Attain to 051.812.955.17 Sandro Suzart Documents of 051.812.955.17 attained to Sandro Suzart, it is basis to Federal Reserve export

1. HealthInvest Value Fund
Semi-Annual Report 2016

2. HealthInvestValueFund
2
the six principles addressed by the PRI initiative and
strives to comply with them in managing the fund.
MSCI ESG Research examines the fund on a regular
basis from an ESG perspective (ESG stands for
Environmental, Social and Corporate Governance)
and reports to the fund company. During the first
six months of 2016, MSCI ESG Research has not
identified any “red flags” in its audits or anything
which would have otherwise triggered an action on
the part of the fund company.
SUPERVISION
Licensing authority: The Swedish Financial
Supervisory Authority.
Custodian institution: Skandinaviska Enskilda
Banken AB (publ)
Auditor: PricewaterhouseCoopers with Sussanne
Sundvall, authorised public accountant, as principal
auditor.
FUND COMPANY
HealthInvest Partners AB
Biblioteksgatan 29
SE-114 35 Stockholm
Telephone: +46-(0)8-440 38 30
Fax: +46-(0)8-440 38 39
E-mail: info@healthinvest.se
Website: www.healthinvest.se
Facts about HealthInvest Value Fund
FOCUS
HealthInvest Value Fund is a Swedish investment
fund which invests in the healthcare industry. The
fund consists of four unit classes, A, B, C and D.
The Fund invests globally, but a significant portion
of the portfolio includes North American companies.
Important sectors include pharmaceuticals, healthcare
equipment and the service sector.
SUBSCRIPTION AND REDEMPTION OF
FUND UNITS
Subscription and redemption of fund units may take
place each banking day through the fund company
or its representative. Subscription takes place via
deposit on the account of the respective unit class,
and redemption takes place by written notice to the
fund company.
FEES
A fixed management fee is charged at a rate of 1% per
year in unit class A, 1.5% per year in unit classes B
and C and 1.2% per year in unit class D.
A performance-based fee is charged at a rate of 20%
on the annual return exceeding the return threshold
of 5% in unit classes A, B and C. In unit class D, the
return threshold is the MSCI World HC Index.
The fund uses what is commonly referred to as a
high watermark. This means that the performance-
based fee is payable only when the investor has been
compensated for any negative return from previous
periods.
RESPONSIBLE INVESTMENTS POLICY
HealthInvest Partners has acceded to the United
Nations “Principles for Responsible Investments”
(PRI). This means that the fund company supports
HealthInvest Value Fund is an investment fund in accordance with the Swedish Investment Funds Act and consists
of four unit classes: A, B, C and D. Information in this annual report is supplemented by the information available
in the prospectus and the fund rules for HealthInvest Value Fund. These may be obtained from HealthInvest
Partners AB.
It is the responsibility of each and every person interested in investing in HealthInvest Value Fund to ensure that
the investment takes place in accordance with applicable laws and other regulations. Foreign law may entail that
an investment cannot be made by an investor from outside Sweden. The fund company, HealthInvest Partners
AB, has no responsibility whatsoever to verify whether an investment made from outside Sweden takes place
in accordance with the laws of the relevant country. Disputes or claims concerning the Fund shall be resolved
according to Swedish law and exclusively by Swedish courts of law.
There is no guarantee that an investment in the HealthInvest Value Fund cannot result in a loss. This applies
irrespective of otherwise positive performance on the financial markets. Past performance is no guarantee of
future results. Funds invested in HealthInvest Value Fund may increase as well as decrease in value, and there is
no certainty that persons who invest in HealthInvest Value Fund will receive in return the entire capital invested.
This document is not to be regarded as a recommendation to purchase units in HealthInvest Value Fund. Each
person who is interested in acquiring units must make their own assessment of an investment in HealthInvest
Value Fund and the risks associated therewith.

