Simplify Health Care ETF's Average People Pillar and Process Pillar ratings result in a Morningstar Medalist Rating of Neutral. The portfolio maintains a sizable cost advantage over competitors, priced within the cheapest fee quintile among peers.  

 The portfolio management team earns the strategy an Average People Pillar rating. However, there could be stronger efforts on the team's behalf to align interests with shareholders through personal investments. The strategy gets an Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an overweight quality exposure and yield exposure compared with category peers. High quality exposure is attributed to stocks with low financial leverage and strong returns on equity. And a high yield exposure is rooted in holding high dividend-paying or buyback stocks. The strategy's parent organization is industry standard, albeit with some strong attributes like low portfolio manager turnover, but is held back by an unfavorable lineup success ratio. This earns the firm an Average Parent Pillar rating.

Analyst Rating

Sarepta Therapeutics

Intuitive Surgical

Eli Lilly

PureCycle Technologies

Merck

Cigna

Cooper Companies

BioMarin Pharmaceutical

Regeneron Pharmaceuticals

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. Simplify Health Care ETF earns an Average Process Pillar rating. 

The main contributor to the rating is the firm's five-year retention rate of 100% over the period. The size of the portfolio management team also bolsters the process. With three portfolio managers, the fund is reasonably well-resourced. Lastly, the process is limited by the experience of the management team, which averages five years at this fund.

 This strategy, over time, has consistently held more undervalued companies, compared with peers in the Health Morningstar Category. But in terms of market capitalization, it is on par with peers. Looking at additional factor exposure, this strategy has consistently had a defensive tilt owing to its exposure to high-quality stocks over the past few years. High exposure to the quality factor means holding companies that are consistently profitable, growing, and have solid balance sheets. In recent months, the strategy was more exposed to the Quality factor compared with its Morningstar Category peers as well. This strategy's portfolio also has had exposure to more stocks with high dividend or buyback yields over peers in these years. High-yield stocks tend to be associated with more mature, profitable businesses that can grow as well as provide a stream of income. Such stocks could suffer, however, if setbacks force them to cut their dividends. Compared with category peers, the strategy also had more exposure to the Yield factor in the most recent month. In addition, this strategy has an underweight bias to the volatility factor, meaning investing in stocks that have a lower standard deviation of returns. Such holdings can limit a strategy's downside, but cause it to lag in bull markets. Nevertheless, the fund's Volatility exposure was in line with peers in the latest month. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in industrials by 4.8 percentage points in terms of assets compared with the category average, and its basic materials allocation is similar to the category. The sectors with low exposure compared to category peers are healthcare and technology, with healthcare underweighting the average portfolio by 6.6 percentage points of assets and technology similar to the average. The portfolio is composed of 49 holdings and is relatively top-heavy. Of the strategy's assets, 54.6% are concentrated within the top 10 holdings, compared to the typical peer's 38.7%. And finally, in terms of portfolio turnover, on a year-over-year basis, 118% of the fund's holdings have turned over, whether through increasing, decreasing, or changing a position.

Average

Process

Simplify Health Care ETF earns an Average People Pillar rating. The most meaningful contributor to the rating is the firm's five-year retention rate of 100%. A low cost, with fees that rank in its category's least expensive quintile, also bolsters the rating. A higher expense ratio reduces net returns, so low costs give this team an advantage. Lastly, the rating is limited by the experience of the management team, which averages five years at this fund.


The team's personal investments in the fund are unsubstantial, with the maximum investment by any one manager being less than $10,000. That amount is too small to help align managers' interests with the fund's investors.

People

In a competitive industry, Simplify Asset Management doesn't differentiate itself enough, leading to an Average Parent Pillar rating. Portfolio management turnover has been minimal at the firm since the firm's inception. Long-term stability signals a strong investment culture. The firm's lineup has had discouraging initial results. Its three-year risk-adjusted success ratio is 0%, indicating that of the strategies with a three-year track record, 0% have both survived and beaten their respective category median on a risk-adjusted basis. A low success ratio not only indicates weak performance but also provides insight into a firm’s discipline around investment strategy and product development. With an average three-year Morningstar Rating of 1.8 stars, the risk-adjusted performance of Simplify Asset Management's open-end and exchange-traded funds falls short of competitors.

Parent

Simplify Health Care ETF

PINK is an actively managed fund of US healthcare stocks and/or ETFs. The fund seeks long-term capital growth and commits to donate its net profit, in the form of its annual management fee to the Susan G. Komen Breast Cancer Foundation.

The Simplify Health Care exchange-traded fund has grown to $136 million in assets in two and a half years. It is never easy for an actively managed fund to outperform its benchmark or a broad stock-market index, but Michael Taylor, the fund's lead manager, has done that so far.

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The Simplify Health Care ETF offers investors a unique opportunity to invest with purpose by donating all net profits to the Susan G. Komen Foundation in the fight against breast cancer. PINK has generated attractive absolute and relative returns since inception, outperforming its benchmark and the S&P 500. The fund takes a concentrated, actively managed approach to investing in health care, with a focus on "picks and shovels" businesses and expertise in drug development.

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TORONTO & DALLAS--( BUSINESS WIRE )--Perimeter Medical Imaging AI, Inc. (TSX-V: PINK)(OTC: PYNKF) (FSE: 4PC) announced another commercial placement of its flagship Perimeter S-Series OCT system at a second hospital within one of the largest healthcare networks in North Texas, which is part of a major national healthcare system. Perimeter is a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs.

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TORONTO & DALLAS--(BUSINESS WIRE)---- $PINK.V #AI--Perimeter Medical Imaging AI, Inc. (TSX-V:PINK) (OTC:PYNKF) (FSE:4PC) announced the commercial placement of its flagship Perimeter S-Series OCT system at a hospital that is part of a major national healthcare system and one of the largest healthcare networks in North Texas. Perimeter is a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs. Jeremy Sobott

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