The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT LABS COMMON 002824100 22,441 484,376 SH   SOLE   315,676 0 168,700
ACCELERON PHARMA COMMON 00434H108 22,805 599,184 SH   SOLE   549,584 0 49,600
ACCURAY INC COMMON 004397105 2,113 227,195 SH   SOLE   227,195 0 0
ACHILLION PHARMACEUTICALS COMMON 00448Q201 31,459 3,190,572 SH   SOLE   2,919,372 0 271,200
ACTAVIS PLC SHARES G0083B108 111,431 374,407 SH   SOLE   327,345 0 47,062
ADVAXIS INC COMMON 007624208 2,175 150,654 SH   SOLE   150,654 0 0
AKORN INC COMMON 009728106 22,171 466,668 SH   SOLE   444,968 0 21,700
ALDER BIOPHARMACEUTICALS COMMON 014339105 30,951 1,072,437 SH   SOLE   913,937 0 158,500
ALEXION PHARMACEUTICALS INC COMMON 015351109 68,683 396,324 SH   SOLE   359,716 0 36,608
ALIGN TECH INC COMMON 016255101 23,296 433,140 SH   SOLE   293,003 0 140,137
ALKERMES PLC SHARES G01767105 1,388 22,770 SH   SOLE   22,770 0 0
AMGEN INC COMMON 031162100 106,072 663,575 SH   SOLE   571,787 0 91,788
AMICUS THERAPEUTICS COMMON 03152W109 54,249 4,986,138 SH   SOLE   4,383,538 0 602,600
AMPHASTAR PHARMACEUTICALS COMMON 03209R103 10,980 733,932 SH   SOLE   697,532 0 36,400
ASCENDIS PHARMA A S SP ADR 04351P101 12,694 731,660 SH   SOLE   706,660 0 25,000
AURIS MED HLDG AG COMMON H03579101 1,497 279,850 SH   SOLE   279,850 0 0
BIOGEN INC COMMON 09062X103 210,365 498,212 SH   SOLE   434,268 0 63,944
BIOMARIN PHARMACEUTICAL INC COMMON 09061G101 175,593 1,409,031 SH   SOLE   1,226,528 0 182,503
CAMBREX CORP COMMON 132011107 463 11,673 SH   SOLE   11,673 0 0
CATALENT INC COMMON 148806102 445 14,293 SH   SOLE   14,293 0 0
CELGENE CORP COMMON 151020104 139,357 1,208,858 SH   SOLE   1,103,686 0 105,172
CIGNA CORP COMMON 125509109 9,898 76,465 SH   SOLE   76,465 0 0
CLOVIS ONCOLOGY COMMON 189464100 18,495 249,152 SH   SOLE   224,452 0 24,700
COHERUS BIOSCIENCES COMMON 19249H103 387 12,656 SH   SOLE   12,656 0 0
DEPOMED INC COMMON 249908104 1,224 54,632 SH   SOLE   54,632 0 0
DEXCOM INC COMMON 252131107 24,908 399,558 SH   SOLE   270,329 0 129,229
DR REDDYS LABS LTD ADR 256135203 53,044 928,962 SH   SOLE   890,397 0 38,565
EAGLE PHARMACEUTICALS COMMON 269796108 927 22,123 SH   SOLE   22,123 0 0
ELEVEN BIOTHERAPEUTICS COMMON 286221106 1,003 112,485 SH   SOLE   112,485 0 0
ENDO INTL PLC SHARES G30401106 1,676 18,688 SH   SOLE   18,688 0 0
GILEAD SCIENCES INC COMMON 375558103 129,581 1,320,507 SH   SOLE   1,206,191 0 114,316
HALOZYME THERAPEUTICS COMMON 40637H109 53,229 3,727,551 SH   SOLE   3,404,851 0 322,700
HCA HLDGS INC COMMON 40412C101 12,577 167,176 SH   SOLE   131,369 0 35,807
HEARTWARE INTL INC COMMON 422368100 13,500 153,815 SH   SOLE   97,934 0 55,881
HORIZON PHARMA SHARES G4617B105 1,337 51,476 SH   SOLE   51,476 0 0
IMMUNE DESIGN CORP COMMON 45252L103 1,417 67,127 SH   SOLE   67,127 0 0
IMPAX LABS INC COMMON 45256B101 1,861 39,697 SH   SOLE   39,697 0 0
INCYTE CORPORATION COMMON 45337C102 122,471 1,336,144 SH   SOLE   1,198,834 0 137,310
INTERCEPT PHARMACEUTICALS COMMON 45845P108 46,518 164,947 SH   SOLE   150,647 0 14,300
