Some more biotech fund action:
Nuveen Launches Biotechnology Portfolio
PR Newswire - September 22, 1999 14:39
CHICAGO, Sept. 22 /PRNewswire/ -- In response to increasing market demand, Nuveen today began offering a sector portfolio invested in the growing biotechnology industry. The Nuveen Biotechnology Sector Portfolio includes stocks from bio-medical companies in one diversified portfolio, providing more flexibility for financial advisers to offer investors.
"During the last 20 years, research, productivity and demand in the biotechnology industry has steadily increased," said William Adams, Executive Vice President, Nuveen Defined Portfolios. "Revolutionary methodologies, coupled with consistent demand for drug products (especially from the rapidly increasing middle-aged and elderly populations) represent key drivers for potential growth in the biotech sector."
Biotechnology involves the application of genetic engineering and DNA technology to produce medical therapies, diagnostic products and processes. Biotechnology incorporates a variety of processes and tools that manipulate the DNA of living organisms to produce drugs, proteins, vaccines and modified agricultural products.
The Nuveen Biotechnology Sector Portfolio is a diversified investment composed of 15 stocks representing well-established companies involved in the U.S. biotechnology industry. The portfolio includes businesses such as Amgen, Inc. (AMGN), Biogen, Inc.(BGEN) and Genentech, Inc. (DNA). These companies each represent 6.7% of the portfolio on the initial offering. The portfolio will be offered today for a minimum investment of $1,000 or $500 for educational IRAs.
The portfolio will be available through registered advisers as a trust with either a two or five-year term. A defined portfolio, or unit trust, is a fixed selection of stocks or bonds. Once created, the portfolio is unmanaged until maturity. Units of the portfolios are sold as shares. Nuveen currently offers over 40 different defined portfolios.
An investment in this portfolio should be made with an understanding of the risks involved with owning common stocks, specifically the stocks contained in the biotechnology sector, including intense competition, changing regulations, product obsolescence and the additional risk that medical products, despite the capital invested, may never reach the retail sector. This portfolio should be combined with other investments for optimal diversification in an overall investor's portfolio. The value of the portfolio's units will fluctuate based on the value of the underlying securities. There can be no assurance that the portfolio will meet its objectives. For more information about fees, expenses and risks, investors should obtain a prospectus from their financial adviser or from Nuveen by calling 800-257-8787. It is advisable that investors carefully read the prospectus before investing.
The John Nuveen Company, through its Nuveen and Rittenhouse operations, provides customized individual accounts, mutual funds, exchange traded funds and defined portfolios to help financial advisers serve their affluent and high net worth clients. Including defined portfolios, the Company manages or oversees $70 billion in assets. The John Nuveen Company is listed on The New York Stock Exchange and trades under the symbol "JNC."
SOURCE The John Nuveen Company
I'll post the portfolio in a separate posting (fixed font).
Peter |
