UPDATE: BIOG shareholders have endured a volatile ride over the last few years, with a -17% NAV return in the year to March 2023, a 27% gain in 2024, a -24% drop in 2025 then a bumper 73% return in 2026 off the Liberation Day lows. Performance from April to mid-September 2026 has also been strong, with a gain of around 25%. Lead manager Geoff Hsu recently took on an additional role as deputy manager for Worldwide Healthcare, the other UK trust managed by Orbimed.

Biotech Growth (ticker: BIOG) was launched in 1997. After a promising start, its performance tailed off and this led to the appoint...