Our Products – Old
The goal of Eventide Mutual Funds is to maintain market outperformance by investing in companies that we believe excel at creating value, operate with integrity, and profit from ethical and sustainable activities. We invite individuals, advisors, and institutions to learn more about our products below, including performance, holdings, prospectus, and other details.
- Overview
- Management
- Portfolio Composition
- Performance
- Market Risk
- Top Holdings
- Company Profiles
- Fact Sheet
- Prospectus and SAI
- Diversified “any cap” mutual fund
- Historically a small-mid growth emphasis
- Tends to overweight in Healthcare sector (see Management)
*Russell 3000, an index of the 3000 American stocks with the largest market capitalization, is created by Russell Investments and is considered to represent the stock market generally. It is not an investment product available for purchase.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
Dr. Finny Kuruvilla has a unique background in healthcare, statistics, and investing. He holds an MD from Harvard Medical School, a PhD in Chemistry and Chemical Biology from Harvard University, a master’s degree in Electrical Engineering and Computer Science from MIT, and a bachelor’s degree from Caltech in Chemistry. He completed his residency and fellowship at the Brigham & Women’s Hospital and Children’s Hospital Boston where he cared for adult and pediatric patients suffering from a variety of hematologic, oncologic, and autoimmune disorders. Subsequently, he was a research fellow at MIT where he designed and implemented statistical algorithms involving logistic regression and pseudo-Bayesian expectation maximization. As an avid proponent of values-based investing, Dr. Kuruvilla has developed standards for selecting ethical companies at the outset of the stock selection process.
David Barksdale has a background in software development, engineering and management and is primarily responsible for quantitative research, risk analysis and asset allocation. He holds a bachelor’s degree from Caltech in Engineering & Applied Science. By developing and applying novel analytical tools and strategies, Mr. Barksdale works to optimize portfolio returns on a risk-adjusted basis.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
As of June 30, 2015:
† Companies valued at greater than $10 billion are Large Cap; those at less than $1 billion are Small Cap. Portfolio Composition is subject to change at any time. Past performance does not assure future results.
‡ The Fund may not invest 25% or more of its total assets in a particular industry or group of industries. A sector is normally composed of many industry groups. Sector Allocation is subject to change at any time. Past performance does not assure future results.
As of June 30, 2015:
Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. To obtain the most recent monthend performance information and a current prospectus please call the fund, toll free at 1-877-771-EVEN (3836). As it is not possible to invest in an index, the data shown does not reflect or compare features of an actual investment, such as its objectives, cost and expenses, liquidity, safety, guarantees or insurance, fluctuations of principal or return, or tax features.
Eventide Gilead Fund’s Class N expenses: Total Expenses 1.45%.
† These charts compare the Eventide Gilead Fund to index fund performance over the previous periods shown, and since inception. Since Inception returns pertain to Class N and are annualized and assume the inception date of 8 July 2008. Performance will differ for other fund classes, based upon fees and commissions. The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. It is not an investment product available for purchase. The Russell Midcap Growth Index measures the performance of the U.S. equity mid-cap growth segment. It includes mid-cap companies with higher price-to-book ratios and forecasted growth.
‡ Returns pertain to Class N.
** Aggregate total return, not annualized.
†† Annualized since inception returns assume an inception date of 8 July 2008.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
As of June 30, 2015:
** Source: Zephyr StyleADVISOR, with Fund returns supplied to Zephyr by Morningstar, Inc. From inception to March 31, 2015, Fund performance statistics were calculated using daily statistical information. As of March 31, 2015, performance is derived from Zephyr StyleADVISOR, which reflects monthly statistical data. The methodology has been changed to meet industry norms to allow for ease of comparison with other providers, and does not affect the consistency of the data itself. Summary sheets prior to March 31, 2015 used daily data. Standard deviation of return measures the average deviations of a return series from its mean. StyleADVISOR calculates standard deviation as the square root of the squared differences of each monthly return from the mean monthly return over the specified period. Beta is a measure of systematic risk, or the sensitivity of ETGLX to movements in the the S&P 500 Index (Index). StyleADVISOR defines Beta as the covariance of ETGLX and Index divided by the variance of the Index. Alpha is the mean of the excess return of ETGLX over beta times the Index. The R-Squared (R2) of ETGLX versus the Index is a measure of how closely related the variance of ETGLX returns and the variance of the Index returns are. StyleADVISOR calculates R2 by squaring the correlation of monthly returns between ETGLX and the Index over the specified period.
