The fund finished the second quarter with a strong performance in June of +7,1%. Several portfolio companies presented positive news, as is further detailed in the company highlights section below.
Aescap 2.0 Quarterly Update Q3 2020
We would like to see our NAV going up nicely every month, but history shows that is not how it works. While achieving a +71% net outperformance against the market (NBI), fluctuation is inevitable. This is further illustrated by the graph below. The decline of 11% over Q3 is partially due to the weakening of the $ versus the € (over 4% decline with 68% exposure to the $), a setback for portfolio company Galapagos and delays of some clinical studies due to Covid-19.
Aescap 2.0 Quarterly Update Q2 2020
The fund’s net performance over the second quarter was +22,2%. The sector is regaining interest from generalist investors and this might be the start of a broader inclusion of public biotech as a fixed position in their investment portfolios, as well as those of wealth managers.