Early Bet on Moderna Sees Top Europe Fund Gain 65% This Year
- Baillie Gifford health fund focuses on biotech, online firms
- Team of female managers searches for disruptive businesses
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A Baillie Gifford & Co. health care fund run by an all-female team has surged past peers to a 65% gain this year, largely thanks to a far-sighted bet on medical stock Moderna Inc.
The fund’s standout performer by far is Moderna, up about 700% this year, propelled by the recent success of its coronavirus vaccine trials. Other top holdings of the $80 million Worldwide Health Innovation fund also saw triple-digit rises, making it the best performing among European health care peers, according to Morningstar Inc. data.