†† Annualized since inception market risk details assume inception date of 1 August 2008 and not Class N’s actual inception date of 8 July 2008, as only full month data is included in the market risk calculations.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
As of June 30, 2015:
- Celgene Corp (3.65%) Discovery, development and commercialization of life-changing cancer therapies
- bluebird bio (2.86%) New drugs for patients with severe genetic and orphan diseases
- Macquarie Infrastructure Company (2.71%) Aircraft services, liquid storage and marine terminals
- AbbVie, Inc (2.47%) Discovering, developing and making pharmaceuticals
- SunEdison, Inc (2.43%) Solar power systems for homes and businesses
- Red Hat (2.28%) Distributing and supporting open-source operating systems and middleware
- Lowe’s Companies, Inc (2.24%) 1,800 home improvement stores in the U.S., Canada and Mexico
- Mobileye (2.12%) Collision warning systems for fleets and private vehicles
- Palo Alto Networks (2.10%) Cybersecurity solutions for enterprise and government clients
- FireEye, Inc (2.10%) Threat prevention against cyber attacks for enterprises and governments
* Based on percentage of net assets. Holdings can change at any time and should not be considered investment advice.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
Eventide seeks to invest in companies that operate with integrity and excel at creating value. In so doing, we enlarge the capacity of these businesses to create still more value, including for our shareholders. Just as importantly, Eventide avoids investing in companies that engage in predatory behavior or seek profit at all costs — practices which harm customers, society, and eventually shareholders.
This not only gives Eventide investors the potential for outperformance, it also provides a compelling opportunity to invest intentionally in companies whose products and practices bring real blessing. This is the essence of biblically responsible investing — and for Eventide and its investors, this is truly ‘better investing . . . for a better world.’
We invite you to see how values-based investing plays out in practice by reading (below) about a few of the companies in which we invest. These companies serve important needs — for customers and for society — especially well. In doing so they potentially grow profits, and shareholder value, attractively and sustainably. If that sounds appealing, then consider joining Eventide.
AbbVie
(Ticker: ABBV, 1.88% of Gilead Fund and 2.06% of Healthcare & Life Sciences Fund net assets*)
In May of 2013 an AbbVie drug in late-stage development received the FDA’s Breakthrough Therapy Designation in recognition of its potential in treating millions of sufferers of a common variant of Hepatitis C. In parallel with the company’s other late-stage drugs, which include new treatments for multiple Sclerosis, Parkinson’s, multiple myeloma and breast cancer, AbbVie’s Hepatitis C treatment is an example of what can result from a well-run business with a skilled approach to research and the patience to guide new therapies through the multiyear process from discovery to final approval. A new pharmaceutical company with a rich legacy, the North Chicago-based AbbVie was spun off from the 125-year-old Abbott Laboratories at the beginning of 2013. AbbVie’s separation allows the new firm to focus on the lengthy process of discovering and bringing new drugs to market, supported by $18 billion in annual revenue (2012) from current drugs on the market including Synthroid and the blockbuster rheumatoid arthritis drug Humira. During its first year as an independent company, AbbVie ranked fourth in the journal Science’s annual Top 20 Employers Survey, highlighting the company’s clear vision, important research, and commitment to social responsibility. In addition to company initiatives to significantly reduce its own carbon and energy footprint, AbbVie has provided thousands of compounds for testing as part of the Drugs for Neglected Diseases initiative, which works to fight Chagas Disease and other maladies that disproportionately affect the world’s poor.
Car Charging Group
(Ticker: CCGI, 0.26% of Gilead Fund net assets*)
Investing in the future of American transportation, the Car Charging Group is working to rapidly expand the infrastructure powering today’s and tomorrow’s electric and plug-in hybrid vehicles. Today, tens of thousands of drivers of electric vehicles from manufactures like Tesla, Nissan, Chevy, Honda and Toyota can recharge their cars at work, at home, and while running errands at plug-in stations provided by Car Charging. For commercial and large-scale residential properties, Car Charging borrows from the model of the vending machine industry, providing equipment and service for free and offering the stations’ host a portion of the profits, or a chance to offer subsidized or free charging as a perk for their customers. The company currently has partnerships to provide charging stations for Walgreens, IKEA, Wal-Mart, the Simon Property Group, and the cities of Phoenix, Philadelphia, and Miami Beach. In late 2013 Car Charging increased its nationwide network of public and residential charging points more than tenfold by acquiring Blink Networks with the backing of a $5 million investment from Eventide Funds. Over 172,000 plug-in vehicles have been sold in the U.S. since 2008, and the market for electric vehicle charging equipment is expected to grow at 20 percent annually, hitting 1.5 million units by 2022. A robust network of public and private charging stations like the one that Car Charging is currently working to build will help make plug-in vehicles the best choice for many drivers, reducing costs while reducing pollution.
