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Contact details

ManagerGroupLogo
Frostrow Capital LLP, 25 Southampton Buildings, London, WC2A 1AL
0203 043 8889 (Fax Number)
0203 008 4910 (Main Number)

info@frostrow.com

Fund managers

* Orbimed Capital»23-Jun-1997 to Present
* Geoffrey C. Hsu»19-May-2005 to Present
* Richard D Klemm»19-May-2005 to Present


Investment objectives

The Biotech Growth Trust PLC seeks capital appreciation through investment in the worldwide biotechnology industry, principally by investing in emerging biotechnology companies. Performance is measured against its benchmark index, the NASDAQ Biotechnology Index (sterling adjusted).

Key Information

Fund vs sector

  1y 3y
Position 2 / 4 1 / 4
Quartile 2 1

Fund ratings

FE Crown Rating: 3 FE
Crown Rating
(Quantitative)

Ratios

  1y 3y
Volatility 25.31 21.60
Alpha 1.85 2.43
Beta 1.33 1.35
Sharpe 0.98 1.56
InfoRatio 0.60 0.91
R2 0.85 0.81
Quartiles:   1  2   3  4   help with ratios
vs. Biotechnology & Healthcare»

Performance

performance chart
chart
    1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m
+14.1 +144.0 +289.6 +46.8 +45.7 +36.1 +17.3
  NAV +19.7+141.6+281.1+49.0 +35.4+34.5+17.3
  Biotechnology & Healthcare +10.2+89.8+175.9+37.3+25.5+18.0+23.2
Share Price
 ShareTypePriceDatePrem/DiscDiluted NAVGearingDiv yield
EstimLast pub.NetGross
pdf THE BIOTECH GROWTH TRUST PLC UNIT 487.75 (p) 23-Jul-2014 -6.53 513.54 507.24
21-Jul-2014
109 n/a n/a
Capital structure & income
Share Type Exchange Nominal value Issued Market value (m) Wind-up date Splits News
THE BIOTECH GROWTH TRUST PLC UNIT LONDON 25 67,461,000 323.81 n/a n/a company announcements
Share identifiers: TIDM: BIOG; SEDOL: 0038551; ISIN: GB0000385517
Detailed fund information
Fund type flag United Kingdom-registered Investment Trusts
Launched1997
Gross assets£378.7m / $645.9m
Sector Biotechnology & Healthcare
Asset ClassEquity
Own ISA wrapper Fund has ISA Wrapper help with ISA
Savings plan Fund has no Savings Plan 
Annual accountsannual (Click to order)
Last report / accounts22-May-2014
Last AGM10-Jul-2014
Next AGM01-Jul-2014
EGM30-Oct-2013
Stockbroker(s)Winterflood Investment Trusts
Management contractUnder a new management, administration and company secretarial agreement with Frostrow Capital LLP, Frostrow will receive a periodic fee equal to 0.30% per annum of the market capitalisation of the Company plus a fixed amount equal to GBP 50,000 per annum. A performance fee is calculated quarterly by comparing the cumulative performance of the investment portfolio of the Company with the cumulative performance of the benchmark index since 30-Jun-05. The performance fee amounts to 16.5% of any out-performance of the NAV over the benchmark index. At each quarterly calculation date any performance fee payable is based on the lower of: (i) the cumulative out-performance of the investment portfolio over the benchmark index as at the quarter end date; and (ii) the cumulative out-performance of the investment portfolio over the benchmark as at the corresponding quarter end date in the previous year.
Borrowing limitBorrowing must not exceed 25% of the adjusted capital and reserves of the Company.
Continuation / Wind-up provisionAs part of the package of measures adopted by the Board to improve the attraction of the Company's shares to new investors and also to provide the prospect of a sustained improvement in the rating of the company's shares, an active discount management policy was implemented, to buy-back shares if the market price is at a discount greater than 6% to net asset value per share. The making and timing of any share buy-back remain at the absolute discretion of the Board. Resolutions relating to the following items of special business were passed at the last AGM (a) Electronic communication (b) Authority to allot shares (c) Disapplication of pre-emption rights (d) Authority to repurchase shares
Dividend policyn/a
Investment restrictionsn/a
Reconstruction proposaln/a
Settlement detailsn/a
Tax policyn/a
Peer groups
Region Asset Class Investment Focus Sector
Global Equity Biotech Biotechnology & Healthcare
Largest holdings, 31-May-2014
Holding (%) Rank Holding (%) Rank
GILEAD SCIENCES INC11.701AMGEN INC3.706
BIOGEN IDEC INC11.302INTERMUNE INC3.707
ALEXION PHARMACEUTICALS INC5.403IMAX LABORATORIES3.208
ILLUMINA INC5.404MYLAN INC3.009
INCYTE CORP4.405ONO PHARMACEUTICAL CO3.0010
 Total54.80 
Regional weightings, 31-May-2014
Region (%) Rank  
North America 88.40 1 88.40% North America
Continental Europe 7.90 2 7.90% Continental Europe
Far East 3.00 3 3.00% Far East
Unquoted 0.70 4 0.70% Unquoted
Total100.00 


All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.

 
 
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alan howie Feb 15th, 2014 at 10:23 PM

Can't abour performance

Reply
Ilmarinen Jan 21st, 2014 at 10:04 PM

1. It is the return on investment which counts.
2. Yes the fairness of clawing back performance fees in underperforming years seems indisputable at first. But in practice would it be viable? To be paying refunds to investors in already weak times could put dangerous strain on the company finances. And if such tunds were held back in good years ready for distribution in leaner years that would have a negative impact on investor returns in the good years.
3.I don't much like performance fees either. But if they succeed in adding to the incentive to produce outstanding research they may be justified. IF.

Reply
Theo Apr 20th, 2013 at 06:32 PM

If they want more people to invest with them, they should abolish their performance fee, for a start.

Reply
Peter Jason Taylor May 14th, 2013 at 11:52 AM

I'm happy to pay a performance fee provided it can be clawed back in the event of underperformance within 5 years or so.

Reply
 

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Asset allocation

North American Equities, 88.40%
88.4000% ofNorth American Equities
European Equities, 7.90%
7.9000% ofEuropean Equities
Asia Pacific Equities, 3.00%
3.0000% ofAsia Pacific Equities
International Equities, 0.70%
0.7000% ofInternational Equities

Sector analysis

Charting

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