In this episode, we explore the recent performance and investment potential of the Biotech Growth Trust. The trust has seen a remarkable 37% increase in net asset value over six months, significantly outperforming the NASDAQ Biotech Index. We discuss the challenging backdrop of historic lows in biotech valuations and how rising interest rates impacted the sector. The focus on small-cap biotech stocks has been a key driver behind the trust's success, complemented by ongoing innovation in areas like lung disease and cancer treatment. Additionally, we examine the role of M&A activity in stabilizing valuations, the importance of global clinical trial activity, and the potential effects of political changes on the market.