Telescope Biotech Fund has announced its annual results, reporting a net return of +52.5% in its Gold Class in its first year of operation, following its launch in February 2025. This performance places the fund at the top of the Spanish Hedge Fund (FIL) rankings in 2025, according to data from Inverco.
The fund, managed by Andbank Wealth Management and advised by Ysios Capital primarily invests in companies listed on the Nasdaq and the NYSE, selecting businesses with strong scientific foundations and top-tier management teams. This approach has enabled Telescope Biotech to significantly outperform its benchmark indices. In 2025, the fund’s net return denominated in US dollars—the main currency of the portfolio—reached +73.1%, compared to gains of +35.4% for the sector benchmark XBI (SPDR S&P Biotech ETF), +20.4% for the Nasdaq, and +16.4% for the S&P 500.
These figures highlight how specialization, active management, and rigorous company selection are key in a market characterized by a high dispersion of returns.
A Historic Opportunity in the Healthcare Sector
The fund’s success in 2025 reflects the realization of the investment thesis defined at launch: the biotechnology sector is entering the early stages of an expansionary cycle, driven by disruptive medical breakthroughs and attractive company valuations following the market correction of previous years.
According to Jordi Xiol, Partner at Ysios Capital and Lead Advisor to Telescope Biotech Fund: “The year 2025 marks a structural inflection point for the biotechnology sector. Large pharmaceutical companies are facing a massive wave of patent expirations over the next five years and collectively hold more than $600 billion in cash that must be deployed through mergers and acquisitions to renew their product pipelines. At Telescope, we use our proprietary analytical engine to identify companies developing the medicines of the future and that are clear targets for this corporate activity. Medical innovation is going through a transformative moment, delivering major advances for patients in areas such as oncology, obesity, and rare diseases. Combined with a favorable financial backdrop, this creates a unique environment for investment in the sector.”
A Partnership for Specialized Investment
Telescope Biotech Fund was created through a partnership between Andbank, a group specialized in private banking and wealth management, and Ysios Capital, Spain’s leading biotechnology investor, with over €400 million under management and a track record dating back to 2008.
This collaboration allows private investors to access a highly technical sector with the risk management discipline and in-depth analysis typical of institutional venture capital.
The fund maintains a concentrated portfolio of 25 to 30 companies, diversified across large pharmaceutical firms, commercially validated companies, and clinical-stage businesses with high upside potential
|
Valor cierre 2024 |
Valor cierre 2025 |
Rentabilidad neta |
|
|
Telescope Biotech, Clase Oro (EUR) |
10 |
15,25 |
+52,5% |
|
Telescope Biotech, Clase Oro (USD) |
10,35 |
17,91 |
+73,1% |
|
XBI (USD) |
92,67 |
121,93 |
+35,39% |
|
Nasdaq Index (USD) |
19627,44 |
23241,99 |
+20,36% |
|
S&P500 (USD) |
6040,53 |
6845,5 |
+16,39% |
Note: XBI – SPDR S&P Biotech ETF tracks the S&P Biotechnology Select Industry Index and includes a broad range of biotechnology companies.
Source: Inversis and FactSet
About Ysios Capital
Ysios Capital is a leading Spanish asset manager specialized in biotechnology, founded in 2008 and focused on investing in life sciences companies developing disruptive therapies. With more than €400 million in assets under management, Ysios applies a rigorous scientific approach to identify and support the most promising companies in the sector globally.
About Andbank Wealth Management
Andbank Wealth Management is the asset management company of the Andbank Group. It specializes in asset management and is known for its strong focus on service quality and professional excellence. With a team averaging more than 20 years of investment management experience, Andbank Wealth Management currently manages approximately €7 billion in assets.
The firm is a signatory to the United Nations Principles for Responsible Investment (PRI), integrating social, environmental, and governance (ESG) criteria into all its investment processes and applying comprehensive controls to ensure compliance.
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