The investment approach is grounded in a fundamental, bottom-up methodology, where portfolio managers seek to identify distinct growth drivers across the healthcare landscape—from pharmaceuticals and medical devices to biotechnology and life sciences. By analysing the underlying dynamics of each subsegment, the strategy aims to allocate capital where the long-term potential is strongest.

A key component of the approach includes selective exposure to small and mid-sized biotechnology companies, identified through in-house expertise. These companies offer the potential to enhance long-term excess returns through innovation and early-stage breakthroughs.

The healthcare sector has historically delivered strong returns with lower volatility compared to the broader equity market. Companies in this space have demonstrated consistent growth and have often shown resilience during economic downturns. In fact, healthcare has tended to outperform in turbulent market conditions, where stable earnings and essential services help mitigate risk.

This combination of defensiveness and long-term growth potential makes healthcare an attractive choice for investors seeking both stability and sustainable value creation.

The management of DNB Health Care is led by Benedicte Kilander Bakke, who has extensive experience from both the pharmaceutical industry and health investments. She has been responsible for the strategy since 2018 and has previously held roles as a medical advisor and health economist. She is joined by portfolio manager Rune Sand, a former analyst at Carnegie and Nordea with broad experience from the healthcare sector. The team also includes Anesa Mulabecirovic Sahnoun, a trained doctor with a PhD from the University of Bergen and many years of clinical and research-based background in medicine and innovation.