This dynamic landscape presents unprecedented opportunities in innovative therapeutics and technology platforms. Our investment thesis is centered around three key pillars: a global first-in-class approach, tapping into the vast global market potential, and embracing the modularization of biotechnology. By seeking out global first-in-class biotech ventures, we aim to invest in companies at the forefront of groundbreaking discoveries with the potential to disrupt the industry.

Capitalizing on the transformative megatrend of China's ascent as a leader in devices, engineering, software, and hardware, our investment thesis centers around innovative products with robust digitalization capabilities. By investing in cutting-edge medical devices that embrace digital technologies, we tap into the rising demand for connected solutions that enhance patient care and optimize healthcare delivery.

This subsector aligns with the prevailing trend of increasing specialization in the pharmaceutical supply chain and the growing shift towards outsourcing key functions. Our investment thesis centers around identifying specialized players that occupy critical positions in the pharma value chain and demonstrate strong exposure to new therapeutic research and development (R&D). By investing in these specialized contract service providers, we position ourselves to capitalize on the industry's evolving landscape while supporting the advancement of innovative therapies.

Encompassing research reagents, analytical instruments, and related technologies that enable scientific discoveries, represent a strategic investment focus within our portfolio. As critical facilitators of scientific progress and innovation, our investment thesis revolves around recognizing the enduring demand and essential nature of these enablers, which creates a high entry barrier and fosters recurring revenue streams. By investing in companies that provide these indispensable tools and solutions, we position ourselves to capitalize on the ongoing and substantial market need.

Propelled by a profound industry shift towards personalized disease management and treatment. This transformative wave offers compelling investment opportunities. Our investment thesis centers around identifying underpenetrated segments within specialized diagnostic technologies, particularly in the burgeoning Chinese market. By investing in companies that pioneer innovative diagnostic solutions, we position ourselves to capture the immense potential of this evolving landscape.

Services, such as hospitals, clinics, and laboratories, represent a strategic investment focus within our portfolio, driven by the transformative trends such as the aging population and China’s increasing spending power on healthcare. Recognizing the evolving dynamics, our investment thesis centers around capturing opportunities within the growing private sector and high-end healthcare services. By investing in leading facilities and providers, we position ourselves to meet the rising demand for superior healthcare experiences.