INTUITIVE SURGICAL INC COMMON 46120E602 15,247 30,191 SH   SOLE   19,733 0 10,458
INVITAE CORP COMMON 46185L103 14,655 874,391 SH   SOLE   779,491 0 94,900
JAZZ PHARMA PLC SHS USD G50871105 1,625 9,405 SH   SOLE   9,405 0 0
KARYOPHARM THERAPEUTICS COMMON 48576U106 21,649 707,268 SH   SOLE   648,368 0 58,900
KERYX BIOPHARMACEUTICALS COMMON 492515101 48,696 3,825,256 SH   SOLE   3,367,474 0 457,782
LANNET INC COMMON 516012101 1,736 25,634 SH   SOLE   25,634 0 0
MALLINCKRODT PLC SHARES G5785G107 43,488 343,370 SH   SOLE   327,070 0 16,300
MCKESSON CORP COMMON 58155Q103 1,582 6,995 SH   SOLE   6,995 0 0
MEDIVATION INC COMMON 58501N101 26,961 208,889 SH   SOLE   190,489 0 18,400
MEDTRONIC PLC SHARES G5960L103 31,830 408,126 SH   SOLE   271,279 0 136,847
MOMENTA PHARMACEUTICALS COMMON 60877T100 24,077 1,584,010 SH   SOLE   1,506,310 0 77,700
MYLAN N V SHS EURO N59465109 71,626 1,206,838 SH   SOLE   1,072,068 0 134,770
NEKTAR THERAPEUTICS COMMON 640268108 870 79,115 SH   SOLE   79,115 0 0
NOVARTIS AG SP ADR 66987V109 11,775 119,405 SH   SOLE   119,405 0 0
NOVO-NORDISK AS ADR 670100205 10,399 194,775 SH   SOLE   194,775 0 0
NXSTAGE MEDICAL COMMON 67072V103 15,156 876,042 SH   SOLE   570,886 0 305,156
ONCOMED PHARMACEUTICALS COMMON 68234X102 39,536 1,533,578 SH   SOLE   1,338,767 0 194,811
PACIRA PHARMACEUTICALS COMMON 695127100 1,238 13,939 SH   SOLE   13,939 0 0
PERRIGO CO SHARES G97822103 44,471 268,624 SH   SOLE   255,798 0 12,826
PFIZER INC COMMON 717081103 51,909 1,492,057 SH   SOLE   977,078 0 514,979
PORTOLA PHARMACEUTICALS COMMON 737010108 44,137 1,162,730 SH   SOLE   1,062,480 0 100,250
PTC THERAPEUTICS I COMMON 69366J200 45,829 753,141 SH   SOLE   687,841 0 65,300
RELYPSA INC COMMON 759531106 30,221 837,830 SH   SOLE   764,330 0 73,500
SAGENT PHARMACEUTICALS COMMON 786692103 27,204 1,170,083 SH   SOLE   1,034,300 0 135,783
SEATTLE GENETICS INC COMMON 812578102 44,551 1,260,275 SH   SOLE   1,149,325 0 110,950
SHIRE PLC SP ADR 82481R106 59,549 248,859 SH   SOLE   240,612 0 8,247
SYNAGEVA BIOPHARMA COMMON 87159A103 35,665 365,684 SH   SOLE   334,684 0 31,000
TANDEM DIABETES CA COMMON 875372104 1,406 111,422 SH   SOLE   111,422 0 0
TETRAPHASE PHARMAC COMMON 88165N105 22,182 605,393 SH   SOLE   508,093 0 97,300
TEVA PHARMACEUTICAL ADR 881624209 103,454 1,660,583 SH   SOLE   1,596,581 0 64,002
TG THERAPEUTICS COMMON 88322Q108 6,751 436,084 SH   SOLE   436,084 0 0
THERMO FISHER SCIENTIFIC COMMON 883556102 78,876 587,136 SH   SOLE   536,436 0 50,700
UNITED THERAPEUTICS COMMON 91307C102 30,190 175,080 SH   SOLE   159,680 0 15,400
UNIVERSAL HEALTH SVC CLASS B 913903100 7,762 65,939 SH   SOLE   43,169 0 22,770
VALEANT PHARMACEUTICALS INTL COMMON 91911K102 1,609 8,101 SH   SOLE   8,101 0 0
VERTEX PHARMACEUTICALS COMMON 92532F100 60,118 509,600 SH   SOLE   467,400 0 42,200
WUXI PHARMATECH ADS SP ADR 929352102 1,577 40,653 SH   SOLE   40,653 0 0
ZS PHARMA INC COMMON 98979G105 9,228 219,303 SH   SOLE   219,303 0 0