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 hea
Companies: The Biotech Growth Trust
The Biotech Growth Trust (BIOG) is managed by Geoff Hsu, who is able to draw on the considerable resources of specialist healthcare investor OrbiMed Capital. While biotech stocks have rallied strongly following the coronavirus-led stock market sell-off earlier in 2020, the manager believes they could have further to go. He is confident that a successful COVID-19 vaccine will be developed and positive fundamentals are supportive for the biotech sector’s future performance. Repositioning of BIOG’s
The Biotech Growth Trust (BIOG) is managed by Geoff Hsu and Richard Klemm at OrbiMed Capital. They remain optimistic about the prospects for the sector in 2020 due to high levels of innovation and a relaxed regulatory environment, while a continuation in merger and acquisition (M&A) activity would also likely provide further support for biotech shares. The managers are very encouraged by the trust’s much-improved investment performance in recent months, noting they are being rewarded by the mark
There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.
Companies: AEMC BIOG SIGT IBT JEFI MHN CHRY MTE PSHD RSE SIR FJV LTI MVI SEQI SOND SLI EGL SUPP VNH CSH VSL BRLA UTL JADE SOHO GPM TPOU JRS JLEN SEC IGC MPO LIV CCRGF THRL
The Biotech Growth Trust (BIOG) is managed by Geoff Hsu and Richard Klemm of OrbiMed Capital and aims to generate long-term capital growth from a diversified portfolio of global biotech equities. Investment performance has improved markedly in 2019, following a tough few years, and the managers retain their record of long-term outperformance versus the NASDAQ Biotechnology index. They remain very optimistic on the prospects for the global biotech sector, citing a favourable regulatory environmen
The Biotech Growth Trust (BIOG) is managed by Geoff Hsu and Richard Klemm at OrbiMed Capital, one of the leading global healthcare asset managers. The year 2018 proved to be tough for the trust’s performance as biotech companies delivering negative news were heavily penalised, while those delivering good news went unrewarded. However, the managers are optimistic about BIOG’s prospects. They cite a rich industry innovation pipeline that includes a series of technologies with multi-billion-dollar
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 hi
The Biotech Growth Trust (BIOG) aims to generate long-term capital growth from a concentrated portfolio of global biotech companies. It is jointly managed by Richard Klemm and Geoff Hsu of OrbiMed Capital, who are positive on the outlook for the biotech industry due to a favourable regulatory backdrop, continued industry innovation, an anticipated uptick in M&A activity and reasonable company valuations. The trust is benchmarked against the NASDAQ Biotech index, which it has outperformed in NAV
The Biotech Growth Trust (BIOG) was launched in 1997, aiming to generate long-term capital growth from a global portfolio of biotech stocks. Since 2005, the trust has been managed by OrbiMed Capital, the largest global specialist healthcare investor; over this period, BIOG has significantly outperformed its benchmark NASDAQ Biotech Index (sterling adjusted), despite less compelling short-term performance. The trust’s managers are bullish on the outlook for the biotech industry due to continued i
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including c
The Biotech Growth Trust (BIOG) invests worldwide in the innovative area of biotechnology, with the aim of achieving capital growth. Biotech has been one of the strongest-performing market sectors in recent years, but controversy over drug pricing in the US caused a sell-off in September, denting returns over shorter periods. BIOG’s managers argue that truly innovative and effective new treatments will continue to have strong pricing power. The trust’s investment approach is catalyst-driven, wit
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Agronomics is an investment company, making selective investments in early-stage alternative protein companies. We believe the combination of the conservative approach to calculating a reported net asset value (NAV) and growing interest in the broader alternative protein and cultured meat opportunities has resulted in Agronomics' shares trading at a c320% premium to its latest reported NAV per share value. Our analysis suggests that not only can this premium be justified but that upside exists b
Companies: Agronomics Limited
NextEnergy Solar’s NAV reflects a reduction in long term pricing offset by continued operating outperformance. While long term pricing remains an issue across the renewable yieldco sector, we continue to see NESF as better placed thanks to its non-amortising debt. It is also showing that its energy sales relationship with NextEnergy Capital is delivering strong hedging positions which should benefit the company going forward. On top of this the company has a range of opportunities to develop and
Companies: Nextenergy Solar Fund
NextEnergy Solar Fund’s (NESF) NAV has declined to 98.9p, as at 31 March 2021, from 100.7p as at 31 December 2020, after incorporating a further reduction in power price forecasts provided by NESF’s three independent consultants (-2.1p per share) and an expected rise in the UK corporation tax rate rising to 25% from 2023 (-1.8p per share). These were partly offset by NESF’s operating outperformance, the acquisition of the 100MW Camden portfolio which was financed by a drawdown on the existing cr
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Gore Street continues to develop its portfolio with the acquisition of a 80MW project in the GB market and a 300MW expansion of its exclusive development pipeline. Extended revenue opportunity in Ireland and well optimised assets in the UK give us confidence that the company can maximise value from this larger portfolio.