CB&I
(Ticker: CBI, 1.11% of Gilead Fund net assets*)
From its roots as the Chicago Bridge & Iron Company, founded in 1889, CB&I has grown to become one of the world’s largest engineering and construction firms. By the early 20th century the company had moved on from iron, bridges and Chicago, developing expertise in welded steel tanks and pipes for the oil industry and building many of small-town America’s iconic water towers. Today CB&I capitalizes on its decades of expertise in natural gas and petroleum storage, transfer and processing to build infrastructure for cleaner and more efficient energy production. The company’s current worldwide engineering and construction projects range from a liquefied natural gas storage facility in Australia, nuclear power plants in China, a 1000-mile pipeline linking Turkey and Azerbaijan, a $1.4 billion Colombian oil refinery and a massive storm surge barrier to protect New Orleans. A series of mergers and acquisitions have allowed CB&I — which is now headquartered in the Netherlands — to grow significantly over the last decade. In 2013 CB&I acquired the Shaw Group, a Fortune 500 company, bringing its total workforce to 50,000 employees, with a market cap of $8.54 billion (Feb. 2014) and over $28 billion in projects underway. CB&I is known for its strong code of ethics and its expertise in maintaining an employee safety record much better than industry averages. Its work in developing countries is often accompanied by initiatives to ensure that the company’s projects have the best possible impact on local communities.
Domtar
(Ticker: UFS, 0.89% of Gilead Fund net assets*)
Also known as “The Sustainable Paper Company,” Domtar is a Fortune 500 company with over $5 billion in annual revenue derived from the paper and pulp industry. Domtar is the largest manufacturer of uncoated free sheet paper (a specialized term for ordinary office and printing paper, and why they chose the ticker UFS) in North America and the second largest in the world. In an era of growing electronic communication, we remember that diplomas, thank you notes, wedding invitations, and professions of love are still best given on paper. On the stewardship front, Domtar has been certified by two independent nonprofit organizations (Forest Stewardship Council and the Sustainable Forestry Initiative) to operate according to the highest industry standards. As another remarkable external endorsement of their practices, Domtar’s EarthChoice product line is supported by the Rainforest Alliance. Excellent management, sustainable practices, and quality products make Domtar an exemplar of a values-based business. (The company is based in Montreal, Canada.)
Lear Corporation
(Ticker: LEA, 1.83% of Gilead Fund net assets*)
Founded in Detroit in 1917, Lear Corporation has been manufacturing seats for the world’s leading auto makers for nearly a century. The company went public in 1994 and began a string of 18 major acquisitions to increase its efficiency and global reach. In 2009 a slump in demand and the financial distress of the major U.S. auto manufacturers pushed the company to enter Chapter 11 bankruptcy. Since then, Lear has emerged to rank 187 in the Fortune 500, reporting $16.2 billion in 2013 revenues in what was its fourth consecutive year of sales growth. Today Lear manufactures seats and electrical systems for every major auto maker, providing safe and comfortable seating and efficient power distribution for autos ranging from mini-cars to Ferraris. Although seating still accounts for three quarters of Lear’s sales, its electrical division is growing ten percent faster than seating, as auto makers demand high power systems for hybrid and electric vehicles, and more efficient electrical systems for cars at every price point. Today the company employs 122,000 in 36 countries — providing 50,000 more jobs than when it entered bankruptcy five years ago. Lear works to attract a diversity of suppliers and employees that reflect its global reach and history of putting millions of car owners in the driver’s seat.
Macquarie Infrastructure Company
(Ticker: MIC, 1.98% of Gilead Fund net assets*)
A family in Honolulu sits down to a freshly-cooked dinner. In the Southwest, a child switches on a reading lamp lit by solar power. In Tulsa, the pilot of a small jet refuels and de-ices during a winter cold snap. Workers in a Chicago high-rise remain productive during a summer heat wave. All of these people, and tens of thousands more, directly benefit from the services offered by the Macquarie Infrastructure Company. MIC owns or is the majority shareholder of five companies and investment funds in the U.S. transportation and energy industries: Atlantic Aviation, the country’s largest fixed base operator for corporate and private jets; International-Matex Tank Terminals, which operates a dozen storage facilities to handle petroleum, vegetable oils, and other chemicals; Hawai’iGas, a 110-year-old company that is the state’s only gas utility; companies providing heating and cooling services in Chicago and Las Vegas; and a set of five solar power plants providing clean energy in the Southwest. Well-run infrastructure companies like MIC are a good match for Eventide’s investment philosophy, which looks for companies creating lasting value. Building and maintaining infrastructure requires long-term thinking and a commitment to creating lasting systems that help customers — both companies and individuals — thrive. Publicly traded since 2004, MIC is a member of Macquarie Group, an Australian global financial services provider founded in 1969.
Medivation
(Ticker: MDVN, 1.76% of Gilead Fund net assets*; 2.42% of Healthcare & Life Sciences Fund net assets*)
Using rapid, efficient, cost-effective approaches to drug development, Medivation works to make new therapies available for serious diseases. With a market cap of $6.52 billion, the San Francisco-based company is mid-sized for the pharmaceutical world but utilizes partnerships and in-licensing agreements with research institutions and larger pharmaceutical companies to identify and advance promising therapies. Medivation’s prostate cancer drug Xtandi (enzalutimide) was initially discovered by university researchers and brought through clinical trials and to market by Medivation in partnership with Astellas Pharma. Enzalutimide targets the androgen receptors in cancer cells to slow the development of certain types of prostate cancers, improving and lengthening the quality of life for patients. Medivation currently has eight additional clinical trials underway to investigate whether enzalutimide can be helpful in a broader range of prostate and breast cancer scenarios. In January of 2014 the company announced stage 3 trial results showing that enzalutimide offered the targeted group of patients a 29% reduced risk of death compared to the placebo. These promising results make it likely that the FDA will extend its approved use cases, placing it in direct competition with the blockbuster cancer drug Zytiga. Founded in 2004, Medivation was named one of the top mid-sized workplaces for 2013 by the Bay Area News Group.
Methanex
(Ticker: MEOH, 0.94% of Gilead Fund net assets*)
As the world’s largest supplier of methanol, Methanex provides a crucial ingredient to chemical and manufacturing processes around the world. Methanol is utilized in the production of a vast range of products from paints and adhesives to mattresses and flat-screen televisions, and is in increasing demand as an additive for cleaner-burning automotive fuel. Methanex has production facilities on four continents with a maximum annual production capacity of 10.5 million metric tons (the current global market for methanol is around 30 million tonnes annually). To bring its product to market, Methanex maintains a global network of supply and storage facilities and operates the world’s largest fleet of oceangoing methanol tankers. The Canada-based company is a proud member of the Responsible Care movement, a global industry group dedicated to improving companies’ environmental and safety standards beyond what is required by local government regulations. In 2013 Methanex’s revenue increased 13 percent to $3.02 billion even as maintenance bottlenecks at two of its facilities constrained the global supply, pushing methanol prices to a five-year high. By late 2014 Methanex will see significantly increased North American capacity as the first of two processing plants being relocated from southern Chile to Louisiana begins production.
NPS Pharmaceuticals
(Ticker: NPSP, 0.67% of Gilead Fund net assets;* 0.92% of Healthcare & Life Sciences Fund net assets*)
Imagine a life where a portion of your intestine had to be removed, or is so diseased, that your primary source of nutrition comes intravenously, so-called PN (parenteral nutrition). Besides humiliating and unremitting diarrhea, every night you have to attach yourself to tubing so that you can be fed. This causes you to have to get up often in the night to use the bathroom because of the fluid intake. Unable to get a good night’s rest, you become further debilitated and often suffer from depression. One patient on PN said, “I cannot stay out too long because of my demanding PN schedule, which requires me to receive treatment seven nights each week for 10 hours at a time.” Another said, “A treatment that would give me back just a night or two a week would greatly improve my life. Maybe even one day, I can travel again.” NPS Pharmaceuticals sells a drug, Gattex, that causes intestinal cells to divide and become healthier. The result is that patients have a significantly reduced, or sometimes even eliminated, need for intravenous nutrition. NPS boldly approached a patient group without any recourse, and is bringing them hope for much improved quality of life. (The company is based in Bedminster, NJ.)
