Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	QUOTIENT ORD	1,789,156	$28.63M	12.7%	$16.00	$15.74	—	COMMON STOCK	G73268107
—	DYAX ORD	687,600	$25.87M	11.5%	$37.62	$37.62	—	COMMON STOCK	26746E103
SNY	SANOFI ORD	361,962	$15.44M	6.8%	$42.65	$44.40	—	ADR	80105N105
—	NEOS THERAPEUTICS ORD	781,514	$11.19M	5.0%	$14.32	$20.03	—	COMMON STOCK	64052L106
MCK	MCKESSON ORD	56,000	$11.04M	4.9%	$197.23 *	$174.49	0.0%	COMMON STOCK	58155Q103
—	ADVANCED ACLRTR APLCTN ADR REP ORD	291,877	$9.127M	4.0%	$31.27	$31.27	—	ADR	00790T100
—	IGNYTA ORD	644,617	$8.638M	3.8%	$13.40	$13.61	—	COMMON STOCK	451731103
—	VITAMIN SHOPPE ORD	240,000	$7.848M	3.5%	$32.70	$32.70	—	COMMON STOCK	92849E101
—	CIGNA ORD	48,855	$7.149M	3.2%	$146.33	$145.54	—	COMMON STOCK	125509109
—	ADAMIS PHARMACEUTICALS ORD	1,318,630	$7.121M	3.2%	$5.40	$5.96	—	COMMON STOCK	00547W208
—	CTI BIOPHARMA ORD	5,292,262	$6.509M	2.9%	$1.23	$1.23	—	COMMON STOCK	12648L106
—	ANTHERA PHARMACEUTICALS ORD	1,378,443	$6.396M	2.8%	$4.64	$5.98	—	COMMON STOCK	03674U201
ABBV	ABBVIE ORD	103,809	$6.15M	2.7%	$59.24 *	$40.92	-7.2%	COMMON STOCK	00287Y109
—	ST JUDE MEDICAL ORD	92,800	$5.732M	2.5%	$61.77	$61.77	—	COMMON STOCK	790849103
—	PFENEX ORD	447,262	$5.537M	2.5%	$12.38	$10.12	—	COMMON STOCK	717071104
—	AETNA ORD	50,700	$5.482M	2.4%	$108.13	$108.13	—	COMMON STOCK	00817Y108
ZBH	ZIMMER BIOMET HOLDINGS ORD	52,912	$5.428M	2.4%	$102.59 *	$90.02	0.0%	COMMON STOCK	98956P102
ASND	ASCENDIS PHARMA ADR REP ORD	284,785	$5.217M	2.3%	$18.32	$17.72	—	ADR	04351P101
UNH	UNITEDHEALTH GRP ORD	35,500	$4.176M	1.8%	$117.63 *	$101.20	-1.9%	COMMON STOCK	91324P102
BMY	BRISTOL MYERS SQUIBB ORD	53,862	$3.705M	1.6%	$68.79 *	$44.54	+4.8%	COMMON STOCK	110122108
—	NATUS MEDICAL ORD	70,500	$3.388M	1.5%	$48.06	$41.96	—	COMMON STOCK	639050103
—	FOAMIX PHARMACEUTICALS ORD	415,972	$3.374M	1.5%	$8.11	$8.61	—	COMMON STOCK	M46135105
—	ADAMAS PHARMACEUTICALS ORD	117,257	$3.321M	1.5%	$28.32	$18.27	—	COMMON STOCK	00548A106
ADUS	ADDUS HOMECARE ORD	125,526	$2.922M	1.3%	$23.28 *	$25.18	0.0%	COMMON STOCK	006739106
MRK	MERCK & CO ORD	54,375	$2.872M	1.3%	$52.82 *	$36.77	0.0%	COMMON STOCK	58933Y105
TEVA	TEVA PHARMA IND ADR REP 1 ORD	42,610	$2.797M	1.2%	$65.64	$65.64	—	ADR	881624209
MDT	MEDTRONIC ORD	35,000	$2.692M	1.2%	$76.91 *	$57.87	+1.2%	COMMON STOCK	G5960L103
HRTX	HERON THERAPEUTICS ORD	99,772	$2.664M	1.2%	$26.70	$26.74	0.0%	COMMON STOCK	427746102
—	BIOTELEMETRY ORD	191,755	$2.24M	1.0%	$11.68	$11.68	—	COMMON STOCK	090672106
SRPT	SAREPTA THERAPEUTICS ORD	50,000	$1.929M	0.9%	$38.58	—	—	Put	803607100
—	THRESHOLD PHARMACEUTICALS ORD	4,003,992	$1.922M	0.9%	$0.48	$0.48	—	COMMON STOCK	885807206
—	FORWARD PHARMA ADR REP 1 ORD	100,000	$1.9M	0.8%	$19.00	$19.00	—	ADR	34986J105
—	FLAMEL TECHNOLOGIES ADR REP 1 ORD	124,017	$1.514M	0.7%	$12.21	$21.19	—	ADR	338488109
—	RITE AID ORD	172,114	$1.349M	0.6%	$7.84	$7.84	—	COMMON STOCK	767754104
LNTH	LANTHEUS HOLDINGS ORD	363,748	$1.229M	0.5%	$3.38 *	$3.60	0.0%	COMMON STOCK	516544103
—	SCYNEXIS ORD	162,175	$1.007M	0.4%	$6.21	$9.91	—	COMMON STOCK	811292101
—	AGILE THERAPEUTICS ORD	74,267	$725K	0.3%	$9.76	$6.27	—	COMMON STOCK	00847L100
—	ARATANA THERAPEUTICS ORD	97,376	$543K	0.2%	$5.58	$16.31	—	COMMON STOCK	03874P101
OASMY	OASMIA PHARMACEUTICAL ORD	123,000	$445K	0.2%	$3.62	$3.62	—	ADR	67421W109
—	RELYPSA ORD	10,000	$283K	0.1%	$28.30	$28.30	—	COMMON STOCK	759531106
—	INSPIREMD ORD	216,645	$191K	0.1%	$0.88	$0.16	—	COMMON STOCK	45779A507
—	IMMUNE PHARMACEUTICALS ORD	197,655	$144K	0.1%	$0.73	$1.18	—	COMMON STOCK	45254C101