The Quaker Funds has selected the Canadian firm Sectoral Asset Management to sub-advise its new biotech fund.

The move marks the first time Sectoral will sub-advise a U.S. mutual fund. Previously, the company has served as the sub-advisor to mutual funds located only in Europe and Asia.

The Quaker Biotech Pharma-Healthcare Fund, Quaker’s first biotech product, will focus on between 15 and 25 equities, and up to 30% of the fund may be invested internationally. In addition, Sectoral has the option of short selling or hedging up to 25% of the fund’s assets.

Quaker currently offers 11 funds that are sold directly or through intermediaries.

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