3. Table of Contents
3
HealthInvestValueFund
Facts about HealthInvest Value Fund 2
Semi-Annual Report HealthInvest Value Fund 4
Balance Sheet 6
Summary of Holdings 7
Accounting Principles 8
Other Information 8

4. Semi-Annual Report HealthInvest Value Fund
HealthInvest Value Fund is an actively managed
investment fund focusing on the healthcare industry.
The fund has four unit classes of which A, B and D are
denominated in SEK and unit class C is denominated
in EUR. The fund invests globally, but the focus is
on North American companies since this region has a
strong, global market position. The objective is, while
observing due care, to provide maximum returns on
invested capital over time with a well-balanced risk.
DEVELOPMENT OF THE FUND
During the first six months of the year HealthInvest
Value Fund’s unit classes A, B and D decreased by -6.6
per cent, -6.8 per cent and -6.6 per cent respectively.
Unit class C, which is denominated in EUR, decreased
9.0 per cent. During the same period, MSCI World
Health Care Index, which is the fund’s comparison
index, decreased by -1.3 per cent in SEK and by -3.5
per cent in EUR, including reinvested dividends.
The relatively low return of unit class C is due to the
Swedish currency declining in value relative to the
Euro during the half year.
Healthcare investors’ appetite for risk peaked
during the summer of 2015, after which there has
been a decline in healthcare stocks in general and
stocks with perceived high risk and/or valuations
in particular. This category of stocks includes
biotechnology and specialty pharma where optimism
has decreased as rising drug prices have come into
focus in the political debate in the US. In managing
Value Fund, we have increased the fund’s exposure to
pharmaceuticals by selectively investing in companies
in which the valuations have reached attractive
levels. Pharmaceuticals thus constitute the largest
sub-segment of the fund, although the fund is still
underweight in terms of pharmaceuticals relative its
benchmark index.
During the first six months of 2016, four holdings have
contributed markedly to returns in Value Fund. These
four holdings are the American medical technology
company, Anika Therapeutics, the American
manufacturer of research tools, FEI Company, the
American specialty pharma company, Supernus
Pharmaceuticals, and the Japanese diagnostics
services company, BML. During the period, the fund
has been affected negatively by investments in the
Hong Kong-listed Universal Health International,
the Canadian pharmaceutical companies, Valeant
Pharmaceuticals and Concordia International, the
American health supplements chain, GNC Holdings,
and the Swedish biotechnology company, Medivir.
During the period, the fund acquired significant
positions in the American pharmaceutical
company, Merck, the two American distributors,
AmerisourceBergen and Cardinal Health, the Israeli
manufacturer of generic drugs, Taro Pharmaceutical
Industries, and the acquisitive Canadian
pharmaceutical company, Concordia International.
The position in the Swedish biotechnology company,
Medivir, has been increased and smaller positions have
been initiated in several other companies. Holdings
sold during the period include the pharmaceutical
company, Gilead Sciences, the medical technology
company, Varian Medical, the managed care company,
Magellan Health, (all three from US) and the Hong
Kong-listed pharmacy chain, Universal Health
International.
THE FUND AS PER THE END OF THE FIRST
HALF YEAR
As per 30 June 2016, the fund owned shares equal
to 95.5 per cent of the fund assets and fund units
equal to 3.4 per cent. The fund’s gross exposure was
consequently 98.9 per cent.
Geographically, the fund’s investments were
principally located in the US, which represented 66
per cent of the fund assets at the half-year end. Japan
represented 11 per cent, Sweden 6 per cent, Puerto
Rico 5 per cent, Israel 4 per cent and Germany 3 per
cent. An additional 3.4 per cent was invested in the
HealthInvest MicroCap Fund.
Of the share investments, pharmaceuticals
constituted the largest sector with 23 per cent of
the fund assets, followed by biotechnology (16 per
cent), healthcare supplies (11 per cent), healthcare
distributors, healthcare services and managed
healthcare (9 per cent each), life sciences tools and
services (8 per cent), specialty stores (6 per cent),
electronic equipment and instruments (5 per cent)
and healthcare equipment (3 per cent). Household
products and medical IT each constituted less than 1
per cent of the portfolio.
Important holdings in the fund
As per the end of the half-year, the fund had only four
holdings which each exceeded 5 per cent of the fund
assets. Out of those four, one (Anika Therapeutics)
represented over 7 per cent of the fund assets. Set
forth below is a short description of some of the
fund’s most important holdings.
Anika Therapeutics is an American company which
develops and sells products based on hyaluronic acid.
Growth is propelled by Orthovisc and Monovisc,
products which are injected into the knee in order
to treat pain caused by osteoarthritis. In addition
to these growth engines, the company is launching
Cingal (a combination product containing hyaluronic
acid and a steroid) in Europe in 2016. All-in-all, the
company is currently reaping the fruits of many years
of product development and, as a result, the shares
have performed strongly.
Medivir is a Swedish biotechnology company
containing a research division and a commercial
division. Medivir’s share price has declined as sales of
Olysio, the company’s Hepatitis C drug, has tumbled
while the company simultaneously failed to show
clear added value in the rest of the operation. For
most of June, Medivir’s enterprise value (market cap
less net cash) has hovered around SEK 300 million
while, in our view, the profit-generating part of the
HealthInvestValueFund
4

