We are trimming IBB by 50bps and allocating the proceeds to ZTS. Valuation for IBB did better relative to ZTS as IBB’s main holding is Gilead, a stock that has moved on the news it is developing a drug to treat COVID-19 (no proven efficacy yet). We want to take advantage of this relative strength and distribute it to a name we have a strong conviction will outperform over time.
Julie S. Praline
Director, Equity Analyst
Direct: 617.226.0025
Fax: 617.523.8118
Crestwood Advisors
One Liberty Square
Suite 500
Boston, MA 02109