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Star biotech fund seeks to change mandate
by Robert St George on Oct 14, 2013 at 00:01
The £260 million Biotech Growth Trust is requesting permission to invest in larger companies.
Currently, the fund’s investment objective requires that a majority of the companies held in its portfolio should have a market capitalisation of less than $3 billion (£1.9 billion). It is proposed that this restriction be removed.
‘The directors, as advised by the investment manager, believe that a simplification of the company’s existing investment objective and policy would be beneficial to shareholders as it would allow greater flexibility in the size of biotechnology companies in which the company can invest,’ the trust stated.
Over the past five years Biotech Growth - managed by Geoffrey Hsu (pictured) - has returned 313%, compared with 108% from the FTSE World index and 145% from the FTSE World Pharmaceuticals & Biotechnology index.
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on Dec 06, 2013 at 14:28