5. 5
HealthInvestValueFund
company, Nordic Brands, is worth at least SEK 500
million and possibly substantially more. In addition,
the future royalty revenues from Olysio constitute a
not inconsiderable asset. Hence, we are of the view
that the underlying value in Medivir is currently
not reflected in the share price. On June 15, the
company announced that it is investigating a possible
corporate split and separate listing of the commercial
operations. This announcement could prove to be a
catalyst for the stock.
GNC Holdings, which was founded as early as 1935,
is an American health food chain with approximately
8,900 business locations, of which 6,500 are in the
US. The company is vertically integrated, developing
and producing its own products, differentiating GNC
from competitors and contributing to a higher opera-
ting margin. The health food industry is characterised
by growth, growing an average of 5.5 per cent over
the last 15 years.
However, because most of its sales take place online,
the challenge facing GNC is the difficulty expanding
in the traditional shops network. The company is try-
ing to keep up with this development by expanding
the product range to also include general health, well-
being and beauty. We believe that the strategy offers
new growth opportunities and believe that the share
is attractive since it is traded at 7 times free cash flow.
AMAG Pharmaceuticals is an American company with
three principal products/areas comprised of the drug,
Makena, which is used to prevent premature labour
(approximately 60% of sales), the drug, Feraheme,
which is used to treat iron deficiency (22%) and CBR,
a bio-bank for stem cells (18%). From having been
a single product company, AMAG has undergone a
significant change over the last 18 months through
the acquisitions of Lumara Health (Makena) and CBR
(bio-bank business). These acquisitions have been
fairly expensive and management has undermined
the confidence of investors, resulting in the share
being presently valued at a very low level. We believe
that the share is undervalued at today’s level at a
valuation of approximately 4 times the forecasted free
cash flow in 2016.
Supernus Pharmaceuticals is an American pharma-
ceutical company which develops and sells products
which affect the central nervous system. In 2013,
the company launched Oxtellar XR and Trokendi
XR which are drugs for the treatment of epilepsy.
The products are growing nearly linearly and drive
the company’s growth in sales and operating profits
which, relative to Q1 2015, grew by 50% and 55%
in Q1 2016. Currently, Supernus is valued at the
relatively high 30 times free cash flow for 2015 which,
however, is largely due to the significant investment
in clinical studies for two drugs for treating ADHD.
RISK TAKING BY THE FUND
The standard deviation of HealthInvest Value Fund
(unit class A) was 15.6 per cent measured over the
past 24 months. The beta value, calculated using the
MSCI World Healthcare Index as the market portfolio,
was 0.75 and the Sharpe ratio was 0.53.
Data for all unit classes can be found in the table,
“HealthInvest Value Fund Facts”.
FUND ASSETS
As of 30 June 2016, HealthInvest Value Fund’s fund
net assets amounted to SEK 2,400 million. During
the first six months of 2016, units were issued for
SEK 110.1 million, while units were redeemed for
SEK 330.2 million. In addition, losses for the year
amounted to SEK -191.5 million. The allocation of
the fund assets in the four unit classes is set forth in
the table, “Changes in fund assets”.
FUND RULES
No changes have been made to the fund rules of
HealthInvest Value Fund in the first half-year of 2016.

6. Balance Sheet (SEK´000)
Assets
Transferrable securities
Fund units
Total financial instruments with positive market value
Total instruments with positive market value
Bank deposits and other liqiud funds
Prepaid costs and accrued income
Other assets
Total Assets
Liabilities
Accrued costs and prepaid income
Other liabilities
Total Liabilities
Fund Assets
Note 1 - Prepaid costs and accrued income
Dividends for which payment is expected
Other
Total prepaid costs and accrued income
Note 2 - Other Assets
Unsettled transactions
Total Other Assets
Note 3 - Accrued costs and prepaid income
Management fee
Accrued costs external research
Total Accrued costs and prepaid income
Note 4 - Other liabilities
Redemption of units in progress
Total Other liabilities
Not
1
2
3
4
30.06.2016
2 291 728
80 465
2 372 193
2 372 193
28 379
1 360
1 373
2 403 305
-3 803
0
-3 803
2 399 501
30.06.2016
1 257
102
1 360
30.06.2016
1 373
1 373
30.06.2016
-2 236
-1 567
-3 803
30.06.2016
0
0
6
31.12.2015
2 454 599
0
2 454 599
2 454 599
359 929
0
0
2 814 528
-2 770
-376
-3 147
2 811 381
31.12.2015
0
0
0
31.12.2015
0
0
31.12.2015
-2 770
0
-2 770
31.12.2015
-376
-376
HealthInvestValueFund

7. HealthInvestValueFund
7
Summary of Holdings per 30 june 2016
Financial instruments with
positive market value (1) Quantity
Market value
(SEK ’000)Country (2) Price (3)
% av fund
assets
Shares with positive market value
Pharmaceuticals
Supernus Pharmaceuticals
Merck Co
Taro Pharmaceutical Industries
Concordia International
Nichi-Iko Pharmaceutical
Biotechnology
Medivir B
Amag Pharmaceuticals
Insys Therapeutics
Healthcare Supplies
Anika Therapeutics
Paul Hartmann
Managed Healthcare
Triple-S Management
Anthem
Healthcare Distributors
AmerisourceBergen
Cardinal Health
Healthcare Services
BML
LifePoint Health
Life Sciences, Tools Services
Charles River Laboratories
INC Research Holdings
Specialty Stores
GNC Holdings
Electronic Equipment Instruments
FEI Company
Healthcare Equipment
Paramount Bed Holdings
TOTAL Shares with positive market value
Fund units
HealthInvest MicroCap Fund **
TOTAL Fund units
TOTAL Financial instruments with positive market value
TOTAL Investments with positive market value
Other assets/liabilities, net
TOTAL FUNDS ASSETS
US
US
IL (US)
CA (US)
JP
SE
US
US
US
DE
PR (US)
US
US
US
JP
US
US
US
US
US
JP
SE
657 533
224 100
86 205
543 000
554 100
2 732 254
671 585
788 175
412 588
17 528
532 876
93 900
160 000
160 000
277 100
185 851
149 612
286 270
681 955
118 609
142 400
421 989
20.37
57.61
145.60
21.54
2 075.00
55.25
23.92
12.94
53.65
418.75
24.43
131.34
79.32
78.01
4 690.00
65.37
82.44
38.13
24.29
106.88
5 190.00
190.68
113 271
109 182
106 146
98 914
94 154
150 957
135 854
86 252
187 196
68 926
110 093
104 297
107 328
105 556
106 424
102 744
104 308
92 311
140 086
107 208
60 521
2 291 728
80 465
80 465
2 372 193
2 372 193
27 308
2 399 501
21.74
4.72
4.55
4.42
4.12
3.92
15.55
6.29
5.66
3.59
10.67
7.80
2.87
8.93
4.59
4.35
8.87
4.47
4.40
8.72
4.44
4.28
8.19
4.35
3.85
5.84
5.84
4.47
4.47
2.52
2.52
95.51
3.35
3.35
98.86
98.86
1.14
100.00
95.51
0.00
3.35
98.86
Traded securities which are admitted to trading on a regulated market or similar market outside the EEA
Traded securities which are subject to regular trading on another market which is registered and open to the
public
** Other financial instruments
Total
1) The shares are classified in sub-sectors based on the MSCI Global Industry Classification Standard (GICS).
2) Refers to the country of residence of the company. If the company is listed in another country, this is stated
within parentheses. The following abbreviations have been used: CA Canada, DE Germany, IL Israel, JP Japan,
PR Puerto Rico, SE Sweden and US USA.
3) Refers to local currency.

