Global Health Sciences Fund announces earnings for nine-month period ending July 31, 1996.DENVER--(BUSINESS WIRE)--Sept. 13, 1996--Global Health Sciences Fund (NYSE NYSE See: New York Stock Exchange :GHS GHS Globally Harmonized System (of Classification and Labeling of Chemicals) GHS Greenwich High School (Connecticut) GHS Green Hills Software, Inc. ) announced earnings for the fund's nine-month period ending July 31, 1996. While past performance is no guarantee of future results, during that period, GHS's net asset value increased 12.69 percent, and the share price increased 8.47 percent. This performance compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with the S&P Health-Care Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". , which was up 1.6 percent. John Schroer, vice president and manager of the fund, said, "The fund's good long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. track record, combined with its current discount, may provide a real opportunity for investors." The fund's three-year annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return through July 31, 1996, is 26.65 percent, compared to 24.10 percent for the S&P Health-Care Composite, and it's selling at a 23.3 percent discount, near the bottom of its historic range. Also, FORBES magazine rated GHS a best buy among closed-end stock funds offering "superior performance, low expenses and high discounts" (Sept. 9, 1996, issue). "The outlook for the health care industry continues to be positive, and the fund should benefit from a multitude of positive developments," Schroer said.
At July 31
1996 1995
Net Assets $427,811,321 $337,660,763
Shares Outstanding 20,507,200 20,507,200
Net Asset Value ("NAV") Per Share $ 20.86 $ 16.47
Market Price $ 16.00 $ 13.375
Discount to NAV 23.30% 18.79%
For the Quarter Ended July 31
Net Investment Loss $ (470,403) $ (147,612) Per Share $ (0.02) $ (0.01) Net Realized and Unrealized Gain $ 8,271,129 $ 41,946,510 Per Share $ 0.40 $ 2.05
For the nine months ended July 31
Net Investment Loss $ (1,871,557) $ (993,220) Per Share $ (0.91) $ (0.05) Net Realized and Unrealized Gain $ 72,714,803 $ 84,819,675 Per Share $ 3.55 $ 4.14
SECTOR BREAKDOWN
TOP TEN HOLDINGS % of Total Investment
Description % of Net Assets Asset Class Securities at Value
HBO & Co. 4.9% Equity Waters Corp. 3.0 Biotechnology 12.6% Pacificare Health Health Care Delivery 14.9 Systems 2.8 Medical Devices & Supplies 33.6 Oxford Health Plans 2.7 Pharmaceuticals 23.3 DURA Pharmaceuticals 2.6 Total Equity 84.4% Nellcor Puritan- Fixed Income Securities 0.6 Bennett 2.4 Short-Term Securities 15.0 Sanddoz AG 2.4 Total Investments 100.0% Pfizer 2.4 Protocol Systems 2.3 Incyte Pharmaceuticals 2.2 Total 27.7% In addition to the financial report, Hubert L. Harris Jr., the president of GHS, announced two other items: Carol Werther, an experienced bio-tech analyst, joined the INVESCO health care team during the quarter and, separately, the fund's board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. negotiated some of the fund's service contracts in an effort to lower the expense ratio. "Our challenge going forward is to try and narrow the fund's discount and continue to provide value to our shareholders," Harris stated. The Global Health Sciences Fund is a diversified diversified (di·verˑ·s closed-end management company Closed-End Management Company An investment-management company that sells a limited number of shares to investors on an exchange by way of an initial public offering. For investors to sell the shares they purchased from the closed-end management company, there must be buyers managed by INVESCO Trust Co. Its investment objective is to seek capital appreciation by investing substantially all of its assets in equity and related securities of U.S. and foreign companies presently engaged in the development, production and distribution of products and services related to the health sciences. Since inception (1/92), the fund's NAV See navigation system and navigation bar. has ranged from a high of $25.17 to a low of $10.57. The stock price has ranged from a high of 19-5/8 to a low of 9-3/8. The discount has been as wide as 25.09 percent and with a premium as high as 1.5 percent. The shares of Global Health Sciences can be purchased by contacting your local investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , or for more information please feel free to contact INVESCO at 1-800/528-6521. CONTACT: Buck Buck after murder of his master, leads wolf pack. [Am. Lit.: The Call of the Wild] See : Dogs Buck clever and temerarious dog perseveres in the Klondike. [Am. Lit.: Call of the Wild] See : Resourcefulness Phillips, 303/930-6521 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion