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 18,252 405,410 SH   SOLE   251,410 0 154,000
ACCELERON PHARMA COMMON 00434H108 27,817 713,995 SH   SOLE   657,195 0 56,800
ACCURAY INC COMMON 004397105 1,709 226,300 SH   SOLE   226,300 0 0
ACHILLION PHARMACEUTICALS COMMON 00448Q201 29,079 2,373,810 SH   SOLE   2,176,410 0 197,400
ACTAVIS PLC SHARES G0083B108 66,116 256,850 SH   SOLE   247,505 0 9,345
ADVAXIS INC COMMON 007624208 1,689 210,850 SH   SOLE   210,850 0 0
AKORN INC COMMON 009728106 15,723 434,343 SH   SOLE   417,943 0 16,400
ALDER BIOPHARMACEUTICALS COMMON 014339105 3,034 104,300 SH   SOLE   104,300 0 0
ALEXION PHARMACEUTICALS INC COMMON 015351109 71,352 385,624 SH   SOLE   354,816 0 30,808
ALIGN TECH INC COMMON 016255101 17,278 309,031 SH   SOLE   189,794 0 119,237
ALLERGAN INC COMMON 018490102 34,599 162,750 SH   SOLE   156,300 0 6,450
AMGEN INC COMMON 031162100 142,481 894,473 SH   SOLE   759,285 0 135,188
AMICUS THERAPEUTICS COMMON 03152W109 39,649 4,765,498 SH   SOLE   4,192,698 0 572,800
AMPHASTAR PHARMACEUTICALS SHARES 03209R103 7,665 660,232 SH   SOLE   642,432 0 17,800
BIOGEN IDEC INC COMMON 09062X103 149,164 439,428 SH   SOLE   381,184 0 58,244
BIOMARIN PHARMACEUTICAL INC COMMON 09061G101 113,293 1,253,243 SH   SOLE   1,102,940 0 150,303
CELGENE CORP COMMON 151020104 126,878 1,134,258 SH   SOLE   1,054,786 0 79,472
CLOVIS ONCOLOGY COMMON 189464100 23,713 423,452 SH   SOLE   390,352 0 33,100
CYMABAY THERAPEUTICS COMMON 23257D103 6,965 708,585 SH   SOLE   708,585 0 0
DEXCOM INC COMMON 252131107 15,748 286,065 SH   SOLE   182,336 0 103,729
DR REDDYS LABS LTD ADR 256135203 38,492 762,969 SH   SOLE   740,404 0 22,565
ELEVEN BIOTHERAPEUTICS COMMON 286221106 1,336 112,485 SH   SOLE   112,485 0 0
GILEAD SCIENCES INC COMMON 375558103 64,503 684,307 SH   SOLE   629,891 0 54,416
HALOZYME THERAPEUTICS COMMON 40637H109 35,940 3,724,351 SH   SOLE   3,404,851 0 319,500
HCA HLDGS INC COMMON 40412C101 10,568 144,002 SH   SOLE   110,795 0 33,207
HEARTWARE INTL INC COMMON 422368100 12,375 168,525 SH   SOLE   105,244 0 63,281
IMMUNE DESIGN CORP COMMON 45252L103 652 21,181 SH   SOLE   21,181 0 0
INCYTE CORPORATION COMMON 45337C102 97,442 1,332,814 SH   SOLE   1,178,404 0 154,410
INOGEN INC COMMON 45780L104 6,485 206,734 SH   SOLE   126,268 0 80,466
INTERCEPT PHARMACEUTICALS COMMON 45845P108 28,368 181,847 SH   SOLE   167,247 0 14,600
INTUITIVE SURGICAL INC COMMON 46120E602 18,204 34,416 SH   SOLE   21,058 0 13,358
KARYOPHARM THERAPEUTICS COMMON 48576U106 19,835 529,920 SH   SOLE   484,020 0 45,900
