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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
sector is towards the higher range of its post-GFC range. UK supermarkets have had their relief rally. Despite challenges facing UK food retailers, Tesco has rallied 25% and Morrison’s 15% since Brexit as retail spending has held up and the short base grew massively immediately following the UK-EU vote
Page: HOUSE_OVERSIGHT_014490 →-12 1% 78 3.0% -13 % 33 -0.4% 6 68% -0./% SXDP (Health) 3.0% -08% 1% 8.7% 0.9% 9 2% 115 2.5% -12 3% 40
} where post EU referendum realised vol was the highest relative to current 1y ATMf vol. The 10 names are: Barclays, Aviva, Prudential, BT, Glencore, Tesco, CRH, BA, Standard Chartered & HSBC. Hedge portfolios against a buy-the-dip failure should a faster rate cycle ultimately jeopardize it he MSCI inc
Page: HOUSE_OVERSIGHT_014992 →3% -] 2% 74 3.1% = 2% 3.2 -0.4% 0 54% 0.9% SXDP (Health) 3.1% -0.6% 2% 86% 0.9% -/ 2% 115 24% -14 2% 4]
) where post EU referendum realised vol was the highest relative to current 1y ATMf vol. The 10 names are: Barclays, Aviva, Prudential, BT, Glencore, Tesco, CRH, BA, Standard Chartered & HSBC. Hedge portfolios against a buy-the-dip failure should a faster rate cycle ultimately jeopardize it Sell rich F
Page: HOUSE_OVERSIGHT_023597 →Entities connected to both Tesco and HealthCap

Marc Rich
PERSON
Donald Trump
PERSON
Jeffrey Epstein
PERSON
Michael Bloomberg
PERSONDoug Band
PERSON
Bank of America
ORGANIZATION
United States
LOCATION
Frankfurt
LOCATION
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONThe Financial Service Board
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerchant Bank
ORGANIZATION
Barack Obama
PERSONMerrill Lynch (Asia Pacific) Limited
ORGANIZATION
BofA Merrill Lynch
ORGANIZATION
Merri
ORGANIZATION