Red Hat, Inc.
(Ticker: RHT, 2.35% of Gilead Fund net assets*)
Red Hat is built upon one of the most intriguing business models among publicly tradeable companies: open-source. Open Source software means that all code is freely available for anyone to inspect, improve, or even copy. The flagship open-source program is the operating system Linux, which powers much of the internet, including websites like Google and Amazon.com. Red Hat engineers work with the open-source community by contributing code, “freeze” the code after making it robust, then support their certified version for seven years. Red Hat’s customers only buy support (since anyone in the world can freely download all of Red Hat’s software). Because Red Hat is only selling support, the company must maintain excellent customer service, since their customers are not obliged to pay for the software or any updates. Red Hat has one of the highest Net Promoter Scores (NPS) in the industry, which has led to consistent growth and annual sales surpassing $1 billion. Their products cover some of the most exciting areas of growth in software including cloud computing, big data, and virtualization. (Red Hat is based in Raleigh, North Carolina.)
TRW Automotive Holdings
(Ticker: TRW, 2.07% of Gilead Fund net assets*)
Providing every major auto maker with technologies to make car safety systems more effective and cost-efficient, TRW Automotive Holdings works to reduce the 1.24 million killed and 35 million injured worldwide every year in traffic accidents. From radar- and camera-based collision-avoidance systems to airbag sensors to low-cost, high-reliability disc and drum brakes, TRW components underpin integrated safety systems that are often introduced at the luxury level but eventually become standard for low-cost, mass-market vehicles. TRW-refined technologies like driver assist and adaptive cruise control help prevent many accidents, while sophisticated airbag and restraint technologies protect those within the car when an accident does occur. TRW’s parent company began manufacturing auto parts more than 100 years ago (supplying wooden wheels for early Ford Model Ts) and eventually expanded into aerospace, defense and finance. Following its corporate parent’s takeover in 2002, TRW Automotive was spun off as a separate company and was listed on the NYSE in 2003. In 2013 TRW Automotive charted $17.4 billion in sales worldwide, a 6 percent increase over the previous year. Globally, the company employs 65,000 workers across 185 sites. In addition to company-wide initiatives to improve worker safety and reduce manufacturing waste and associated pollution, TRW Automotive works with industry groups to identify and avoid using minerals from conflict areas, and runs road safety awareness initiatives for children worldwide.
*Holdings As of December 31, 2014 and subject to change
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
View fact sheet for Eventide Gilead Fund
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
- View Prospectus for the Eventide Gilead Fund.
- View Summary Prospectus for the Eventide Gilead Fund.
- View Prospectus Sticker for the Eventide Gilead Fund.
- View the Statement of Additional Information and its latest Supplement for the Eventide Gilead Fund.
- Download XBRL Interactive Data for the Eventide Gilead Fund.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
- Overview
- Management
- Portfolio Composition
- Performance
- Market Risk
- Top Holdings
- Company Profiles
- Fact Sheet
- Prospectus and SAI
- Non-diversified mutual fund investing in healthcare and life sciences
- Uses bottom-up fundamental research to find companies with the potential to appreciate in value as positive data is released regarding clinical trials and FDA feedback, and market acceptance of products.
- Under normal market conditions, the Fund will invest at least 80 percent of its net assets in equity and equity-related securities of companies in the healthcare and life sciences sectors.
Healthcare and life sciences companies include those companies that derive or are expected to derive 50% or more of their revenue from healthcare and life science products and services including, but not limited to, biotechnology, pharmaceuticals, diagnostics, life science tools, medical devices, healthcare information technology, healthcare services, synthetic biology, agricultural and environmental management, and pharmaceutical manufacturing products and services. These companies include smaller development-stage companies.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
Dr. Finny Kuruvilla has a unique background in healthcare, statistics, and investing. He holds an MD from Harvard Medical School, a PhD in Chemistry and Chemical Biology from Harvard University, a master’s degree in Electrical Engineering and Computer Science from MIT, and a bachelor’s degree from Caltech in Chemistry. He completed his residency and fellowship at the Brigham & Women’s Hospital and Children’s Hospital Boston where he cared for adult and pediatric patients suffering from a variety of hematologic, oncologic, and autoimmune disorders. Subsequently, he was a research fellow at MIT where he designed and implemented statistical algorithms involving logistic regression and pseudo-Bayesian expectation maximization. As an avid proponent of values-based investing, Dr. Kuruvilla has developed standards for selecting ethical companies at the outset of the stock selection process.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
s of June 30, 2015:
‡ Companies valued at greater than $10 billion are Large Cap; those at less than $1 billion are Small Cap. Portfolio Composition is subject to change at any time. Past performance does not assure future results.
** Industry Allocation is subject to change at any time. Past performance does not assure future results.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
As of June 30, 2015:
Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. To obtain the most recent month-end performance information and a current prospectus please call the fund, toll free at 1-877-771-EVEN (3836).
Eventide Healthcare & Life Sciences Fund’s Class N expenses: Gross Expenses 1.70%; Net Expenses 1.64%. The Advisor has contractually agreed to waive fees and/or reimburse expenses of the Fund to the extent necessary to limit operating expenses (excluding certain fees and expenses) at 1.43% through October 31, 2015.
† These charts compare the Eventide Healthcare & Life Sciences Fund to index fund performance over the previous periods shown, and since inception. Since Inception returns pertain to Class N and are annualized and assume the inception date of 27 December 2012. Performance will differ for other fund classes, based upon fees and commissions. The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. It is not an investment product.
** The Healthcare Blended Index is composed of equal parts of the S&P 400 Healthcare Index and the S&P 600 Healthcare Index from fund inception on 27 December, 2012.
†† Aggregate total return, not annualized.
‡‡ Annualized since inception returns assume an inception date of 27 December 2012.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
As of June 30, 2015:
†† Source: Zephyr StyleADVISOR, with Fund returns supplied to Zephyr by Morningstar, Inc. From inception to March 31, 2015, Fund performance statistics were calculated using daily statistical information. As of March 31, 2015, performance is derived from Zephyr StyleADVISOR, which reflects monthly statistical data. The methodology has been changed to meet industry norms to allow for ease of comparison with other providers, and does not affect the consistency of the data itself. Summary sheets prior to March 31, 2015 used daily data.
Standard deviation of return measures the average deviations of a return series from its mean. StyleADVISOR calculates standard deviation as the square root of the squared differences of each monthly return from the mean monthly return over the specified period. Beta is a measure of systematic risk, or the sensitivity of ETNHX to movements in the the S&P 500 Index (Index). StyleADVISOR defines Beta as the covariance of ETNHX and Index divided by the variance of the Index. Alpha is the mean of the excess return of ETNHX over beta times the Index. The R-Squared (R2) of ETNHX versus the Index is a measure of how closely related the variance of ETNHX returns and the variance of the Index returns are. StyleADVISOR calculates R2 by squaring the correlation of monthly returns between ETNHX and the Index over the specified period.
‡‡ Annualized since inception market risk details assume inception date of 1 January 2013 and not Fund’s actual inception date of 27 December 2012, as only full month data is included in the market risk calculations.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
As of June 30, 2015:
- bluebird bio (4.13%) New drugs for patients with severe genetic and orphan diseases
- Veracyte, Inc (3.17%) New molecular analysis to aid care for patients with thyroid nodules
- Collegium Pharmaceutical (3.56%) Abuse-deterrant treatments for chronic pain
- Ultragenyx Pharmaceutical (2.85%) Bringing treatments to market for debilitating genetic diseases
- Dyax Corp (2.66%) Treating hereditary angioedema
- Neurocrine Biosciences, Inc (2.40%) Innovative pharmaceuticals for diseases with high unmet needs
- BioMarin Pharmaceutical (2.35%) Providing new therapeutics for severe or life-threatening diseases
- TESARO, Inc (2.25%) Drugs to treat cancers and reduce therapeutic side-effects
- Five Prime Therapeutics, Inc (2.25%) Screening human proteins to discover and develop novel drugs
- Tetraphase Pharmaceuticals (2.19%) Creating antibiotics to treat multi-drug resistant infections
* Based on percentage of net assets. Holdings can change at any time and should not be considered investment advice.
There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.
Eventide seeks to invest in companies that operate with integrity and excel at creating value. In so doing, we enlarge the capacity of these businesses to create still more value, including for our shareholders. Just as importantly, Eventide avoids investing in companies that engage in predatory behavior or seek profit at all costs — practices which harm customers, society, and eventually shareholders.
This not only gives Eventide investors the potential for outperformance, it also provides a compelling opportunity to invest intentionally in companies whose products and practices bring real blessing. This is the essence of biblically responsible investing — and for Eventide and its investors, this is truly ‘better investing . . . for a better world.’
