The Biotech Growth Trust - No style drift, sticking to long-term winning ways
The Biotech Growth Trust (BIOG) is managed by global healthcare specialist OrbiMed Capital. Despite a reversal in the trust’s relative performance following a very successful FY21 (ending 31 March 2021), manager Geoff Hsu is continuing to favour smaller-cap, emerging biotech stocks, as he says these companies are where the bulk of industry innovation occurs, and this is the primary driver of the biotech sector’s long-term positive performance. The manager believes that the latest drawdown in biotech stocks, which is unprecedented in both magnitude and duration, has led to a very large disconnect between favourable industry fundamentals and very low biotech company valuations. Over the last year, BIOG’s portfolio has become increasingly concentrated as Hsu and his team are focusing more on their highest-conviction investments.Biotech Growth Trust is an investment trust company. Co. invests in a range portfolio of shares and related securities in biotechnology companies on a worldwide basis. Co.'s alternative investment fund manager is Frostrow Capital LLP and its portfolio manager is OrbiMed Capital LLC. As of Mar 31 2017, Co. had total investment of £461.4 million.
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