February 6, 2024 Investor Call

In this February 2024 call, Neil expounds on what has happened in Healthcare the past three years, why now is the time to remain constructive on the sector, and what we feel is the best approach to investing in Healthcare.

Important Disclosures

The information provided  in this presentation does not constitute an offer to sell or a solicitation of an offer to buy any security, product, service or fund, including interests in a private fund (any such entity, the “Fund”) managed by March Altus Capital Management LP (the “Investment Manager” and together with its affiliates, “March Altus”), for which an offer will be made only by the applicable Confidential Offering Memorandum (as applicable, the “Offering Memorandum”) and only to qualified investors in jurisdictions where permitted by law.

The information presented is confidential and proprietary, and may not be used by – or on behalf of – you for any purpose other than evaluating an initial or continued investment in a Fund managed by March Altus Capital Management. The information may not be reproduced, copied, published, distributed or otherwise disclosed or made available to others without the express prior written consent of March Altus.

Certain information contained in this investor presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology.  Due to various assumptions, risks and uncertainties, actual events, results or the actual performance of the Fund’s investments may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to invest based on these forward-looking statements.  Nothing contained in this investor presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future. 

The information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment.  The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date.

Certain information contained herein has been supplied to the Investment Manager by outside sources.  While the Investment Manager believes such sources are reliable, it assumes no responsibility for independent verification of such information and cannot guarantee the accuracy or completeness of any such information.

This investor presentation does not constitute an offer of interests or shares in the Funds to investors domiciled or with a registered office in the European Economic Area (“EEA”). None of the Funds, the Investment Manager or any of their respective affiliates currently intends to engage in any marketing (as defined in the Alternative Investment Fund Managers Directive) in the EEA with respect to interests or shares in the Funds.  Receipt of this investor presentation by an EEA investor is solely in response to a request for information about the Funds which was initiated by such investor. Any other receipt of this investor presentation is in error and the recipient thereof shall immediately return to the Fund, or destroy, this investor presentation without any use, dissemination, distribution or copying of the information set forth herein.

The distribution of this document may be restricted in certain jurisdictions. The information herein is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction.

All figures contained herein are shown in the base currency of the Fund (USD), may be unaudited and are subject to change.

Totals may not foot due to rounding.

iMPORTANT DISCLOSURES REGARDING PERFORMANCE

1. Healthcare sub-sector breakdown by market capitalization and number of names was compiled from the respective S&P Dow Jones Indices (Pharmaceuticals, Biotechnology, Healthcare Services and Healthcare Equipment) through January 31, 2024.

2. the returns of these indices have not been verified by March Altus Capital Management, LP. The indices have not been selected to represent an appropriate benchmark to compare the Fund’s performance, but rather are disclosed to allow for comparison of the Fund’s performance and correlation to the performance of well-known and widely recognized indices. The volatility of these indices may be materially different than the volatility of the Fund. Indices also do not include fees and expenses that the Fund and its investors will bear. In addition, the Fund’s holdings and portfolio composition differ significantly from the securities that comprise these indices.

3. “Worst/Prior-Worst Performance” and “Subsequent Performance Following Worst/Prior-Worst  performance data is provided by 3rd party research and intelligence firm, PivotalPath except for biotechnology data between January 2000 and December 2006, which was provided by Bloomberg LP. Bloomberg data is hypothetical back-tested, not actual performance, based on index methodology in effect on the Launch Date of the sub-sector indices (June 19, 2006).

4. The official estimates of Total US Healthcare spending are provided by The National Health Expenditure Accounts (NHEA). Per their records, US Healthcare spending has grown every year since 1960. Data was retrieved on 1/8/24 from https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/historical.

5. US Healthcare Spending in 2022 was $4.46 trillion. The three largest economies in terms of GDP are the United States ($25.4 trillion), China ($18.0 trillion) and Japan ($4.2 trillion). Data was retrieved on 1/8/24 from https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/historical and https://datacatalog.worldbank.org/search/dataset/0038130/GDP-ranking

6. CMS’s most recent projection for Healthcare spending in the United States is $7.1 trillion by 2031. India is expected to become the world’s third largest economy by 2030, with a projected GDP of $7.3 trillion. Data was retrieved on 1/8/24 from https://www.healthsystemtracker.org/chart-collection/how-much-is-health-spending-expected-to-grow/ and https://www.hindustantimes.com/business/india-to-become-worlds-third-largest-economy-by-2030-s-p-global-ratings-101701763949361.html

7. “Exposure” for March Altus Fund LP reflects the average of the respective long, short, gross, and/or net exposures as of the end of each of the respective month-ends for the time period specified on each respective slide. “Exposure” for all other underlying funds provided was collected from the respective 13Fs filed each fund at the quarter-end date reflected in the chart. Exposures are summations of the respective security market values divided by the Fund's net equity, except that exposures related to equity swaps are based on the underlying security's notional value divided by the Fund's net equity and exposures related to options are based on the delta adjusted market values of the options divided by the Fund's net equity. The notional values of forward currency contracts used for hedging purposes are not reflected in exposure. Exposures do not necessarily reflect the risks associated with the underlying positions. Exposures should not be construed as providing any assurance or guarantee as to the composition of the portfolio in the future.  Actual portfolio composition will, and at times will, differ from historical exposures.

8. Performance figures are modeled based on an investment in the Standard Share Class of March Altus Fund LP for the respective time period shown and may be unaudited. Net performance figures are presented after applicable fees and expenses (as described in the Fund’s Confidential Placement Memorandum (“PPM”)), including management fees (modeled at 1.5% per annum) accrued incentive allocations (modeled at 17.5% per annum), net interest, other expenses, reinvestment of dividends, and gains and losses from new issues securities, if any. Gross performance figures take into account all of the foregoing except incentive allocations. Performance results for particular partners may vary from the performance stated herein as a result of, among other things, the timing of their investment(s) in the Fund, different management fee and incentive allocation structures, the partner’s eligibility to participate in new issues securities and any accumulated loss carry-forward. Partners should refer to their month-end capital statements for their actual performance. Past performance is not indicative of nor a guarantee of future results. There can be no assurance that the Fund will achieve comparable results in the future.

9. Peer Group Data and Key Statistics have been provided by 3rd party hedge fund research and intelligence firm, PivotalPath, as at 2/5/24.The Peer Group is comprised of Equity Long/Short Healthcare Funds ranging in size from <$50MM to >$10BN in Assets Under Management. “Life Sciences” Peer Group Average data reflects 10 funds whose exposure (as calculated in footnote 7) is only in companies classified as “Pharmaceuticals” and “Biotechnology” as per GICS. “HC Gen” Peer Group Average data reflects 15 funds whose exposure (as calculated in footnote 7) is in companies classified as “Pharmaceuticals,” “Biotechnology,” “Healthcare Services,” and “Healthcare Equipment” as per GICS.