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BIOG is a specialist, pure-play investment trust focused on achieving long-term capital growth from the global biotechnology sector. Managed by OrbiMed, one ofthe world’s leading healthcare investors, the trust combines deep scientific, clinical, and financial analysis to identify companies developing innovative new medicines. Its portfolio is deliberately biased towards emerging and mid-cap biotechnology businesses, where much of the industry’s innovation sits and where valuation inefficiencies can be most pronounced. This positioning makes the trust more volatile than large-cap healthcare funds, but it is designed to capture asymmetric upside as scientific progress translates into clinical success, acquisitions, and market recovery.
In this interview, co-manager Geoffrey Hsu explains how the trust navigates the high-risk, high-reward world of biotech investing. He outlines OrbiMed’s rigorous bottom-up process, blending detailed scientific due diligence with disciplined valuation and risk control, and discusses how the portfolio isconstructed to manage binary clinical events. The conversation explores why emerging biotech has been hit hardest by rising interest rates, why valuations now look compelling, and how improving funding conditions, M&A activity and a rich pipeline of clinical catalysts could drive recovery. Hsu also highlights key innovation trends – from oncology and rare diseases to gene, RNA, and cell therapies – and explains how global exposure, including China, positions the trust for the next phase of growth.

Welcome toThe Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk.Each month, John Baron joins former Investors' Chronicle editor John Hughman todiscuss the big themes dominating the investment landscape and the importantissues affecting the sector, while explaining how these are influencing the waythe website's ten live investment trust portfolios are being managed.
In episode 17, they take an in depth look at thepower of compounding, and why it remains one of the most important drivers oflong-term investment success. They explain how reinvesting dividends hashistorically generated the vast majority of stock market returns, turningsteady, patient investing into significantly stronger outcomes over time. Theyalso look at gold’s recent weakness during geopolitical tensions and why,despite short-term pressures from a stronger US dollar and regional dynamics,the broader outlook remains positive.

Launched in1891, CTY is one of the UK’s oldest and best-known investment companies, with along-standing focus on delivering a rising income alongside long-term capitalgrowth. The trust invests predominantly in UK-listed equities, although many ofits holdings generate a significant proportion of revenues overseas, and it hasthe flexibility to invest up to 20% of assets in overseas stocks. CTY isparticularly renowned for its exceptional dividend record, having increased itspayout every year for close to six decades, supported by the investment truststructure and the use of revenue reserves. The portfolio is managed with aconservative, valuation-led approach, emphasising companies with strong balancesheets, resilient cash flows and sustainable dividends. Job Curtis has managedthe trust since 1991, providing continuity of philosophy through multiplemarket cycles.
In thisinterview, Job Curtis discusses how the trust is positioned in the currentmarket environment and reflects on the experience gained from managing CTYthrough periods of inflation shocks, interest rate cycles and geopoliticaluncertainty. He explains why valuation remains the starting point for allinvestment decisions and how this discipline has shaped portfolio positioning,including a sizeable overweight to UK financials and selective exposure to realestate and other out-of-favour areas. The conversation also covers the trust’spragmatic approach to ESG, its willingness to take contrarian positions wherevaluations are compelling, and the role of revenue reserves in sustainingdividend growth. Curtis concludes by outlining the key risks and opportunitiesfacing income investors and setting out why he believes pessimism around UKequities is overstated.

FGT is oneof the UK market’s largest and most established investment trusts, aiming todeliver long-term capital growth and a growing income stream from aconcentrated portfolio of predominantly UK-listed companies. Managed since 2000by Nick Train, the trust follows a distinctive conviction-ledphilosophy, investing in high-quality businesses with strong brands, durablecompetitive advantages, and the ability to generate sustainable cash flows overdecades. The closed-ended investment trust structure allows the manager to holdsuccessful investments for the long term without being forced sellers,supporting a patient approach that has underpinned the trust’s long-term trackrecord across multiple market cycles.
In thisinterview, recorded three years after we first spoke to Mr Train in December2022, he reflects on his 25 years at the helm and the trust’s 100-year history,before addressing the recent period of underperformance. He discusses why theportfolio has struggled amid sector headwinds, notably in consumer brands suchas Diageo and Burberry, and explains why he remains committed to theseholdings. The conversation also explores a growing portfolio emphasis on dataand information businesses, including London Stock Exchange Group, and MrTrain’s conviction that artificial intelligence represents a long-termopportunity for such businesses rather than an existential threat. Throughout,he reiterates the importance of patience, discipline, and belief in enduringbusiness quality.

Welcome toThe Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk.Each month, John Baron joins former Investors' Chronicle editor John Hughman todiscuss the big themes dominating the investment landscape and the importantissues affecting the sector, while explaining how these are influencing the waythe website's ten live investment trust portfolios are being managed.
In episode16, they suggest emerging markets deserve renewed attention because ofattractive valuations, stronger demographics, structural reforms, risingdomestic consumption, and improving economic credibility. They also examine theIran conflict, warning that it could go on for longer than some expect, whileadvocating the importance of staying invested even if underweight equityexposure and overweight other assets such as corporate bonds, infrastructure,precious metals, commodities and cash.