Monument Funds Group of Bethesda, Md., best known for its Monument Internet Fund, launched the Monument Medical Sciences Fund on May 25.
The company introduced the fund in anticipation of aging baby boomers needing ever more healthcare, said Monument president David Kugler. Portfolio manager Alexander Cheung acknowledged that biotechnology funds were popular in the early 1990s but failed to produce strong performances. However, he said, "200 drugs are now in the final stages of their 12-year testing process [and this] means the time is ripe for investment in these companies."
The fund is a long-term capital appreciation equity fund that will invest in companies involved in research, development and distribution of medical products and services.