http://www.sec.gov/Archives/edgar/data/1002624/000100262413000006/hsfhsphsvsticker21413-20131.htm497 1 hsfhsphsvsticker21413-20131.htm
T. Rowe Price Health Sciences Fund
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Health Sciences Portfolio-II
Supplement to Prospectus dated May 1, 2012
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective February 15, 2013, Taymour R. Tamaddon will replace Kris H. Jenner as the fund’s portfolio manager and Chairman of the fund’s Investment Advisory Committee.
In section 3, the disclosure under “Portfolio Management” is supplemented as follows:
Effective February 15, 2013, Taymour R. Tamaddon will replace Kris H. Jenner as the Chairman of the fund’s Investment Advisory Committee. Mr. Tamaddon joined the Firm in 2004 and his investment experience dates from 2003. Since joining the Firm, he has served as an equity research analyst covering the healthcare industry.
The date of this supplement is February 14, 2013.
F114-041 2/14/13
Comments
From T Rowe Price's web site:
Fund Manager
Taymour R. Tamaddon
Managed Fund Since: 02/15/2013
Joined Firm On 05/19/2004*
B.S., Cornell University, M.B.A, Tuck School of Business at Dartmouth
*Firm refers to T. Rowe Price Associates and Affiliates
Regards,
Ted
http://www.bloomberg.com/news/print/2013-02-14/t-rowe-price-s-best-stock-picker-resigns-with-two-analysts.html
Lets hope it can continue to be the great fund it has always been. If not, I have this other fund as a replacement in mind. I also have positions in FBTIX and FSPHX that cover this sector.
Regards,
Ted
http://money.usnews.com/funds/mutual-funds/rankings/health
According to ML it is available, did not see anything on the website for the fund either that indicated it had closed. Hope its still open.
http://www.investments.prudential.com/view/upload?docURL=/WDocs/28A430841FBD8C4285257914004CD60D/$File/MF188D5_MFHealthSc_CL_FactSheet.pdf
Regards,
Ted
http://kiplinger.com/article/investing/T041-C009-S003-management-exodus-at-t-rowe-health-sciences.html
I'll write a bit about what we know concerning Jenner's departure in our March issue. The highlights: he hired a p.r. firm, reached out to all of his contacts in the industry, took his top two (of eight) analysts, mentioned that for "regulatory" reasons he can't say anything more and he declined to tell folks at Price what we was doing.
My guess would be a venture capital fund or something similar, motivated both by the prospect of wealth and supporting exciting developments in biotech.
David
Late last year, I was analyzing my position in the Vanguard Healthcare fund (VGHCX) against PRHSX. I decided that while VGHCX was an excellent fund with a great long-term record, PRHSX was noticeably better. And since Ed Owens announced his retirement plans, it was a good time to switch. So I sold VGHCX last September, and started establishing a position in PRHSX in January 2013.
So there you have it! My timing is spot-on once again.
Have you heard anything about Kris Jenner ?
Thanks,
Mrc
http://www.nytimes.com/2013/04/07/business/mutfund/health-care-mutual-funds-with-new-faces-at-the-helm.html?pagewanted=all&_r=0
Jenner Said to Raise $100 Million for Health-Care Fund
By Christopher Condon - Apr 10, 2013 12:25 PM ET
Kris Jenner, the former top stock picker at T. Rowe Price Group Inc., has raised more than $100 million for a hedge fund to invest in health-care and biotechnology stocks, according to a person with knowledge of his plans.
Jenner will start the fund, named Rock Springs Capital and based in Baltimore, later this year and is continuing to seek commitments from investors, said the person, who asked not to be named because the information isn’t public. Jenner will run the fund with Mark Bussard and Graham McPhail, former T. Rowe Price analysts who left with Jenner in February, the person said. Jenner declined to comment on the fund.
Jenner, 51, had run T. Rowe Price’s $5.8 billion Health Sciences Fund (PRHSX) since 2000 and beat 83 percent of peers in the five years before he left, according to data compiled by Bloomberg. The fund was T. Rowe Price’s best performer during that period, returning an annual average 13 percent.
“What’s distinctive about Kris Jenner is not just his medical and scientific background, but also his ability to connect the dots and see how different information is related,” Leonard Bell, chief executive officer of Cheshire, Connecticut- based Alexion Pharmaceuticals Inc. (ALXN), said in an interview.
Jenner held Alexion shares for more than a decade. T. Rowe Price was Alexion’s second-biggest shareholder with a 9.5 percent stake as of Dec. 31, according to regulatory filings.
Medical Degree
Jenner earned a medical degree from Johns Hopkins University School of Medicine in Baltimore, then a Ph.D. in molecular biology from Oxford University in England. He graduated summa cum laude from the University of Illinois at Urbana-Champaign, where he was a backup quarterback on the school’s football team.
He joined T. Rowe in 1997 and took over the Health Sciences Fund in 2000. He has a reputation for finding lesser-known pharmaceutical and biotechnology firms developing innovative therapies, Christopher Davis, an analyst at Chicago-based fund research firm Morningstar Inc. (MORN), said in an interview after Jenner’s departure from Baltimore-based T. Rowe Price.
Jenner’s is raising money following a period of strong returns for the health-care industry, according to Andrew Berens, a senior biotechnology analyst at Bloomberg Industries in Skillman, New Jersey. U.S. health-care stocks, as measured by the Standard & Poor’s 500 Health Care Index, have gained 36 percent since the end of 2011, compared with a 26 percent increase in the Standard & Poor’s 500 Index.
“Health care is the hottest new launch sector we see,” Omeed Malik, head of the emerging-managers program that advises fund start-ups at Bank of America Corp.’s Merrill Lynch in New York, said in an interview.
Short Sales
Rock Springs Capital will have significantly the same investing strategy as his former fund at T. Rowe Price, the person said. Moving to a hedge-fund strategy will give Jenner the ability not only to invest in companies he believes will rise in value, but also to bet against companies he believes will fall, a practice known as short selling. Most mutual funds aren’t allowed to short stocks.
Hedge funds typically charge clients about 2 percent of assets annually and 20 percent of profits. Jenner’s former mutual fund charges shareholders 0.84 percent annually, according to data compiled by Bloomberg.
T. Rowe appointed Taymour Tamaddon, formerly an analyst at the firm, to replace Jenner as manager of the Health Sciences Fund.
To contact the reporter on this story: Christopher Condon in Boston at [email protected]
To contact the editor responsible for this story: Christian Baumgaertel at [email protected]
++++Wonder if Ted is going to invest with Kris Jenner now?++++