High Risk, Low Return: The Problem With HQH's Biotech Tilt

  • HQH offers high yields with a biotech and small/mid-cap tilt, but relies on capital payouts, making it less tax-efficient and more volatile. Active management and venture capital-style investing add agility but increase risk, with portfolio holdings changing frequently and a heavy biotech concentration. Total returns have been uninspiring, with NAV erosion, funding payouts, and sector underperformance, especially compared to broader healthcare funds like BME.