We invite you to see how values-based investing plays out in practice by reading (below) about a few of the companies in which we invest. These companies serve important needs — for customers and for society — especially well. In doing so they potentially grow profits, and shareholder value, attractively and sustainably. If that sounds appealing, then consider joining Eventide.
AbbVie
(Ticker: ABBV, 2.24% of Gilead Fund net assets*; 2.49% of Healthcare & Life Sciences Fund net assets*)
In May of 2013 an AbbVie drug in late-stage development received the FDA’s Breakthrough Therapy Designation in recognition of its potential in treating millions of sufferers of a common variant of Hepatitis C. In parallel with the company’s other late-stage drugs, which include new treatments for multiple Sclerosis, Parkinson’s, multiple myeloma and breast cancer, AbbVie’s Hepatitis C treatment is an example of what can result from a well-run business with a skilled approach to research and the patience to guide new therapies through the multiyear process from discovery to final approval. A new pharmaceutical company with a rich legacy, the North Chicago-based AbbVie was spun off from the 125-year-old Abbott Laboratories at the beginning of 2013. AbbVie’s separation allows the new firm to focus on the lengthy process of discovering and bringing new drugs to market, supported by $18 billion in annual revenue (2012) from current drugs on the market including Synthroid and the blockbuster rheumatoid arthritis drug Humira. During its first year as an independent company, AbbVie ranked fourth in the journal Science’s annual Top 20 Employers Survey, highlighting the company’s clear vision, important research, and commitment to social responsibility. In addition to company initiatives to significantly reduce its own carbon and energy footprint, AbbVie has provided thousands of compounds for testing as part of the Drugs for Neglected Diseases initiative, which works to fight Chagas Disease and other maladies that disproportionately affect the world’s poor.
Medivation
(Ticker: MDVN, 3.16% of Gilead Fund net assets*; 3.76% of Healthcare & Life Sciences Fund net assets*)
Using rapid, efficient, cost-effective approaches to drug development, Medivation works to make new therapies available for serious diseases. With a market cap of $6.52 billion, the San Francisco-based company is mid-sized for the pharmaceutical world but utilizes partnerships and in-licensing agreements with research institutions and larger pharmaceutical companies to identify and advance promising therapies. Medivation’s prostate cancer drug Xtandi (enzalutimide) was initially discovered by university researchers and brought through clinical trials and to market by Medivation in partnership with Astellas Pharma. Enzalutimide targets the androgen receptors in cancer cells to slow the development of certain types of prostate cancers, improving and lengthening the quality of life for patients. Medivation currently has eight additional clinical trials underway to investigate whether enzalutimide can be helpful in a broader range of prostate and breast cancer scenarios. In January of 2014 the company announced stage 3 trial results showing that enzalutimide offered the targeted group of patients a 29% reduced risk of death compared to the placebo. These promising results make it likely that the FDA will extend its approved use cases, placing it in direct competition with the blockbuster cancer drug Zytiga. Founded in 2004, Medivation was named one of the top mid-sized workplaces for 2013 by the Bay Area News Group.
NPS Pharmaceuticals
(Ticker: NPSP, 0.66% of Gilead Fund net assets;* 0.92% of Healthcare & Life Sciences Fund net assets*)
Imagine a life where a portion of your intestine had to be removed, or is so diseased, that your primary source of nutrition comes intravenously, so-called PN (parenteral nutrition). Besides humiliating and unremitting diarrhea, every night you have to attach yourself to tubing so that you can be fed. This causes you to have to get up often in the night to use the bathroom because of the fluid intake. Unable to get a good night’s rest, you become further debilitated and often suffer from depression. One patient on PN said, “I cannot stay out too long because of my demanding PN schedule, which requires me to receive treatment seven nights each week for 10 hours at a time.” Another said, “A treatment that would give me back just a night or two a week would greatly improve my life. Maybe even one day, I can travel again.” NPS Pharmaceuticals sells a drug, Gattex, that causes intestinal cells to divide and become healthier. The result is that patients have a significantly reduced, or sometimes even eliminated, need for intravenous nutrition. NPS boldly approached a patient group without any recourse, and is bringing them hope for much improved quality of life. (The company is based in Bedminster, NJ.)
*Holdings As of December 31, 2014: and subject to change
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There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Past performance is not assurance of future results.