Chairman refers to China as being a major factor in u/performance over 3, 5 and 10 years (and particularly dire recently). However detailed analysis shows China to be quite small (c10%) and USA (as usual in this sector) the major country exposure. Since USA is inevitably the major focus for biotech (and therefore an implied AA decision made by the investor rather than the manager) it would be fairer to compare to other USA dominant biotech ITs. There is also, he says, a small cap bias (many small cap sectors u/performed for some time globally, in many sectors), but this needs to be tested mathematically, as the likes of Amgen are huge companies. The decison to invest in biotech is of course an investor decision (and may be right or wrong) but cannot be laid at the fet of the mamager, but such a sector demands specialist skills that it seems the incumbent may lack (or investment biases that are out of fashion). Strange, as Orbimed, who also managed the Worldwide Healthcare Trust well, is a first class shop that I have visited many times in NYC.