Carnegie Biotechnology

The fund's investment objective is to seek capital growth by investing in equities in the biotechnology/bioscience area, including companies with activities in the areas of drug delivery, drug discovery, therapeutics, enabling technologies and diagnostics. Biotech is a research-intensive sector currently in an era of new discoveries and scientific progress. The strategy invests primarily in fast-growing smaller research and pharma companies, which are underanalyzed compared to the bigger ones and consequently more difficult to value. Patent expirations among the bigger companies drives demand. Expiring patents lead to shrinking profits and in order to compensate for this, new products are needed. Smaller biotech companies with drugs under development benefit from this, and the number of new drugs under development is steadily increasing. The fund may be leveraged up to 25 per cent of the value of its net assets for investment purposes.