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22 Apr 2022

The Biotech Growth Trust

Company Notes

Adding into weakness and awaiting reversal catalyst

The Biotech Growth Trust* aims to deliver capital appreciation through investment in the global Biotechnology sector. The fund has been managed by Geoffrey Hsu of specialist investment adviser OrbiMed since May 2005. The portfolio is largely invested in the US (73% of NAV as at 31 March 2022) but is also exposed to Europe (12%) and China (13%), where OrbiMed has offices in Shanghai and Hong Kong. Portfolio companies range from large and smaller companies with profitable late-stage development products to promising early-stage companies based on innovative science. The fund performed strongly in 2019 and particularly 2020, when it generated a NAV total return of +52.4%, compared with +22.5% for the NASDAQ Biotechnology Index benchmark. However, it lagged the benchmark last year (-23.1% vs. +0.9%), while its NAV is down 20.5% so far this year.

*Denotes a corporate broking client of Winterflood Securities