UPDATE (Nov 2026): IBT returned +15.9% versus +15.3% for its benchmark in the year to August 2024, followed by +0.7% versus -6.0% to August 2025, and +64.7% versus +52.3% to August 2026. The trust cut its management fee from 0.7% to 0.65% on its quoted portfolio with effect from 1 September 2025.
International Biotechnology (ticker: IBT) was launched in 1994, making it one of the oldest sector-specialised equity trusts. It was initially run by Rothschild Asset Management but after a turbulent few years, Schroders Ventures Life Sciences took over in 2000. Schroders Ventures Life Sciences even...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Oct 2026): In March 2026, following a strategic review, Bellevue Healthcare was renamed CT Healthcare (CTHT) after its investment mandate was awarded to Columbia Threadneedle, which subscribed for $25m of shares in the trust. 41% of the trust's shares were repurchased in a tender offer that accompanied the management firm change. CTHT now uses a long/short strategy, while tender offers each quarter for up to 15% of its shares have replaced its annual redemption facility -- the first offer in June 2026 saw 17.6% of shares tendered, and the second in September 2026 saw 8.4%. Under the ne...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Oct 2026): In August 2026, Sven Borho retired as lead manager with immediate effect, with Trevor Polischuk stepping up to replace him. Geoff Hsu of Biotech Growth has been appointed as deputy manager. The year to March 2025 saw WWH return -10.3% versus -3.2% for its benchmark, followed by +10.0% versus +1.8% in the year to March 2026.
Worldwide Healthcare (WWH) was launched in April 1995. Initially focused on the pharmaceutical industry, it expanded its remit to the entire healthcare sector in 2010. OrbiMed (and its predecessor firm) has been the trust's investment adviser since its I...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Oct 2026): RTW returned -4.6% versus +2.5% and -1.4% for its two benchmarks (the Russell 2000 Biotech and Nasdaq Biotech indices) in the year to December 2024, followed by +35.7% versus +44.6% and +33.4% to December 2025, and +16.5% versus +28.2% and +15.4% in the six months to June 2026. The strong biotech market over the last eighteen months has also helped narrow its discount somewhat.
RTW Biotech Opportunities (RTW) was launched in late 2019 to provide "a full life cycle approach to biotech investing". It primarily invests in early-stage companies, sometimes taking a seat on the b...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Oct 2026): In mid-2025, Syncona proposed a managed wind-down but a few months later shifted its plans to return £250m to shareholders instead, to be funded by sale proceeds from its more mature investments. It also said it would limit new investments while this process takes place, and revised its long-term incentive arrangements. In the year to March 2025, the NAV return was -9.5% followed by -0.2% in the year to March 2026. The first-quarter update to June 2026 reported a 0.0% three-month return, net assets of £1,038m including a capital pool of £171m, and NAV per share of 170.6p. At...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE (Sep 2026): In 2025, PCGH proposed switching from a fixed-life trust to holding five-yearly 100% tender offers. This was approved by shareholders, and the first such offer in March 2026 saw 22.5% of the trust's shares redeemed. In the year ended June 2023, PCGH returned +7.5% on a NAV total return basis versus +1.2% for the MSCI ACWI Healthcare index. For June 2024, it returned +14.6% versus +11.3%; for June 2025 -14.5% versus -12.3%; and for June 2026, +29.2% versus +19.4%. PCGH has traded at a premium for much of 2026 and has been able to issue a significant amount of new shares.
Pol...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in February 2025.
Worldwide Healthcare Trust is one of the oldest specialist equity trusts. It has been managed by OrbiMed Partners (and its predecessor firm) since it joined the London market in 1995 and it boasts a formidable long-term track record. As of 30 June 2021, it had returned 15.9% annualised compared to 12.2% from the MSCI World Healthcare Index. However, 2021 has been a more difficult year with biotech and Chinese holdings dragging down its performance. Nevertheless, with its shares regularly trading at a premium, it has man...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in October 2024.
BB Healthcare Trust has a slightly different approach to healthcare investment, focusing on companies that are looking to improve the underlying process of keeping us all fit and well. It's a theme that will strike a chord will many of us. Healthcare professionals are undoubtedly heroes but the clunkiness and unconnected nature of healthcare systems worldwide is a constant source of misery and frustration, for both practitioners and patients. As with many things, technology might be the solution. Whether it's a Zoom call...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
For premium subscribers we do regular interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. The latest one is with Stephanie Sirota, a director of RTW Venture Fund (ticker: RTW) and Chief Business Officer of the New York based team that manages the trust. In our conversation we discuss what the trust does, what lies behind its impressive start as a listed vehicle and the future for life sciences businesses beyond the pandemic.
Stephanie Sirota Why the interest in this trust? RTW Venture Fund is a relative ne...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers