Matt Renna
Managing Partner
Sector Focus
Health Care
Inception Date:
October 1, 2020
Strategy AUM:
$28M
BENCHMARK:
Russell 3000® Growth Benchmark Index - Health Care
Status:
Open to new investors
Vehicles:
Strategy Overview
A high-conviction portfolio designed to benefit from the long-term transformation of the U.S. health care system by investing in innovative, well-positioned companies driving efficiency, access, and improved patient outcomes.
Investment Approach
Our Health Care strategy is built to capture the long-term transformation of the U.S. health care system. We invest in high-quality companies driving innovation, advancing patient outcomes, and helping shift the system toward greater efficiency, access, and value. The portfolio is broadly diversified across the health care ecosystem.
While the health care sector can be dynamic and complex, our process is designed to remain grounded in fundamentals. We emphasize innovation with purpose, valuation awareness, and portfolio balance—seeking to capture secular growth while managing risk.
The strategy is managed by a seasoned portfolio management team with deep domain expertise and a bottom-up research approach. Matt Renna, Managing Partner & Head of the Health Care sector team, serves as lead portfolio manager alongside Will Muggia, President, CEO & CIO. Ideas are sourced through Westfield’s Health Care team and refined through collaborative discussion and disciplined analysis.
Key attributes of our approach include:
- Fundamental research with a focus on innovation, quality, and capital discipline
- Balanced exposure across sub-industries and market caps to capture the full opportunity set
- Concentrated portfolio of 30–50 holdings
- Disciplined risk framework guiding portfolio construction
Performance and Exposures
Investment Performance
Preliminary Rates of Return (%) - Periods Ending September 30, 2025
Composite - Gross:
QTD
7.55
YTD
15.82
1-Year
3.45
3-Year
16.99
5-Year
10.28
10-Year
--
SI (OCT-20)
10.28
Composite - Net:
QTD
7.36
YTD
15.23
1-Year
2.76
3-Year
16.22
5-Year
9.55
10-Year
--
SI (OCT-20)
9.55
Russell 1000® Growth:
QTD
3.80
YTD
4.42
1-Year
-5.18
3-Year
11.41
5-Year
6.23
10-Year
9.29
SI (OCT-20)
6.23
Key Characteristics
As of September 30, 2025
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Characteristic | Portfolio | Benchmark |
|---|---|---|---|---|---|---|---|
| 29 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Number of Holdings | 36 | 382 |
| 30 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | % in Top 10 Holdings | 66% | 71% |
| 31 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Wtd. Avg. Market Cap ($M) | $163,495 | $326,414 |
| 32 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Market Cap Breakdown (% Port) | ||
| 33 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Mega (> $200B) | 22% | 48% |
| 34 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Large ($50-200B) | 7% | 23% |
| 35 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Mid ($5-50B) | 54% | 20% |
| 36 | nhoyt | 10/10/2025 04:36 PM | nhoyt | 10/10/2025 04:36 PM | Small (<$5B) | 17% | 9% |
Top 10 Active Weights
As of September 30, 2025
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Security | Active Weight (%) | GICS Industry |
|---|---|---|---|---|---|---|---|
| 21 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Ascendis Pharma A/S | 18.26 | Biotechnology |
| 22 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | UnitedHealth Group Inc | 7.63 | HC Providers & Services |
| 23 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Legend Biotech Corp. | 6.65 | Biotechnology |
| 24 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | DexCom, Inc. | 3.01 | HC Equipment & Supplies |
| 25 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Masimo Corporation | 2.68 | HC Equipment & Supplies |
| 26 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Lantheus Holdings Inc | 2.57 | HC Equipment & Supplies |
| 27 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Vaxcyte, Inc. | 2.53 | Biotechnology |
| 28 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Soleno Therapeutics Inc | 2.29 | Biotechnology |
| 29 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | Option Care Health Inc | 2.28 | HC Providers & Services |
| 30 | nhoyt | 10/10/2025 04:37 PM | nhoyt | 10/10/2025 04:37 PM | ICON Plc | 2.26 | Life Sciences Tools & Services |
Industry Exposure
As of September 30, 2025
Source: FactSet. Representative Portfolio data shown as of 9/25/25 unless otherwise stated. Past performance is not indicative of future results - Please click here for GIPS® Compliant Presentation. Returns are annualized for periods greater than one year. Any third party data contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. Industry weights exclude cash. Due to rounding, numbers may not sum to 100%. The holdings and percentages may not represent the current or future portfolio composition. Portfolio characteristics may differ depending on specific client guidelines and restrictions.
