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The Biotech Growth Trust (BIOG) is managed by Geoff Hsu and Richard Klemm of OrbiMed Capital. They aim to generate long-term capital growth from a diversified portfolio of global biotech equities. The managers are very optimistic on the industry outlook, citing a more benign political environment, a high level of innovation, a favourable regulatory regime, and reasonable valuations. In addition, following US tax reform, they expect an acceleration in merger and acquisition activity, which has historically been an important driver of share prices within the biotech sector. The managers acknowledge that BIOG’s performance in the last three financial years has been disappointing and they are looking to build on the trust’s long-term record of outperformance versus the benchmark NASDAQ Biotechnology index.

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