07 Aug 2018
Strategic Equity Capital – Confident despite short term setback – After a strong period of performance in 2017, when Strategic Equity Capital (SEC) beat a strong small cap index by 6%, 2018 has proved more problematic. Short-term performance has been impacted by stock specific price weakness within SEC’s concentrated portfolio (see pages 5-6). SEC’s managers are long-term […]
19 Jul 2018
Under the leadership of its manager, Carl Harald Janson, International Biotechnology Trust (IBT) is building a track record of outperformance of both its benchmark, the Nasdaq Biotechnology Index and the average of its peer group (see page 13 of this note for the figures).
The biotech sector, which IBT focuses on, benefits from long term structural growth drivers (listed on page 3) such as ageing populations in the developed world and an emerging middle class in developing markets. After a weak start in 2018, the Nasdaq Biotechnology Index has now recovered. The manager believes that the “American Patients First” document released by the US government on May 11 reduced investors’ concerns over drug pricing.
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