Andrew Acheson, co-manager of the €1.4bn Pioneer SICAV - US Fundamental Growth fund, said he defended himself against August's biotech sell-off by holding established stocks with room for growth rather than "paying for the hope of the future".
The manager said the fund outperformed its Russell 1000 Growth benchmark over the last three months, despite being overweight the wider healthcare sector during a period when the NASDAQ Biotechnology index fell 20%, as a result of his focus on "high quality companies with lots of cash to reinvest". "If you are looking at biotech stocks, there are plenty of companies which generate large amounts of cash and have very secure balance sheets, and that gives them options for the future," Acheson said. "Many smaller biotechs do not currently have any products on the market and still might n...
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