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The Biotech Growth Trust - Favourable industry fundamentals
The Biotech Growth Trust (BIOG) generated another year of positive absolute and relative performance in 2020. Manager Geoff Hsu of global specialist healthcare investor OrbiMed Capital remains constructive on the outlook for biotech stocks, although he is mindful about the extended bull run in the US stock market. The manager is particularly encouraged by the high levels of biotech industry innovation; he believes that the favourable regulatory environment will continue and does not consider healthcare legislation to be a high priority for President Biden. Hsu comments that the biotech industry has come of age over the last decade; he highlights the high number of initial public offerings (IPOs) in the sector, while the level of merger and acquisition (M&A) activity has remained robust despite the shift to working from home during the COVID-19 pandemic.