Telescope Biotech Fund Tops Spain's FILs with 52.5% Return in 2025

The Telescope Biotech Fund, managed by Andbank Wealth Management and advised by Ysios Capital, ended 2025 as Spain's top-performing Free Investment Fund (FIL), achieving a net return of 52.5% in its Class Or shares since its February launch, according to Inverco data.

Measured in dollars—the primary currency of its portfolio—the fund delivered 73.1% for the year, significantly outpacing key benchmarks: the XBI biotech ETF at 35.4%, Nasdaq at 20.4%, and S&P 500 at 16.4%. Andbank highlighted specialization, active management, and rigorous company selection as critical factors in a sector marked by sharp performance disparities.

Jordi Xiol, partner at Ysios Capital and the fund's lead adviser, described 2025 as a structural turning point for biotech. Major pharmaceutical firms face massive patent losses over the next five years and hold more than $600 billion in cash for mergers and acquisitions to refresh their pipelines. The fund uses proprietary analysis to target developers of future therapies poised for corporate deals, amid breakthroughs in oncology, obesity treatments, and rare diseases, bolstered by favorable financial conditions.

Launched through a partnership between Andbank, a private banking and wealth management specialist, and Ysios Capital—Spain's largest biotech investor with €400 million under management since 2008—the fund provides private investors with institutional-grade risk management and deep research in this technical sector.

Its concentrated portfolio of 25 to 30 Nasdaq- and NYSE-listed companies spans large pharmaceuticals, commercially validated firms, and clinical-stage players with high growth potential, positioning it to benefit from biotech's nascent expansion following earlier market adjustments.