BioCentury
ARTICLE | Finance

Oppenheimer fund sheds biotech holdings

October 10, 1994 7:00 AM UTC

The travails of the D. Blech companies aside, share price pressures in the sector in recent weeks more likely have resulted from the unwinding of Oppenheimer's Global Bio-Tech Fund, which has halved its biotech position from about $150 million since early July.

Following Oppenheimer's decision in July to avoid the volatility associated with sector-specific investing, Global Bio-Tech Fund shareholders voted on Sept. 19 to broaden the fund into the Global Emerging Growth Portfolio, eliminating the requirement that the fund invest in biotech stocks (see BioCentury, July 11)...