ORBIMED ADVISORS LLC

OrbiMed utilizes research products and services obtained through client commission arrangements (CCAs) to assist in providing investment advisory services. These arrangements allow OrbiMed to obtain products and services within the safe harbor of Section 28(e) of the U.S. Securities Exchange Act of 1934, including industry publications, company research, economic forecasts, access to market information, and research software. OrbiMed does not receive economic benefits from non-clients for providing investment advice. However, OrbiMed does pay solicitors who refer potential investors for OrbiMed client funds, benefiting from increased management fees and performance-based compensation as assets under management grow.

OrbiMed employs investment strategies focused on the global healthcare sector, seeking long-term capital appreciation. These strategies involve investments in various instruments, including U.S. and non-U.S. equities (both long and short positions), privately placed securities, debt securities, royalty bonds, currencies, PIPEs, ETFs, index options, and derivatives. OrbiMed aims for diversification within the healthcare sector and attractive risk-adjusted returns through a disciplined investment style. Specific strategies include long-term investments, where OrbiMed identifies and purchases undervalued securities with the intention of holding them to maximize long-term value, potentially foregoing short-term gains. Another strategy is long/short investing, which relies on identifying and purchasing undervalued securities while simultaneously selling short overvalued securities. The success of these strategies depends on OrbiMed's ability to accurately identify investment opportunities and manage the risks associated with market fluctuations and valuation model inaccuracies.

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