	–
PKI	New	PERKINELMER INC	$43,017,000	–	631,308	–	6.25%	–
BSX	New	BOSTON SCIENTIFIC CORP	$39,847,000	–	1,437,480	–	5.79%	–
LLY	New	LILLY ELI & CO	$39,113,000	–	475,250	–	5.69%	–
GILD	New	GILEAD SCIENCES INC	$38,815,000	–	548,390	–	5.64%	–
IRWD	New	IRONWOOD PHARMACEUTICALS INC	$34,609,000	–	1,833,097	–	5.03%	–
SHPG	New	SHIRE PLCsponsored adr	$34,353,000	–	207,861	–	4.99%	–
ANTM	New	ANTHEM INC	$33,752,000	–	179,410	–	4.91%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$26,886,000	–	493,230	–	3.91%	–
BIO	New	BIO RAD LABS INCcl a	$26,013,000	–	114,942	–	3.78%	–
PRGO	New	PERRIGO CO PLC	$22,138,000	–	293,140	–	3.22%	–
MCK	New	MCKESSON CORP	$19,103,000	–	116,100	–	2.78%	–
MASI	New	MASIMO CORP	$18,365,000	–	201,418	–	2.67%	–
PDCO	New	PATTERSON COMPANIES INC	$18,134,000	–	386,232	–	2.64%	–
BIIB	New	BIOGEN IDEC INC	$15,685,000	–	57,800	–	2.28%	–
CI	New	CIGNA CORPORATION	$14,106,000	–	84,270	–	2.05%	–
LH	New	LABORATORY CORP AMER HLDGS	$13,102,000	–	85,000	–	1.90%	–
THC	New	TENET HEALTHCARE CORP	$11,124,000	–	575,180	–	1.62%	–
LXRX	New	LEXICON PHARMACEUTICALS INC	$10,243,000	–	622,655	–	1.49%	–
MNTA	New	MOMENTA PHARMACEUTICALS INC	$10,234,000	–	605,545	–	1.49%	–
LPNT	New	LIFEPOINT HEALTH INC	$10,053,000	–	149,714	–	1.46%	–
IPXL	New	IMPAX LABORATORIES INC	$9,488,000	–	589,311	–	1.38%	–
OMI	New	OWENS & MINOR INC NEW	$5,661,000	–	175,874	–	0.82%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$4,903,000	–	40,300	–	0.71%	–

Q4 2016

			Value		Shares		↓ Weighting
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC	$0	–	-73,810	–	-0.05%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-252,080	–	-0.88%	–
OMI	Exit	OWENS & MINOR INC NEW	$0	–	-211,172	–	-1.18%	–
IPXL	Exit	IMPAX LABORATORIES INC	$0	–	-409,964	–	-1.28%	–
LPNT	Exit	LIFEPOINT HEALTH INC	$0	–	-164,714	–	-1.75%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-83,474	–	-1.75%	–
MNTA	Exit	MOMENTA PHARMACEUTICALS INC	$0	–	-958,879	–	-1.86%	–
CI	Exit	CIGNA CORPORATION	$0	–	-112,070	–	-2.48%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-84,461	–	-2.49%	–
ANTM	Exit	ANTHEM INC	$0	–	-122,850	–	-2.66%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-345,792	–	-2.82%	–
MCK	Exit	MCKESSON CORP	$0	–	-131,660	–	-3.10%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-318,010	–	-3.34%	–
EXEL	Exit	EXELIXIS INC	$0	–	-1,610,491	–	-3.48%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-71,400	–	-3.70%	–
MASI	Exit	MASIMO CORP	$0	–	-356,223	–	-3.77%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-132,584	–	-3.91%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-268,880	–	-3.92%	–
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-306,207	–	-4.20%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-364,990	–	-4.73%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,254,880	–	-4.84%	–
IRWD	Exit	IRONWOOD PHARMACEUTICALS INC	$0	–	-1,960,548	–	-4.87%	–
PKI	Exit	PERKINELMER INC	$0	–	-615,428	–	-5.59%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-608,190	–	-5.60%	–
ABT	Exit	ABBOTT LABS	$0	–	-872,590	–	-6.09%	–
BAX	Exit	BAXTER INTL INC	$0	–	-1,079,233	–	-9.00%	–
LLY	Exit	LILLY ELI & CO	$0	–	-824,450	–	-10.66%	–

