Merrill Lynch Investment Managers has introduced the MST world healthscience fund.
Based in Luxemburg but managed from London and New York, the fund is a SICAV aimed at investors who are looking to add a specialist, high-risk investment to an existing portfolio. The fund is denominated in dollars.
MST world healthscience will invest in companies that are involved in healthcare, pharmaceuticals, biotechnology and medical technology. The bulk of the fund will invest in the US, with 15 per cent of the fund in Europe and the remaining five per cent investing in Japan.
New York-based fund manager Jordan Schreiber has been in charge of the Merrill Lynch healthcare fund since 1993.
Merrill Lynch believes that the market volatility of the past few months has bottomed out and that now is a good time to buy stocks while share prices remain low. However it is still uncertain if the present market volatility has ended and if stocks have bottomed out.
According to Standard & Poors the Merrill Lynch healthcare fund is ranked 3 out of 9 funds, based on £1,000 invested on a bid to bid basis with gross income reinvested over five years to April 2, 2001.