Upturn In Fund Assets At BIL

Biotechnology Investments Limited, a Guernsey-based firm that invests in the biotechnology sector, realised net gains of $10.2 million in the year ended May 31, 1995. Net asset value at year-end was $183.6 million, up $1.5 million, compared with a $10 million fall a year earlier. Net asset value per share was $4.31, compared to $3.28 in the previous year.

Given the depressed state of the US biotechnology sector from May 1994 to May 1995, chairman of BIL, Lord Armstrong of Ilminster, said that the progress during the year was good. BIL's performance compares favorably to the AMEX biotechnology index, which from May 1994 to May 1995 fell 17.2%; BIL's net asset value per share was up 0.9%.

Jeremy Curnock of Rothschild Asset Management, which acts as advisors to BIL on its portfolio, explained that BIL sustained its net asset value because in 1992 and 1993 it realized that it would be best to move from smaller biotechnology stocks to first and second-tier companies. This strategy has paid off, he said.