"Within the health care sector, we continue to remain defensive and cautiously optimistic. The portfolio has fairly balanced exposure across the three major health care sub-sectors in pharmaceuticals, medical technology, and health care services." — Michal Marzal, CIBC Asset Management Inc.
Key Takeaways
- The Global Health Care (Renaissance) Fund has outperformed its benchmark over three months, with superior returns over all significant periods since the manager took over in September 2022.
- Portfolio turnover remains at historical norms with one new buy, and and three outright liquidations.
- Within each of the major sub-sectors, we’ve shifted our exposures to the least economically sensitive areas, and towards ones that are durable, long-term oriented and have less interest rate risk.
Read the full articles
- Market insights & Quarterly commentary
- Q2 2023 Fund overview (includes gross performance, sector and country allocation)
| Warning, documents for advisor use only: All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the mutual fund and its benchmark. The difference between the performances of the mutual fund and the segregated fund are primarily due to the management fees. |
Michal Marzal
Portfolio Manager, CIBC Asset Management Inc.
®Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc.
DISCLAIMER
This document was produced for informational purposes only and does not constitute an offer or invitation to anyone to buy or sell any security, nor does it indicate an intention to trade in any fund or account managed by iA Financial Group and its subsidiaries. It is intended for advisor use only and should not be reproduced without permission.
The information provided herein does not constitute financial, tax or legal advice. Investors should always consult a licensed financial advisor before making any investment decisions. The commentary on a Fund is provided by the portfolio manager who is responsible for managing the Fund's investment portfolio as specified in the Information Folder and the Fund Facts document ("Portfolio Manager"). Statements made by the Portfolio Managers represent their personal views and do not necessarily reflect the views of iA Financial Group and should not be construed otherwise. This information does not constitute a recommendation to buy or sell any particular security. Results are for illustrative purposes only. Fund managers may buy and sell securities at any time, and the value of the securities they hold may rise or fall. Past performance of a security may not be repeated. Unless otherwise indicated, the information is from the portfolio manager. Forward-looking statements are based on the portfolio manager's outlook at the time they are made. Actual events may differ. iA Financial Group assumes no obligation to update the information provided herein. The information contained herein may not reflect all of the terms, conditions and risks of investing in segregated funds. Please read the Information Folder and the Fund Facts document for more details on the specific risks of investing in segregated funds.
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