Q3 2016

			Value		Shares		↓ Weighting
LLY	Sell	LILLY ELI & CO	$60,910,000	-15.5%	824,450	-9.9%	10.66%	-22.0%
BAX	Buy	BAXTER INTL INC	$51,393,000	+5.3%	1,079,233	+0.0%	9.00%	-2.9%
ABT	Buy	ABBOTT LABS	$34,781,000	+102.8%	872,590	+100.0%	6.09%	+87.1%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$32,003,000	+132.1%	608,190	+224.4%	5.60%	+114.0%
PKI	Buy	PERKINELMER INC	$31,922,000	+12.0%	615,428	+13.2%	5.59%	+3.3%
IRWD	Buy	IRONWOOD PHARMACEUTICALS INC	$27,801,000	+20.2%	1,960,548	+10.8%	4.87%	+10.8%
BSX	Sell	BOSTON SCIENTIFIC CORP	$27,658,000	-16.2%	1,254,880	-11.1%	4.84%	-22.7%
GILD	New	GILEAD SCIENCES INC	$27,009,000	–	364,990	–	4.73%	–
IART	Sell	INTEGRA LIFESCIENCES HLDGS C	$24,010,000	-8.7%	306,207	-7.1%	4.20%	-15.8%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$22,376,000	-6.8%	268,880	-3.7%	3.92%	-14.1%
BIO	Buy	BIO RAD LABS INCcl a	$22,351,000	+21.0%	132,584	+2.7%	3.91%	+11.6%
MASI	Buy	MASIMO CORP	$21,541,000	+16.5%	356,223	+1.2%	3.77%	+7.4%
BIIB	Sell	BIOGEN IDEC INC	$21,107,000	-9.7%	71,400	-26.2%	3.70%	-16.8%
EXEL	Sell	EXELIXIS INC	$19,906,000	+23.7%	1,610,491	-21.8%	3.48%	+14.1%
MRK	Buy	MERCK & CO INC NEW	$19,097,000	+33.9%	318,010	+28.4%	3.34%	+23.4%
MCK	Buy	MCKESSON CORP	$17,710,000	+20.1%	131,660	+66.6%	3.10%	+10.7%
PDCO	Sell	PATTERSON COMPANIES INC	$16,138,000	-19.2%	345,792	-17.0%	2.82%	-25.5%
ANTM	Buy	ANTHEM INC	$15,171,000	+10.7%	122,850	+17.8%	2.66%	+2.1%
SHPG	Sell	SHIRE PLCsponsored adr	$14,245,000	-49.2%	84,461	-44.6%	2.49%	-53.2%
CI	Buy	CIGNA CORPORATION	$14,149,000	+0.6%	112,070	+2.0%	2.48%	-7.2%
MNTA	Buy	MOMENTA PHARMACEUTICALS INC	$10,644,000	+7.7%	958,879	+4.8%	1.86%	-0.7%
UTHR	Buy	UNITED THERAPEUTICS CORP DEL	$9,979,000	+16.0%	83,474	+2.8%	1.75%	+7.0%
LPNT	New	LIFEPOINT HEALTH INC	$9,973,000	–	164,714	–	1.75%	–
IPXL	Buy	IMPAX LABORATORIES INC	$7,318,000	+8.5%	409,964	+75.2%	1.28%	+0.1%
OMI	Buy	OWENS & MINOR INC NEW	$6,745,000	-10.8%	211,172	+4.4%	1.18%	-17.8%
THC	Buy	TENET HEALTHCARE CORP	$4,996,000	-7.4%	252,080	+29.1%	0.88%	-14.6%
STJ	Exit	ST JUDE MED INC	$0	–	-258,214	–	-3.82%	–

Q2 2016

			Value		Shares		↓ Weighting
LLY	New	LILLY ELI & CO	$72,050,000	–	914,920	–	13.68%	–
BAX	New	BAXTER INTL INC	$48,790,000	–	1,078,943	–	9.26%	–
BSX	New	BOSTON SCIENTIFIC CORP	$33,002,000	–	1,412,170	–	6.26%	–
PKI	New	PERKINELMER INC	$28,501,000	–	543,710	–	5.41%	–
SHPG	New	SHIRE PLCsponsored adr	$28,051,000	–	152,386	–	5.32%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$26,300,000	–	329,657	–	4.99%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$24,007,000	–	279,083	–	4.56%	–
BIIB	New	BIOGEN IDEC INC	$23,382,000	–	96,690	–	4.44%	–
IRWD	New	IRONWOOD PHARMACEUTICALS INC	$23,134,000	–	1,769,368	–	4.39%	–
STJ	New	ST JUDE MED INC	$20,141,000	–	258,214	–	3.82%	–
PDCO	New	PATTERSON COMPANIES INC	$19,963,000	–	416,844	–	3.79%	–
MASI	New	MASIMO CORP	$18,488,000	–	352,053	–	3.51%	–
BIO	New	BIO RAD LABS INCcl a	$18,467,000	–	129,124	–	3.51%	–
ABT	New	ABBOTT LABS	$17,147,000	–	436,200	–	3.26%	–
EXEL	New	EXELIXIS INC	$16,087,000	–	2,059,833	–	3.05%	–
MCK	New	MCKESSON CORP	$14,749,000	–	79,020	–	2.80%	–
MRK	New	MERCK & CO INC NEW	$14,267,000	–	247,650	–	2.71%	–
CI	New	CIGNA CORPORATION	$14,062,000	–	109,870	–	2.67%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$13,791,000	–	187,500	–	2.62%	–
ANTM	New	ANTHEM INC	$13,699,000	–	104,300	–	2.60%	–
MNTA	New	MOMENTA PHARMACEUTICALS INC	$9,882,000	–	914,979	–	1.88%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$8,603,000	–	81,224	–	1.63%	–
OMI	New	OWENS & MINOR INC NEW	$7,564,000	–	202,342	–	1.44%	–
IPXL	New	IMPAX LABORATORIES INC	$6,742,000	–	233,934	–	1.28%	–
THC	New	TENET HEALTHCARE CORP	$5,398,000	–	195,300	–	1.02%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC	$485,000	–	73,810	–	0.09%	–

Q4 2015

			Value		Shares		↓ Weighting
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC	$0	–	-74,700	–	-0.12%	–
MDCO	Exit	MEDICINES CO	$0	–	-112,755	–	-1.16%	–
MNTA	Exit	MOMENTA PHARMACEUTICALS INC	$0	–	-350,920	–	-1.56%	–
WCG	Exit	WELLCARE HEALTH PLANS INC	$0	–	-86,545	–	-2.02%	–
CYH	Exit	COMMUNITY HEALTH SYS INC	$0	–	-176,600	–	-2.04%	–
RAD	Exit	RITE AID CORP	$0	–	-1,280,500	–	-2.10%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-28,600	–	-2.26%	–
SYK	Exit	STRYKER CORP	$0	–	-97,083	–	-2.47%	–
OMI	Exit	OWENS & MINOR INC NEW	$0	–	-320,752	–	-2.77%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-286,400	–	-2.86%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-107,063	–	-3.02%	–
MASI	Exit	MASIMO CORP	$0	–	-298,023	–	-3.11%	–
CI	Exit	CIGNA CORPORATION	$0	–	-86,600	–	-3.17%	–
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-218,463	–	-3.52%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-115,100	–	-4.18%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-227,900	–	-4.74%	–
PKI	Exit	PERKINELMER INC	$0	–	-390,360	–	-4.86%	–
IRWD	Exit	IRONWOOD PHARMACEUTICALS INC	$0	–	-1,826,191	–	-5.15%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-448,800	–	-7.19%	–
BAX	Exit	BAXTER INTL INC	$0	–	-839,400	–	-7.46%	–
BXLT	Exit	BAXALTA INC	$0	–	-892,200	–	-7.61%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-1,731,900	–	-7.69%	–
LLY	Exit	LILLY ELI & CO	$0	–	-365,947	–	-8.29%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-420,100	–	-10.62%	–

Q3 2015

			Value		Shares		↓ Weighting
JNJ	Buy	JOHNSON & JOHNSON	$39,216,000	+39.8%	420,100	+46.0%	10.62%	+48.3%
LLY	Sell	LILLY ELI & CO	$30,626,000	-2.0%	365,947	-2.2%	8.29%	+3.9%
BSX	Sell	BOSTON SCIENTIFIC CORP	$28,420,000	-9.0%	1,731,900	-1.8%	7.69%	-3.5%
BXLT	New	BAXALTA INC	$28,113,000	–	892,200	–	7.61%	–
BAX	Buy	BAXTER INTL INC	$27,574,000	-44.7%	839,400	+17.6%	7.46%	-41.4%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$26,569,000	+42.9%	448,800	+60.6%	7.19%	+51.6%
IRWD	Buy	IRONWOOD PHARMACEUTICALS INC	$19,029,000	+12.5%	1,826,191	+30.2%	5.15%	+19.3%
PKI	Buy	PERKINELMER INC	$17,941,000	-4.0%	390,360	+9.9%	4.86%	+1.8%
CAH	Buy	CARDINAL HEALTH INC	$17,507,000	-0.1%	227,900	+8.8%	4.74%	+6.0%
BIO	Buy	BIO RAD LABS INCcl a	$15,459,000	-2.6%	115,100	+9.2%	4.18%	+3.3%
IART	Buy	INTEGRA LIFESCIENCES HLDGS C	$13,009,000	+2.1%	218,463	+15.6%	3.52%	+8.3%
CI	Buy	CIGNA CORPORATION	$11,693,000	-1.1%	86,600	+18.6%	3.17%	+4.9%
MASI	Buy	MASIMO CORP	$11,492,000	+8.8%	298,023	+9.3%	3.11%	+15.4%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$11,150,000	+22.9%	107,063	+45.7%	3.02%	+30.4%
THC	Sell	TENET HEALTHCARE CORP	$10,574,000	-37.6%	286,400	-2.3%	2.86%	-33.9%
OMI	Buy	OWENS & MINOR INC NEW	$10,245,000	+28.6%	320,752	+36.9%	2.77%	+36.4%
SYK	Sell	STRYKER CORP	$9,136,000	-63.4%	97,083	-62.9%	2.47%	-61.2%
BIIB	New	BIOGEN IDEC INC	$8,346,000	–	28,600	–	2.26%	–
RAD	Buy	RITE AID CORP	$7,773,000	-12.4%	1,280,500	+20.5%	2.10%	-7.1%
CYH	Buy	COMMUNITY HEALTH SYS INC	$7,553,000	-25.0%	176,600	+10.4%	2.04%	-20.5%
WCG	Sell	WELLCARE HEALTH PLANS INC	$7,458,000	-10.7%	86,545	-12.1%	2.02%	-5.3%
MNTA	Buy	MOMENTA PHARMACEUTICALS INC	$5,759,000	+79.8%	350,920	+149.9%	1.56%	+90.6%
MDCO	Sell	MEDICINES CO	$4,280,000	-66.8%	112,755	-75.0%	1.16%	-64.8%
SPPI	Buy	SPECTRUM PHARMACEUTICALS INC	$447,000	-5.9%	74,700	+7.5%	0.12%	0.0%
THOR	Exit	THORATEC CORP	$0	–	-229,300	–	-2.61%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-262,000	–	-3.95%	–

Q2 2015

			Value		Shares		↓ Weighting
BAX	New	BAXTER INTL INC	$49,895,000	–	713,500	–	12.74%	–
LLY	New	LILLY ELI & CO	$31,246,000	–	374,247	–	7.98%	–
BSX	New	BOSTON SCIENTIFIC CORP	$31,223,000	–	1,764,000	–	7.97%	–
JNJ	New	JOHNSON & JOHNSON	$28,049,000	–	287,800	–	7.16%	–
SYK	New	STRYKER CORP	$24,990,000	–	261,483	–	6.38%	–
PKI	New	PERKINELMER INC	$18,690,000	–	355,060	–	4.77%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$18,591,000	–	279,400	–	4.75%	–
CAH	New	CARDINAL HEALTH INC	$17,516,000	–	209,400	–	4.47%	–
THC	New	TENET HEALTHCARE CORP	$16,959,000	–	293,000	–	4.33%	–
IRWD	New	IRONWOOD PHARMACEUTICALS INC	$16,919,000	–	1,402,891	–	4.32%	–
BIO	New	BIO RAD LABS INCcl a	$15,874,000	–	105,400	–	4.05%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$15,484,000	–	262,000	–	3.95%	–
MDCO	New	MEDICINES CO	$12,896,000	–	450,750	–	3.29%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$12,737,000	–	189,063	–	3.25%	–
CI	New	CIGNA CORPORATION	$11,826,000	–	73,000	–	3.02%	–
MASI	New	MASIMO CORP	$10,561,000	–	272,623	–	2.70%	–
THOR	New	THORATEC CORP	$10,220,000	–	229,300	–	2.61%	–
CYH	New	COMMUNITY HEALTH SYS INC	$10,069,000	–	159,900	–	2.57%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$9,071,000	–	73,463	–	2.32%	–
RAD	New	RITE AID CORP	$8,874,000	–	1,062,800	–	2.27%	–
WCG	New	WELLCARE HEALTH PLANS INC	$8,351,000	–	98,445	–	2.13%	–
OMI	New	OWENS & MINOR INC NEW	$7,965,000	–	234,252	–	2.03%	–
MNTA	New	MOMENTA PHARMACEUTICALS INC	$3,203,000	–	140,440	–	0.82%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC	$475,000	–	69,500	–	0.12%	–

Q4 2014

			Value		Shares		↓ Weighting
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC	$0	–	-69,500	–	-0.13%	–
AUXL	Exit	AUXILIUM PHARMACEUTICALS INC	$0	–	-85,920	–	-0.60%	–
AVNR	Exit	AVANIR PHARMACEUTICALS INCcl a new	$0	–	-229,400	–	-0.64%	–
MDCO	Exit	MEDICINES CO	$0	–	-155,450	–	-0.81%	–
AGN	Exit	ALLERGAN INC	$0	–	-20,000	–	-0.83%	–
CI	Exit	CIGNA CORPORATION	$0	–	-49,000	–	-1.04%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-113,500	–	-1.12%	–
IART	Exit	INTEGRA LIFESCIENCES HLDGS C	$0	–	-114,191	–	-1.33%	–
5100PS	Exit	VOLCANO CORPORATION	$0	–	-557,000	–	-1.39%	–
ACOR	Exit	ACORDA THERAPEUTICS INC	$0	–	-176,600	–	-1.40%	–
CYH	Exit	COMMUNITY HEALTH SYS INC	$0	–	-111,000	–	-1.42%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-98,000	–	-1.77%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-74,463	–	-1.96%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-77,100	–	-2.04%	–
HSP	Exit	HOSPIRA INC	$0	–	-200,000	–	-2.44%	–
WCG	Exit	WELLCARE HEALTH PLANS INC	$0	–	-173,145	–	-2.44%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-258,465	–	-2.50%	–
RMD	Exit	RESMED INC	$0	–	-231,300	–	-2.67%	–
CBST	Exit	CUBIST PHARMACEUTICALS INC	$0	–	-199,990	–	-3.10%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-229,500	–	-3.19%	–
LPNT	Exit	LIFEPOINT HOSPITALS INC	$0	–	-199,700	–	-3.23%	–
IRWD	Exit	IRONWOOD PHARMACEUTICALS INC	$0	–	-1,138,291	–	-3.45%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-200,000	–	-3.51%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-317,000	–	-3.80%	–
THOR	Exit	THORATEC CORP	$0	–	-628,300	–	-3.93%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-279,128	–	-3.96%	–
SYK	Exit	STRYKER CORP	$0	–	-210,183	–	-3.97%	–
PKI	Exit	PERKINELMER INC	$0	–	-397,460	–	-4.05%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-340,600	–	-4.28%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-237,300	–	-5.67%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-2,547,600	–	-7.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-511,800	–	-8.59%	–
LLY	Exit	LILLY ELI & CO	$0	–	-770,147	–	-11.68%	–

Q3 2014

			Value		Shares		↓ Weighting
LLY	Sell	LILLY ELI & CO	$49,944,000	-12.3%	770,147	-15.9%	11.68%	-13.3%
BAX	Sell	BAXTER INTL INC	$36,732,000	-6.2%	511,800	-5.5%	8.59%	-7.3%
BSX	Buy	BOSTON SCIENTIFIC CORP	$30,087,000	-6.4%	2,547,600	+1.2%	7.04%	-7.4%
EW	Sell	EDWARDS LIFESCIENCES CORP	$24,240,000	-6.0%	237,300	-21.0%	5.67%	-7.0%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDadr	$18,307,000	+4.4%	340,600	+1.8%	4.28%	+3.2%
PKI	Buy	PERKINELMER INC	$17,329,000	-6.4%	397,460	+0.5%	4.05%	-7.5%
SYK	New	STRYKER CORP	$16,972,000	–	210,183	–	3.97%	–
DGX	Sell	QUEST DIAGNOSTICS INC	$16,937,000	+1.9%	279,128	-1.4%	3.96%	+0.8%
THOR	Buy	THORATEC CORP	$16,794,000	-13.7%	628,300	+12.5%	3.93%	-14.7%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$16,224,000	+204.0%	317,000	+188.2%	3.80%	+200.8%
CAH	Sell	CARDINAL HEALTH INC	$14,984,000	+5.6%	200,000	-3.4%	3.51%	+4.4%
IRWD	Sell	IRONWOOD PHARMACEUTICALS INC	$14,747,000	-17.0%	1,138,291	-1.7%	3.45%	-17.9%
THC	Sell	TENET HEALTHCARE CORP	$13,630,000	+4.4%	229,500	-17.5%	3.19%	+3.2%
CBST	Buy	CUBIST PHARMACEUTICALS INC	$13,267,000	-1.3%	199,990	+3.9%	3.10%	-2.4%
RMD	Sell	RESMED INC	$11,396,000	-9.7%	231,300	-7.2%	2.67%	-10.7%
WCG	New	WELLCARE HEALTH PLANS INC	$10,448,000	–	173,145	–	2.44%	–
HSP	Sell	HOSPIRA INC	$10,406,000	-13.4%	200,000	-14.5%	2.44%	-14.3%
BIO	Buy	BIO RAD LABS INCcl a	$8,743,000	+10.2%	77,100	+16.3%	2.04%	+8.9%
VRTX	New	VERTEX PHARMACEUTICALS INC	$8,363,000	–	74,463	–	1.96%	–
ABC	Sell	AMERISOURCEBERGEN CORP	$7,575,000	+4.3%	98,000	-2.0%	1.77%	+3.1%
CYH	New	COMMUNITY HEALTH SYS INC	$6,082,000	–	111,000	–	1.42%	–
ACOR	Sell	ACORDA THERAPEUTICS INC	$5,983,000	-52.6%	176,600	-52.9%	1.40%	-53.1%
5100PS	New	VOLCANO CORPORATION	$5,926,000	–	557,000	–	1.39%	–
IART	Buy	INTEGRA LIFESCIENCES HLDGS C	$5,668,000	+14.6%	114,191	+8.6%	1.33%	+13.3%
CI	Buy	CIGNA CORPORATION	$4,444,000	+20.8%	49,000	+22.5%	1.04%	+19.5%
AGN	New	ALLERGAN INC	$3,564,000	–	20,000	–	0.83%	–
MDCO	Sell	MEDICINES CO	$3,470,000	-35.2%	155,450	-15.6%	0.81%	-35.9%
AVNR	Sell	AVANIR PHARMACEUTICALS INCcl a new	$2,734,000	-27.6%	229,400	-65.7%	0.64%	-28.3%
AUXL	Sell	AUXILIUM PHARMACEUTICALS INC	$2,565,000	-26.6%	85,920	-50.7%	0.60%	-27.4%
SPPI	Buy	SPECTRUM PHARMACEUTICALS INC	$566,000	+39.1%	69,500	+39.0%	0.13%	+37.5%
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-27,000	–	-0.52%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-146,152	–	-1.49%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-167,200	–	-2.27%	–
ABBV	Exit	ABBVIE INC	$0	–	-228,500	–	-3.05%	–

Q2 2014

			Value		Shares		↓ Weighting
LLY	New	LILLY ELI & CO	$56,957,000	–	916,147	–	13.47%	–
BAX	New	BAXTER INTL INC	$39,172,000	–	541,800	–	9.27%	–
BSX	New	BOSTON SCIENTIFIC CORP	$32,150,000	–	2,517,600	–	7.60%	–
EW	New	EDWARDS LIFESCIENCES CORP	$25,778,000	–	300,300	–	6.10%	–
THOR	New	THORATEC CORP	$19,462,000	–	558,300	–	4.60%	–
PKI	New	PERKINELMER INC	$18,523,000	–	395,460	–	4.38%	–
IRWD	New	IRONWOOD PHARMACEUTICALS INC	$17,760,000	–	1,158,491	–	4.20%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$17,540,000	–	334,600	–	4.15%	–
DGX	New	QUEST DIAGNOSTICS INC	$16,617,000	–	283,128	–	3.93%	–
CAH	New	CARDINAL HEALTH INC	$14,192,000	–	207,000	–	3.36%	–
CBST	New	CUBIST PHARMACEUTICALS INC	$13,440,000	–	192,490	–	3.18%	–
THC	New	TENET HEALTHCARE CORP	$13,059,000	–	278,200	–	3.09%	–
ABBV	New	ABBVIE INC	$12,897,000	–	228,500	–	3.05%	–
ACOR	New	ACORDA THERAPEUTICS INC	$12,628,000	–	374,600	–	2.99%	–
RMD	New	RESMED INC	$12,622,000	–	249,300	–	2.99%	–
LPNT	New	LIFEPOINT HOSPITALS INC	$12,401,000	–	199,700	–	2.93%	–
HSP	New	HOSPIRA INC	$12,010,000	–	233,800	–	2.84%	–
PDCO	New	PATTERSON COMPANIES INC	$10,212,000	–	258,465	–	2.42%	–
A	New	AGILENT TECHNOLOGIES INC	$9,604,000	–	167,200	–	2.27%	–
BIO	New	BIO RAD LABS INCcl a	$7,937,000	–	66,300	–	1.88%	–
ABC	New	AMERISOURCEBERGEN CORP	$7,266,000	–	100,000	–	1.72%	–
RDY	New	DR REDDYS LABS LTDadr	$6,306,000	–	146,152	–	1.49%	–
MDCO	New	MEDICINES CO	$5,354,000	–	184,250	–	1.27%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$5,336,000	–	110,000	–	1.26%	–
CTRX	New	CATAMARAN CORP	$5,012,000	–	113,500	–	1.19%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$4,946,000	–	105,100	–	1.17%	–
AVNR	New	AVANIR PHARMACEUTICALS INCcl a new	$3,775,000	–	669,400	–	0.89%	–
CI	New	CIGNA CORPORATION	$3,679,000	–	40,000	–	0.87%	–
AUXL	New	AUXILIUM PHARMACEUTICALS INC	$3,493,000	–	174,120	–	0.83%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,207,000	–	27,000	–	0.52%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC	$407,000	–	50,000	–	0.10%	–

Q4 2013

			Value		Shares		↓ Weighting
SPPI	Exit	SPECTRUM PHARMACEUTICALS INC	$0	–	-50,000	–	-0.11%	–
MNTA	Exit	MOMENTA PHARMACEUTICALS INC	$0	–	-186,800	–	-0.69%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-36,510	–	-0.74%	–
HSP	Exit	HOSPIRA INC	$0	–	-76,000	–	-0.76%	–
OMI	Exit	OWENS & MINOR INC NEW	$0	–	-126,984	–	-1.13%	–
OPTR	Exit	OPTIMER PHARMACEUTICALS INC	$0	–	-376,393	–	-1.22%	–
IRWD	Exit	IRONWOOD PHARMACEUTICALS INC	$0	–	-422,991	–	-1.28%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-85,000	–	-1.56%	–
AGN	Exit	ALLERGAN INC	$0	–	-67,900	–	-1.58%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-53,800	–	-1.62%	–
5100PS	Exit	VOLCANO CORPORATION	$0	–	-312,700	–	-1.92%	–
ESRX	Exit	EXPRESS SCRIPTS INC	$0	–	-122,500	–	-1.94%	–
MNKKQ	Exit	MALLINCKRODT PUB LTD CO	$0	–	-179,000	–	-2.02%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-105,800	–	-2.06%	–
THOR	Exit	THORATEC CORP	$0	–	-230,000	–	-2.20%	–
LPNT	Exit	LIFEPOINT HOSPITALS INC	$0	–	-187,400	–	-2.24%	–
SLXP	Exit	SALIX PHARMACEUTICALS INC	$0	–	-141,301	–	-2.42%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-263,300	–	-2.55%	–
PKI	Exit	PERKINELMER INC	$0	–	-263,700	–	-2.55%	–
MASI	Exit	MASIMO CORP	$0	–	-375,691	–	-2.57%	–
WCG	Exit	WELLCARE HEALTH PLANS INC	$0	–	-148,900	–	-2.66%	–
MDCO	Exit	MEDICINES CO	$0	–	-318,350	–	-2.74%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-180,000	–	-3.22%	–
ONXX	Exit	ONYX PHARMACEUTICALS INC	$0	–	-103,215	–	-3.30%	–
CBST	Exit	CUBIST PHARMACEUTICALS INC	$0	–	-204,042	–	-3.33%	–
AUXL	Exit	AUXILIUM PHARMACEUTICALS INC	$0	–	-761,924	–	-3.56%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-277,500	–	-3.65%	–
BAX	Exit	BAXTER INTL INC	$0	–	-304,400	–	-5.13%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-391,800	–	-5.24%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-2,551,800	–	-7.69%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-364,800	–	-8.11%	–
FRX	Exit	FOREST LABS INC	$0	–	-805,700	–	-8.84%	–
LLY	Exit	LILLY ELI & CO	$0	–	-724,347	–	-9.35%	–

Q3 2013

			Value		Shares		↓ Weighting
LLY	Buy	LILLY ELI & CO	$36,456,000	+36.1%	724,347	+32.8%	9.35%	+19.7%
FRX	Sell	FOREST LABS INC	$34,476,000	-6.8%	805,700	-10.7%	8.84%	-18.0%
JNJ	Sell	JOHNSON & JOHNSON	$31,625,000	-4.5%	364,800	-5.4%	8.11%	-16.0%
BSX	Sell	BOSTON SCIENTIFIC CORP	$29,958,000	-9.1%	2,551,800	-28.3%	7.69%	-20.1%
CAH	Sell	CARDINAL HEALTH INC	$20,432,000	+6.6%	391,800	-3.5%	5.24%	-6.2%
BAX	Buy	BAXTER INTL INC	$19,996,000	+12.5%	304,400	+18.7%	5.13%	-1.0%
A	Buy	AGILENT TECHNOLOGIES INC	$14,222,000	+124.7%	277,500	+87.5%	3.65%	+97.7%
AUXL	Buy	AUXILIUM PHARMACEUTICALS INC	$13,867,000	+21.8%	761,924	+11.3%	3.56%	+7.1%
CBST	Sell	CUBIST PHARMACEUTICALS INC	$12,967,000	-7.2%	204,042	-29.5%	3.33%	-18.4%
ONXX	Sell	ONYX PHARMACEUTICALS INC	$12,871,000	+14.2%	103,215	-20.5%	3.30%	+0.5%
EW	New	EDWARDS LIFESCIENCES CORP	$12,533,000	–	180,000	–	3.22%	–
MDCO	Buy	MEDICINES CO	$10,671,000	+26.3%	318,350	+15.9%	2.74%	+11.1%
WCG	New	WELLCARE HEALTH PLANS INC	$10,384,000	–	148,900	–	2.66%	–
MASI	Sell	MASIMO CORP	$10,008,000	+22.3%	375,691	-2.7%	2.57%	+7.6%
PKI	Buy	PERKINELMER INC	$9,955,000	+26.6%	263,700	+9.0%	2.55%	+11.3%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTDadr	$9,947,000	-25.1%	263,300	-22.3%	2.55%	-34.2%
SLXP	Sell	SALIX PHARMACEUTICALS INC	$9,450,000	-2.8%	141,301	-3.9%	2.42%	-14.5%
LPNT	Buy	LIFEPOINT HOSPITALS INC	$8,738,000	+21.0%	187,400	+26.8%	2.24%	+6.5%
THOR	Buy	THORATEC CORP	$8,577,000	+37.0%	230,000	+15.0%	2.20%	+20.5%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$8,022,000	+5.1%	105,800	+11.0%	2.06%	-7.5%
MNKKQ	New	MALLINCKRODT PUB LTD CO	$7,892,000	–	179,000	–	2.02%	–
ESRX	Buy	EXPRESS SCRIPTS INC	$7,571,000	+8.5%	122,500	+8.4%	1.94%	-4.6%
5100PS	New	VOLCANO CORPORATION	$7,489,000	–	312,700	–	1.92%	–
BIO	Buy	BIO RAD LABS INCcl a	$6,325,000	+52.4%	53,800	+45.4%	1.62%	+34.0%
AGN	Buy	ALLERGAN INC	$6,142,000	+69.6%	67,900	+57.9%	1.58%	+49.2%
UNH	Buy	UNITEDHEALTH GROUP INC	$6,087,000	+132.4%	85,000	+112.5%	1.56%	+104.5%
IRWD	New	IRONWOOD PHARMACEUTICALS INC	$5,008,000	–	422,991	–	1.28%	–
OPTR	Buy	OPTIMER PHARMACEUTICALS INC	$4,739,000	-4.1%	376,393	+10.3%	1.22%	-15.6%
OMI	Sell	OWENS & MINOR INC NEW	$4,392,000	-6.9%	126,984	-8.9%	1.13%	-18.0%
HSP	Sell	HOSPIRA INC	$2,981,000	-65.9%	76,000	-66.7%	0.76%	-70.0%
UTHR	Buy	UNITED THERAPEUTICS CORP DEL	$2,879,000	+35.4%	36,510	+13.0%	0.74%	+19.2%
MNTA	Buy	MOMENTA PHARMACEUTICALS INC	$2,688,000	+8.2%	186,800	+13.2%	0.69%	-4.8%
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-5,000	–	-0.12%	–
DNDNQ	Exit	DENDREON CORP	$0	–	-345,000	–	-0.41%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-60,000	–	-1.66%	–
RMD	Exit	RESMED INC	$0	–	-141,770	–	-1.87%	–
ILMN	Exit	ILLUMINA INC	$0	–	-131,000	–	-2.86%	–

