The Life Science Tools and Pharma Services industries consist of companies that provide instruments, consumables, equipment, supplies, and contract research/manufacturing services to assist biotech and pharmaceutical companies involved in drug discovery, development, and production. In particular, we are interested in companies that sell products and services to growing and emerging modalities like biologics and cell and gene therapies as we see these end-markets as significant growth drivers for both LS tools companies and pharma services companies. It is our belief that the increase in complexity of these nascent modalities will increase the need for specialized products and services. We are also interested in companies that are driving innovation in areas like synthetic biology and drug discovery. We look for companies with strong fundamentals including solid management, large market opportunities, strong intellectual property positions, and innovative/value-adding products.