Investment objective & strategy
As of Feb. 25, 2026 · prospectusObjective. The fund seeks long-term capital appreciation.
Strategy. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of health care companies. The fund defines health care companies as companies engaged in health care innovations, such as developing new and effective therapies; pharmaceuticals; biotechnology; life sciences tools and services; managed health care; and/or health care equipment, supplies, providers, services, distributors, and facilities. The fund references the MSCI GICS (Global Industry Classification Standard) Health Care sector to identify such companies. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with … The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of health care companies. The fund defines health care companies as companies engaged in health care innovations, such as developing new and effective therapies; pharmaceuticals; biotechnology; life sciences tools and services; managed health care; and/or health care equipment, supplies, providers, services, distributors, and facilities. The fund references the MSCI GICS (Global Industry Classification Standard) Health Care sector to identify such companies. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. As a fundamental policy, the fund will concentrate (invest more than 25% of its net assets) in health care companies. The majority of the fund will be invested in equity securities, such as common stocks. While most assets are typically invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with its objective. The fund uses fundamental, bottom-up analysis and may invest in companies of any market capitalization. The adviser may use both growth and value approaches in selecting investments for the fund. The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| LILLY ELI and CO | — | $2.93M | 14.48% |
| UNITEDHEALTH GRP | — | $1.33M | 6.54% |
| THERMO FISHER SCIENTIFIC INC | — | $930.47K | 4.59% |
| GILEAD SCIENCES INC | — | $839.01K | 4.14% |
| ABBOTT LABS | — | $792.61K | 3.91% |
| DANAHER CORP | — | $553.25K | 2.73% |
| MEDTRONIC PLC | — | $454.48K | 2.24% |
| ALNYLAM PHARMACEUTICALS INC | — | $417.56K | 2.06% |
| STRYKER CORP | — | $405.81K | 2.00% |
| DYNE THERAPEUTICS INC | — | $380.17K | 1.88% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| iShares U.S. Healthcare ETF · IYH | 47% | 0.38% |
| PROFUND VP HEALTH CARE | 46% | 1.68% |
| VANGUARD HEALTH CARE INDEX FUND · VHCIX, VHT | 46% | 0.09% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Adviser |
| T. Rowe Price Investment Management, Inc. | Sub-adviser |
Footnotes
- Expense ratio as of February 25, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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