RENAISSANCE GLOBAL HEALTH CARE FUND $13.79

RENAISSANCE GLOBAL HEALTH CARE FUND $13.79 (CWA Rating: Speculative) (CIBC Asset Management, 1500 University Street, Suite 800, Montreal, Quebec. Web site: www.renaissanceinvestments.com. Available from brokers) invests in companies from across the health-care industry. These may include pharmaceutical and biotechnology firms, and companies that design and make medical equipment. The $579-million fund’s managers look at a firm’s financial strength, the quality of its management and whether it is developing new products that could fuel future growth. The fund’s top holdings include Schering-Plough Corp., UnitedHealth Group, Merck & Company, Sanofi-Aventis, Abbott Laboratories, Wyeth, Forest Laboratories, Shionogi & Co. and Eli Lilly & Co. The fund holds 73.1% of its investments in the U.S., 13.2% in Japan, 2.8% in France, 2.2% in the U.K., 1.8% in Switzerland and 1% in Germany. Renaissance Global Health Care lost about 24.2% over the year ended March 31, 2009. The rise in the U.S. dollar cut that loss to 4.2% in Canadian dollars, compared to a loss of 24.1% for the S&P 500 (also in Canadian funds). The fund’s MER is 3.15%. Renaissance Global Health Care is still a buy.