8. 8
Other Information
The first occasion on which to subscribe in HealthInvest Value Fund was 30 December 2008. On 1 November
2013, the fund was opened for subscriptions through three unit classes and, in conjunction therewith, the fund’s
existing shareholders received units in unit class A. Key ratios pertaining to risk and return are not reported for
unit class D since it has existed for only nine months.
HealthInvest Value Fund facts
Unit class (1)
Unit value
Number of units
Fund assets (SEK ’000/EUR ’000)
Return (2)
Returns since the fund’s inception (%)
MSCI World HC Index returns since the fund’s inception (%)
Average annual return for the fund, since start (%)
Average annual return for MSCI World HC Index,
since start (%)
Average annual return for the fund, 5 years (%)
Average annual return for MSCI World HC Index, 5 years (%)
Average annual return for the fund, 2 years (%)
Average annual return for MSCI World HC Index, 2 years (%)
Risk measures (3)
Beta-value
Standard deviation (%)
Standard deviation MSCI World HC Index (%)
Downside risk (%)
Downside risk MSCI World HC Index (%)
Active risk (%)
Active share (%)
Sharpe ratio
Sharpe ratio MSCI World HC Index
Fees
Fixed management fee (%)
Performance-based fee (%)
Annual return threshold (%)
High watermark
Annual fee (%)
A
SEK 364.72
4 800 820
1 750 955
301.95
189.02
20.38
15.20
13.58
20.86
7.15
19.05
0.75
15.61
17.20
10.78
10.31
8.85
94.16
0.53
1.12
1.00
20
5
Yes
1.11
B
SEK 133.68
4 812 995
643 380
33.68
68.42
11.50
21.59
-
-
6.66
19.05
0.75
15.62
17.20
10.84
10.31
8.85
94.16
0.50
1.12
1.50
20
5
Yes
1.61
C
EUR 12.68
549 118
549
26.84
58.21
9.33
18.77
-
-
5.59
17.57
0.78
16.24
16.98
11.26
10.31
8.98
94.16
0.50
1.12
1.50
20
5
Yes
1.61
(1) Some of the key ratios are lacking for unit class D since it only has a 9-month history.
(2) The return figures since inception for unit classes B and C pertain to the period, 1 November 2013 to 30 June 2016, and
for unit class D to the period, 1 October 2015 to 30 June 2016. The return figures for the benchmark index is in SEK (EUR for
Value C) and with dividends reinvested.
(3) The risk measures are based upon monthly data from the last 24 months.
HealthInvestValueFund
Accounting Principles
The semi-annual report has been prepared in
accordance with the regulations of the Swedish
Financial Supervisory Authority regarding reporting
by investment funds and the Swedish Investment
Funds Association’s recommendation regarding
reporting key ratios in investment funds and ESMA
(European Securities and Market Authorities)
guidelines regarding held derivatives.
All financial instruments traded on a marketplace
have been valued at the last price paid as of 30 June
2016 or, in the absence of such a price, at the last
bid price. Holdings in foreign currencies are valued
at the last price paid for the currency. As of 30 June
2016, the fund had no holdings for which the relevant
market value was lacking.
D
SEK 97.84
100
10
-2.16
5.90
-2.87
7.94
-
-
-
-
-
-
-
-
-
-
94.16
-
-
1.20
20
Index
Yes
1.23

