English to Swedish Bus/Financial fonder

VV and Human G Sciences fell 3% and 20% respectively after very weak performance during the month of December. The profitable US biotechnology companies are expected to deliver earnings growth in excess of 20% during the 2003-2004 period and valuations are on average attractive both versus the S&P 500 and the US drug sector. The relative multiples are currently 15% below their normal values compared to the US drug sector and the S&P 500. The sector hit a low point in July but has recovered since then. The US biotechnology stocks have appreciated 22% since July and the European sector 17% since its low point in early August.

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