Portfolio Managers
The Company's Portfolio is managed by Geoffrey C. Hsu and Josh Golomb of OrbiMed Capital LLC. Geoff and Josh are leaders in the public equity investment team at OrbiMed Capital LLC. OrbiMed seeks to invest globally in innovative healthcare companies that are working towards addressing significant unmet medical needs, across biopharmaceuticals, medical devices, diagnostics, and healthcare services. The wider OrbiMed Investment team continues to expand and is made up of over 150 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, Hong Kong, Shanghai, Mumbai and London.
Geoffrey C. Hsu
Portfolio Manager
Joshua Golomb
Portfolio Manager
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 19 May 2005. 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 at 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 biotechnology, there are many primary sources of alpha generation. Clinical events such as the publication of new clinical trial data are prominent examples and historically have 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 biotechnology companies, from early-stage companies with pre-clinical assets to fully integrated biopharmaceutical companies.
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.
For more information on OrbiMed, please see its website: www.orbimed.com.
Investment in innovation and opportunity
The Biotech Growth Trust (BIOG) offers investors a unique opportunity to gain exposure to one of the most dynamic and rapidly evolving sectors of the global economy.
The Company specialises in investing in a portfolio of growth-stage biotech businesses at the cutting edge of medical innovation that are sector leaders with first-mover advantages in key treatments for the future.
The portfolio is managed by OrbiMed, a leading global healthcare investment firm with deep expertise in biotechnology. It offers investors access to pioneering companies addressing tomorrow's medical challenges – advancing solutions in areas like central nervous system disorders, oncology, cardiovascular disease, and gene and cell therapies.
Why Biotech Growth Trust?
Sector expertise
A leading team with a blend of technical and investment expertise in the biotech sector. Collectively, the OrbiMed team boosts over 300 years of investment experience and comprises more than 30 qualified analysts with either an MD or PhD degree.
Global reach
A presence in multiple countries, enabling access to a broad spectrum of investment opportunities across international markets.
Integrated venture capital capabilties
A strong venture capital arm at OrbiMed that enhances deal sourcing and provides early access to some of the most promising emerging companies in the sector.
Diversified portfolio in cutting-edge sectors
The Company's portfolio covers some of the leading biotech companies from across the globe.
Proven track record
The Biotech Growth Trust has produced strong returns for shareholders over the long term and has been an early investor in some of the world's leading biotech companies including Immunomedics, Vertex Pharmaceuticals and Argenx.
Why Biotech?
Demographic tailwinds
An ageing global populating is driving increased demand for innovative treatments and healthcare solutions around the world.
Breakthrough therapies on the horizon
The coming years are expected to bring significant advancements in the treatment of major conditions, such as Alzheimer's disease, cancer and obesity.
Strategic importance to the pharmaceutical industry
As large pharmaceutical companies see more patents expiring, they are turning to the acquisition of innovative biotech firms to replenish their patent pipelines, creating attractive exit opportunities for investors in these companies.
Biotech M&A is poised to accelerate
A diverse set of drivers – with biotech valuations at historic lows and innovation at an all-time high – couples with the pressure of drug price reform on large pharma – means the sector is expected to see a rise in biotech take-outs.
Political priority for the U.S. government
The Trump Administration views the biotech sector as a strategically important industry and wants to reduce the regulatory hurdles for drug approvals to speed up the drug development process.
Undervalued assets
The political and economic landscape has created a compelling entry point: valuations are attractive, and the pace of innovation and medical demand is at an all-time high, positioning the sector for sustained future growth.
The growth investment opportunity
The Biotech Growth Trust is structured to invest in innovative products that have the potential to revolutionise healthcare and significantly enhance the quality of life worldwide. With a diversified portfolio, expert management and a proven track record of investing in transformative companies, the Company is well-positioned to deliver long-term capital appreciation for shareholders.
Environmental, social and governance (ESG)
The Biotech Growth Trust PLC (“the Company”) seeks capital appreciation through investment in the worldwide biotechnology industry. The Company and the Company’s Portfolio Managers believe that there is a high congruence between companies that seek to act responsibly and those that succeed in building long-term shareholder value.
The Board recognises that environmental, social and governance (ESG) issues can impact the performance of investments. The Board has delegated authority to its Portfolio Manager to evaluate investee companies’ performance on material ESG issues and also to engage with the management of investee companies on ESG, and these matters and any other ESG-related issues are discussed regularly with the Board.
The Company’s Portfolio Manager have incorporated a Responsible Investing Policy into its overall investment process for the Company in order to enhance investment returns.
Sector-specific ESG evaluation relies on a thorough understanding of potentially material factors (such as the results of clinical trials) as well as the availability of complete, accurate and timely quantitative and qualitative data. The internationally recognised Sustainability Accounting Standards Board (SASB) has identified subsets of environmental, social, and governance issues most relevant to financial performance in each of 77 industries, including pharmaceuticals and biotechnology. The Portfolio Managers' Responsible Investing Policy integrates sector-specific guidance from the SASB as well as a full range of other financial and non-financial factors when making investment decisions.
In addition, the Portfolio Managers' Responsible Investing Policy lists exclusions from potential investment, for example, companies involved in production or trade in illegal products, companies providing products or services causing severe environmental damage, companies using child or forced labour and companies manufacturing or trading in tobacco and/or e-cigarettes. The Portfolio Manager has also prepared an ESG Due Diligence Questionnaire documenting their ESG approach and integration in their investment process, which is aligned to the reporting requirements of UN PRI.
The Portfolio Manager engage with investee companies through meetings with management and proxy voting. The Board has delegated authority to the Portfolio Managers to vote the shares owned by the Company that are held on its behalf by its Custodian. The Board has instructed that the Portfolio Manager submit votes for such shares wherever possible and practicable. The Portfolio Manager generally follows the guidelines and recommendations of Glass Lewis & Co LLC, a leading proxy voting services provider, and are also encouraged to refer to the Board on any matters of a contentious nature. The Portfolio Manager has used Glass Lewis, for over 10 years and have generally agreed with its approach to proxy voting recommendations.
ESG is a rapidly evolving field, and the Board is keeping abreast of developments.
The Company complies with the AIC Code of Corporate Governance and has policies in place regarding Board diversity, integrity and business ethics.
Key downloads
| Title | Document |
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TCFD Report |
Download document: TCFD Report |
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Responsible Investing Policy |
Download document: Responsible Investing Policy |
| Title | Document |
|---|
| Title | Document |
|---|---|
|
TCFD Report |
Download document: TCFD Report |
|
Responsible Investing Policy |
Download document: Responsible Investing Policy |