9. HealthInvestValueFund
9
(SEK ’000)
2008
2009
2010
2011
2012
2013
2014
2015
30.06.2016
Opening fund
assets
-
59 050
214 053
296 508
322 674
443 281
-
-
443 281
539 514
1 040
1 716
542 270
899 440
854 147
7 194
-
1 760 782
1 935 466
867 920
7 985
10
2 811 381
Issuance of
units
59 050
102 430
107 305
34 950
108 177
123 215
1 220
1 734
126 170
380 484
931 234
6 651
1 318 369
1 216 549
440 363
4 379
10
1 661 301
80 165
29 783
103
-
110 140
Profit for
the year
-
61 060
49 711
8 591
33 190
140 238
379 663
70 001
-191 782
Redemptions
-
-8 487
-74 561
-17 376
-20 760
-167 251
-167
-
-167 418
-230 180
-246 979
-2 361
-479 521
-183 517
-493 189
-3 996
-
-680 702
-136 409
-191 496
-2 334
-
-330 238
Closing fund
assets
59 050
214 053
296 508
322 674
443 281
539 514
1 040
1 716
542 270
899 440
854 147
7 194
1 760 782
1 935 466
867 920
7 985
10
2 811 381
1 750 955
643 380
5 157
10
2 399 501
Change in fund assets
Value Fund/Value A
Value B
Value C
TOTAL
Value A
Value B
Value C
TOTAL
Value A
Value B
Value C
Value D
TOTAL
Value A
Value B
Value C
Value D
TOTAL

10. 10
(1) Pertains to unit holders who invested in Value Fund at the beginning, 30 December 2008. The unit holders received units
in Value Fund A on 1 November 2013.
(2) MSCI World Health Care Index is a global index consisting of the companies in healthcare which have the largest market
value. The return figures are reported with dividends reinvested.
Value Fund/Value A
2008
2009
2010
2011
2012
2013
2014
2015
30.06.2016
Unit value
(SEK)
100.00
158.98
190.81
194.87
209.17
272.64
362.71
390.32
364.72
Number of
units
590 500
1 346 450
1 553 945
1 655 871
2 119 240
1 978 853
2 479 765
4 958 712
4 800 820
Fund assets
(SEK ’000)
59 050
214 053
296 508
322 674
443 281
539 514
899 440
1 935 466
1 750 955
Return on
HealthInvest Value
Fund A (%) (1)
-
59.13
21.75
3.43
10.66
35.50
33.04
7.61
-6.56
Return on MSCI
World HC Index
(SEK, %) (2)
-
9.69
-3.77
12.01
11.09
34.63
43.35
15.56
-1.33
Return and change in unit value
Value B
01.11.2013
01.11.2013 - 31.12.2013
2014
2015
30.06.2016
Unit value
(SEK)
100.00
101.02
133.90
143.42
133.68
Number of
units
-
10 296
6 378 843
6 051 801
4 812 955
Fund assets
(SEK ’000)
-
1 040
854 147
867 920
643 380
Return on
HealthInvest Value
Fund B (%)
-
1.02
32.55
7.10
-6.79
Return on MSCI
World HC Index
(SEK, %) (2)
-
2.83
43.35
15.56
-1.33
Value C
01.11.2013
01.11.2013 - 31.12.2013
2014
2015
30.06.2016
Unit value
(EUR)
10.00
10.08
12.67
13.94
12.68
Number of
units
-
19 241
60 136
62 483
43 292
Fund assets
(SEK ’000/
EUR ’000)
-
1 716/194
7 194/762
7 985/871
5 157/549
Return on
HealthInvest Value
Fund C (%)
-
0.80
25.67
10.03
-9.00
Return on MSCI
World HC Index
(EUR, %) (2)
-
2.36
34.58
18.71
-3.45
Value D
01.10.2015
01.10.2015 - 31.12.2015
30.06.2016
Unit value
(EUR)
100.00
104.80
97.84
Number of
units
-
100
100
Fund assets
(SEK ’000)
-
10.48
9.78
Return on
HealthInvest Value
Fund D (%)
-
4.80
-6.65
Return on MSCI
World HC Index
(SEK, %) (2)
-
7.32
-1.33
HealthInvestValueFund

11. HealthInvest Partners AB
Biblioteksgatan 29
SE-114 35 Stockholm