Review: Positive industry fundamentals
The Biotech Growth Trust (BIOG) is a specialist investment trust that aims to generate capital growth from a portfolio of global biotech stocks. The fund is concentrated, currently holding 32 positions invested across the market capitalisation spectrum. Over the last 12 months, the industry has been volatile following controversy over US drug pricing and heightened risk aversion. However, the managers believe that industry fundamentals remain intact and companies that develop novel treatments will be able to price their products accordingly. Industry valuations look attractive compared with other sectors and there is evidence of an upturn in merger and acquisition activity. BIOG’s recent investment performance has been affected by disappointing data from some holdings, but medium- and longer-term performance remains positive.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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