Companies: Gore Street Energy Storage Fund PLC
Today's news & views, plus announcements from CPG, DGE, FLTR, MSLH, PHP, TUI, UDG, ULE, RQIH, VTU
Companies: Primary Health Properties PLC (PHP:LON)Randall & Quilter Investment Holdings Ltd. (RQIH:LON)
In addition to successfully executing a high volume of transactions for clients in the first half, Numis continues to plan investment to strengthen and broaden its capabilities to support longer-term growth through market cycles. With over 60% of transaction fee income in H120 coming from outside the retained client base there is evidence that the company is succeeding in building a wider reputation.
Companies: Numis Corporation Plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Companies: Pantheon International
Marlowe has released a positive FY21E trading update, with Adj EBITDA of £28m+ being comfortably ahead of our forecasts (£26.4m). FY22E has started well, with strong demand being seen across all business units. Boosted by recent acquisitions and continued organic growth, run-rate Adj EBITDA now stands at c£39m. The company has today also announced three bolt-on acquisitions. Given the strength of Marlowe's business model, in an industry underpinned by durable structural growth drivers, we believ
Companies: Marlowe Plc
Full-year results to 31 December 2020 show the value of recurring revenues amid the global pandemic, bolstered by technology investment permitting improved operational efficiency. The flexible annuity pipeline remains significant, though the pandemic has caused slow conversion of leads. A UK-focussed acquisition pipeline continues to form a key part of the investment thesis and a post-period exit from the trusts sector has freed up capital to allow the company to pursue this strategy with the re
Companies: STM Group PLC
Brewin Dolphin’s strategy to broaden its range of propositions and distribution channels to reach wider demographics has resulted in the delivery of a strong performance in 1H21. Adj. PBT of £47.0m was up 29% YoY driven by strong income growth and ongoing cost savings, leading to Adj. PBT margin of 23.5% (1H20:20.8%). The interim DPS is also up by 5% to 4.6p.Total discretionary fund inflows hit a record of £1.0bn in 2Q21 helped by the recent launch of Voyager funds while strong retention rates o
Companies: Brewin Dolphin Holdings PLC
Canyon Resources (CAY AU) – Minim Martap bauxite project mineral resource upgrade (Altus Strategies is invested in Canyon Resources)
Marvel Gold (MVL AU) A$0.05, Mkt Cap A$27m – Chilalo Graphite Project spin out (Altus Strategies holds a JV agreement with Marvel Gold)
Metal Tiger (MTR LN) – Drilling Commenced at KML copper project
Serabi Gold* (SRB LN) – Drilling confirms lateral and depth extensions to mineralisation at Palito
Companies: ALS SRB MTR CAY MVL
We initiate coverage of Parsley Box with a 220p share price target, implying 14% potential upside. Parsley Box is a small, dynamic, fast-growing company that delivers quality ambient ready meals direct to its customers, targeting the growing number of older and wealthy people in the UK. We expect Parsley Box to break into EBITDA profit and be cash-generative in 2022 and to grow rapidly thereafter. We would expect the valuation discount will narrow as it continues to deliver.
Companies: Parsley Box Group PLC
Primary Health Properties (PHP) has issued a trading update covering the three months to 31 March 2021 (Q121). The existing portfolio continues to perform well, as expected, and while acquisition activity has been light amid a highly competitive investment market, progress continues with rent reviews and asset management projects, forward-funded developments and the recently acquired direct development pipeline.
Companies: Primary Health Properties PLC