What it does
The fund invests in a maximum of 35 companies at any one time, and there are no restrictions on geographies, market cap or sub-sector.
Another 23% or so is big caps, while small and mid-caps account for over half of the investments.
Although there are no restrictions on geography, the bulk of BB’s investments are in the US, which is perhaps unsurprising given that the US is home to the world’s biggest pharma market (by quite some way!).
Top ten holdings as of 31 October:
Align Technology (8.6%)
Bristol Myers Squibb (7.1%)
Intuitive Surgical (4%)
Jazz Pharmaceuticals (3.1%)
How it is doing
As at 30 November, net asset value rose 3% to 143.11p on 2018.
Net investment gains were £48mln for total income of £51mln.
What the boss says: Randeep Grewal, chairman
“Healthcare demand will continue, and that innovation and disruption will create opportunities for investors..”
“The portfolio is positioned to take account of value changes in stocks that are able to capitalise on the changing delivery and capability within healthcare.”