Cut Loss for UOB Glob Healthcare

Good News for Pharma
Bad News for Pharma
Fundamentally ok for longer time frame, but short term facing headwinds.

Violated our cut loss targets. Breakout did not happen. Instead market sold off agressively after Merck was ordered to pay $9m in damanges for Vioxx. Although the sector remains attractive, we would have retained this position for longer horizons, this fund is managed on technicals more than fundamentals, which require strict discipline on cut-loss & take profits. In the shorter term, not ideal. There are better candidates to put our stakes in.So we are out. Loss about 3%.