Q2 2013

			Value		Shares		↓ Weighting
FRX	New	FOREST LABS INC	$36,982,000	–	902,000	–	10.79%	–
JNJ	New	JOHNSON & JOHNSON	$33,099,000	–	385,500	–	9.65%	–
BSX	New	BOSTON SCIENTIFIC CORP	$32,973,000	–	3,557,000	–	9.62%	–
LLY	New	LILLY ELI & CO	$26,790,000	–	545,407	–	7.81%	–
CAH	New	CARDINAL HEALTH INC	$19,163,000	–	406,000	–	5.59%	–
BAX	New	BAXTER INTL INC	$17,768,000	–	256,500	–	5.18%	–
CBST	New	CUBIST PHARMACEUTICALS INC	$13,977,000	–	289,442	–	4.08%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$13,289,000	–	339,000	–	3.88%	–
AUXL	New	AUXILIUM PHARMACEUTICALS INC	$11,388,000	–	684,724	–	3.32%	–
ONXX	New	ONYX PHARMACEUTICALS INC	$11,271,000	–	129,815	–	3.29%	–
ILMN	New	ILLUMINA INC	$9,804,000	–	131,000	–	2.86%	–
SLXP	New	SALIX PHARMACEUTICALS INC	$9,724,000	–	147,001	–	2.84%	–
HSP	New	HOSPIRA INC	$8,735,000	–	228,000	–	2.55%	–
MDCO	New	MEDICINES CO	$8,451,000	–	274,750	–	2.46%	–
MASI	New	MASIMO CORP	$8,183,000	–	385,991	–	2.39%	–
PKI	New	PERKINELMER INC	$7,865,000	–	242,000	–	2.29%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$7,630,000	–	95,300	–	2.22%	–
LPNT	New	LIFEPOINT HOSPITALS INC	$7,219,000	–	147,800	–	2.11%	–
ESRX	New	EXPRESS SCRIPTS INC	$6,977,000	–	113,000	–	2.04%	–
RMD	New	RESMED INC	$6,398,000	–	141,770	–	1.87%	–
A	New	AGILENT TECHNOLOGIES INC	$6,328,000	–	148,000	–	1.85%	–
THOR	New	THORATEC CORP	$6,262,000	–	200,000	–	1.83%	–
SHPG	New	SHIRE PLCsponsored adr	$5,707,000	–	60,000	–	1.66%	–
OPTR	New	OPTIMER PHARMACEUTICALS INC	$4,940,000	–	341,393	–	1.44%	–
OMI	New	OWENS & MINOR INC NEW	$4,715,000	–	139,384	–	1.38%	–
BIO	New	BIO RAD LABS INCcl a	$4,151,000	–	37,000	–	1.21%	–
AGN	New	ALLERGAN INC	$3,622,000	–	43,000	–	1.06%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,619,000	–	40,000	–	0.76%	–
MNTA	New	MOMENTA PHARMACEUTICALS INC	$2,485,000	–	165,000	–	0.72%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$2,127,000	–	32,310	–	0.62%	–
DNDNQ	New	DENDREON CORP	$1,421,000	–	345,000	–	0.41%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$423,000	–	5,000	–	0.12%	–
SPPI	New	SPECTRUM PHARMACEUTICALS INC	$373,000	–	50,000	–	0.11%	–

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