IN BRIEF: Biotech Growth lags benchmark in first half

Biotech Growth Trust PLC - London-based investor in global biotechnology companies - Net asset value per share at September 30, end of first half, falls 8.3% to 1,327.0 pence from 1,446.4p at March year end. Nasdaq Biotechnology Index, its benchmark, grows 10% during period. Biotech Growth underperformed benchmark.

"After posting a strong fiscal year of outperformance in the 12-month period ending 31 March 2021, the company gave back some of those gains during the 6-month review period. The period began with the continued rotation of investors from growth to value stocks, as managers positioned portfolios to overweight economically sensitive sectors that would benefit most from a reopening of the economy. Growth sectors like biotech, which had proven to be more defensive during the height of the Covid-19 pandemic in 2020, underperformed the broader markets during this period," company says.

Current stock price: 1,214.00 pence

Year-to-date change: down 23%

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Biotech Gwth