Summary

• The equity portion of abrdn Healthcare Investors fell (gross of fees) and underperformed its benchmark over the quarter.
• uniQure (QURE) detracted as regulatory uncertainty resurfaced around its Huntington's disease gene therapy program as the Food and Drug Administration raised questions regarding trial design and comparability.
• Vaxcyte (PCVX) was also beneficial as its next-generation pneumococcal vaccine program gained traction and visibility.
• The U. S. healthcare sector declined in absolute terms and underperformed US equities as investors rotated towards more cyclical and value-oriented areas of the market.
• abrdn Healthcare Investors participated in a number of the same themes seen across the broader U. S. healthcare strategies, particularly within small- and medium ((SMID))-cap biotechnology segment.

Fund performance

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

uniQure (QURE) detracted as regulatory uncertainty resurfaced around its Huntington's disease gene therapy program

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