Portfolio Manager & AIFM

Portfolio Managers

The Trust is managed by Geoffrey C. Hsu and Josh Golomb. Geoff and Josh are leaders in the public equity investment team at OrbiMed Capital LLC. OrbiMed seeks to invest globally in world-class healthcare companies to help drive innovation, address unmet medical needs, and improve patient outcomes. The team continues to expand and is made up of 80 investment professionals who cover all aspects of research, trading, finance, and compliance. This includes over 30 degree holders with MD and/or PhD credentials, healthcare industry veterans, and finance professionals with over 20 years of experience.

The firm has a global investment horizon and the OrbiMed footprint now spans three continents with offices in New York, San Francisco, Herzliya (Israel), Hong Kong, Shanghai, Mumbai and London.

Geoffrey C. Hsu

Portfolio Manager

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Geoffrey C. Hsu

Geoffrey C Hsu, CFA, joined OrbiMed in 2002 as a biotechnology analyst and is a Partner at OrbiMed. Prior to joining OrbiMed, he worked as a financial analyst in the healthcare investment banking group at Lehman Brothers. Mr Hsu received his AB degree summa cum laude from Harvard University and holds an MBA from Harvard Business School. Prior to business school, he spent two years studying medicine at Harvard Medical School.

Josh Golomb

Portfolio Manager

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Josh Golomb

Joshua Golomb is a Partner on the Public Equity team. Mr. Golomb has over 17 years of experience on the buyside covering biotechnology and pharmaceutical stocks. Prior to joining OrbiMed, Mr. Golomb was an Analyst at HealthCor covering biotechnology and pharmaceuticals. Previously, he covered the same sectors as a buyside Analyst at Millennium, Citadel, Diamondback and ProMed. Mr. Golomb holds a B.S. in Operations Research with a concentration in Engineering Management Systems from the Fu Foundation School of Engineering and Applied Science at Columbia University.

OrbiMed Capital LLC

OrbiMed Healthcare Fund Management

OrbiMed was founded in 1989 and has evolved over time to be the largest dedicated healthcare investment firm in the world. OrbiMed has managed the Company’s portfolio since its launch in 1995. Strong returns and many investment awards signify the aggregate talents of this exceptional team over the long term.

OrbiMed had over US $20 billion in assets under management as of 31 March 2026, across a range of funds, including investment trusts, hedge funds, mutual funds, and private equity funds.

The team works constantly to identify sources of alpha generation with a focus on fundamental research. In healthcare, there are many primary sources of alpha generation, especially in therapeutics. Clinical events such as the publication of new clinical trial data is a prominent example and historically has been the largest source of share price volatility. Regulatory events, such as new drug approvals by US, European or Japanese regulatory authorities are also stock moving events. Subsequent new product launches are carefully tracked and forecasted. Other sources include legal events and, of course, mergers and acquisitions activity.

The team has a global focus with a universe of coverage that covers the entire spectrum of companies, from early-stage companies with pre-clinical assets to fully integrated biopharmaceutical companies. The universe of actively covered companies is approaching 1,000.

OrbiMed emphasises investments in companies with underappreciated products in the pipeline, high-quality management teams and adequate financial resources. A disciplined portfolio construction process is utilised to ensure the portfolio is focused on high conviction positions. Finally, the portfolio is subject to a rigorous risk management process to moderate portfolio volatility.

For more information on OrbiMed, please see their website: www.orbimed.com

AIFM

Frostrow Capital LLP

In July 2014, the Company adjusted its operational arrangements to ensure compliance with the Alternative Investment Fund Managers Directive, (AIFMD). Frostrow Capital was appointed as the designated Alternative Investment Fund Manager for the Company. Under a portfolio management agreement with Frostrow Capital, OrbiMed was appointed to manage the Company’s portfolio of investments.  These arrangements were put in place to ensure that the relationship between the Company, OrbiMed and Frostrow Capital LLP is compliant with the requirements of AIFMD.