KERYX BIOPHARMACEUTICALS COMMON 492515101 46,092 3,257,358 SH   SOLE   2,871,276 0 386,082
MALLINCKRODT PLC SHARES G5785G107 39,678 400,664 SH   SOLE   384,764 0 15,900
MEDIVATION INC COMMON 58501N101 35,541 356,806 SH   SOLE   331,606 0 25,200
MEDTRONIC INC COMMON 585055106 22,384 310,025 SH   SOLE   192,378 0 117,647
MOMENTA PHARMACEUTICALS COMMON 60877T100 17,574 1,459,603 SH   SOLE   1,405,303 0 54,300
MYLAN INC COMMON 628530107 85,647 1,519,368 SH   SOLE   1,345,398 0 173,970
NOVARTIS AG SP ADR 66987V109 5,884 63,500 SH   SOLE   63,500 0 0
NOVO-NORDISK AS ADR 670100205 7,841 185,285 SH   SOLE   185,285 0 0
NPS PHARMACEUTICALS COMMON 62936P103 58,057 1,623,073 SH   SOLE   1,502,273 0 120,800
NXSTAGE MEDICAL COMMON 67072V103 14,470 807,012 SH   SOLE   543,056 0 263,956
ONCOMED PHARMACEUTICALS COMMON 68234X102 34,779 1,598,293 SH   SOLE   1,388,282 0 210,011
PERRIGO CO SHARES G97822103 38,792 232,068 SH   SOLE   222,842 0 9,226
PFIZER INC COMMON 717081103 37,689 1,209,914 SH   SOLE   747,635 0 462,279
PORTOLA PHARMACEUTICALS COMMON 737010108 31,729 1,120,379 SH   SOLE   989,998 0 130,381
PROSENSA HLDGS SHS USD N71546100 2,089 111,432 SH   SOLE   111,432 0 0
PTC THERAPEUTICS I COMMON 69366J200 58,766 1,135,130 SH   SOLE   1,014,450 0 120,680
REGENERON PHARMCEUTICALS COMMON 75886F107 76,177 185,685 SH   SOLE   170,785 0 14,900
RELYPSA INC COMMON 759531106 24,989 811,330 SH   SOLE   751,730 0 59,600
SAGENT PHARMACEUTICALS COMMON 786692103 20,938 833,861 SH   SOLE   740,578 0 93,283
SEATTLE GENETICS INC COMMON 812578102 35,474 1,104,075 SH   SOLE   1,015,425 0 88,650
SHIRE PLC SP ADR 82481R106 50,186 236,124 SH   SOLE   229,677 0 6,447
SYNAGEVA BIOPHARMA COMMON 87159A103 33,765 363,884 SH   SOLE   323,284 0 40,600
TANDEM DIABETES CARE COMMON 875372104 1,669 131,422 SH   SOLE   131,422 0 0
TEVA PHARMACEUTICAL ADR 881624209 79,415 1,380,888 SH   SOLE   1,337,486 0 43,402
THERMO FISHER SCIENTIFIC COMMON 883556102 65,237 520,686 SH   SOLE   481,786 0 38,900
UNIQURE N.V. SHARES N90064101 1,394 94,101 SH   SOLE   94,101 0 0
UNITED THERAPEUTICS COMMON 91307C102 21,091 162,880 SH   SOLE   149,680 0 13,200
UNIVERSAL HEALTH SVC CLASS B 913903100 6,861 61,666 SH   SOLE   38,896 0 22,770
VALEANT PHARMACEUTICALS INTL COMMON 91911K102 258 1,800 SH   SOLE   0 0 1,800
VERTEX PHARMACEUTICALS COMMON 92532F100 25,215 212,250 SH   SOLE   195,193 0 17,057
WUXI PHARMATECH ADS SP ADR 929352102 1,359 40,373 SH   SOLE   40,373 0 0
ZS PHARMA INC COMMON 98979G105 1,991 47,895 SH   SOLE   47,895 0 0