Summary

• The equity portion of the abrdn Healthcare Opportunities Fund fell (gross of fees) and underperformed its benchmark during the quarter ended March 31, 2026.
• Abbott Laboratories detracted as weaker performance in diagnostics and nutrition offset strength in its medical device segment, though the Fund views the weakness as cyclical rather than structural.
• BioCryst Pharmaceuticals contributed as continued growth of its rare disease franchise reinforced confidence in its commercial trajectory.
• Fund activity reflected a balanced approach between innovation exposure and overall portfolio construction, including selective additions to small- and mid-cap biotechnology and specialty pharmaceutical companies.
• The strategy continues to utilize tools such as covered call writing and maintain allocations to healthcare-related fixed income to balance upside participation with risk management.

Fund performance

The equity portion of the Fund fell (gross of fees) and underperformed its benchmark. ^¹

Expense ratios: Fiscal Year Ended September 30 (%)

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