CUREX Capital Advisors, LLC

CUREX 4Q24 Life Science Market Commentary We're excited to publish our latest quarterly Life Science Market Commentary. Inflation and uncertainty surrounding regulatory policy overshadowed strong fundamentals in the quarter. Life science, and biotechnology especially, are poised to outperform as these headwinds abate. Large pharma is facing $350 billion in lost revenue due to expiring patents over the next five years and yet M&A activity has been well below the long term average. Large pharma is motivated to replenish their R&D pipelines and small-to-mid cap biotechs are trading at relatively low valuations. M&A may be what finally ignites a resurgence of investor enthusiasm for the sector.

CUREX 4Q24 U.S. Equity Market Outlook We're pleased to post our 4Q24 U.S. Equity Market Outlook. The market's reaction to Deepseek's R1 AI model revealed how vulnerable big tech valuations are to AI capex assumptions. Nvidia's 17% drop on Monday shows what happens when lofty expectations are challenged. The benefits of the next implementation phase of AI are likely to accrue disproportionately to the non-Mag7. The relative strength of value stocks will likely increase as this dynamic unfolds.

Biotechnology has outperformed technology and all other S&P 500 sectors over the past twelve months. Oversold conditions a year ago started the rally. Please check out our recent 3Q24 Life Science Market Commentary that explains why we think the sector has significantly more upside. Please contact us with any questions or comments! [email protected]

Biotechnology has outperformed technology and all other S&P 500 sectors over the past twelve months. Oversold conditions a year ago started the rally. Please check out our recent 3Q24 Life Science Market Commentary that explains why we think the sector has significantly more upside. Please contact us with any questions or comments! [email protected]

We are pleased to offer our quarterly U.S. Equity Market Outlook. Please don't hesitate to contact us with any questions!

Please check out our recently published 2Q24 Life Science Market Commentary. After many years of underperforming the S&P 500, market forces are shifting to the benefit of life science and biotech public markets. We are excited for what the coming years have in store. Hope you enjoy! Please reach out with any questions or comments: [email protected]

We are excited to announce we have recently expanded our product offering beyond our flagship life science sector fund. Our new investment strategies utilize a quantitative and contrarian approach to investing across a diversified portfolio of mid-to-large cap U.S. equities. In support of these new strategies, we have begun publishing a quarterly U.S. Equity Market Outlook. While perhaps not as prescient as it was when we first published it on July 15th, the piece provides historical context for the recent tech sell-off, and why we’ve been expecting it. Please contact us with any questions, comments, or feedback!

We're pleased to make available our recently published 1Q24 Market Commentary discussing our outlook for the Life Science Sector. Sticky inflation and 'higher for longer' rates represent ongoing challenges for biotech. Higher rates elevate the importance of commercial execution, free cash flow, and return on invested capital and present a challenge for earlier stage, pre-commercial biotechs. However, many biotechs with near-term data and/or FDA catalysts remain attractive. Additionally, the broader Life Science sector is trading at historically compelling relative valuations. We continue to view Life Sciences as a source of significant and underappreciated growth potential for long term investors as breakthrough technologies reach patients and transform medicine. Please feel free to contact us with any questions: [email protected] #biotechinvest #biotech #biotechnology #medtech