IBT Monthly Newsletter

Each month the Investment Manager publishes a Factsheet providing market commentary on the biotechnology sector in addition to information on current portfolio structure and investments.
2017

29

Nov 17

IBT Newsletter October 2017

In October 2017, IBT’s NAV/share fell by 3.9% (GBP) while the NASDAQ Biotechnology Index was down 4.9% (GBP). The FTSE All-Share Index increased by 1.9% (GBP) and the S&P 500 Index rose 3.3% (GBP). IBT’s share price fell 0.8% (GBP). The USD strengthened by 0.9% vs the GBP.
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30

Sep 17

IBT Newsletter September 2017

In September 2017, IBT’s NAV/share fell by 4.4% (GBP) while the NASDAQ Biotechnology Index was down 3.6% (GBP). The FTSE All-Share Index decreased by 0.4% (GBP) and the S&P 500 Index fell 1.8% (GBP). IBT’s share price fell 3.0% (GBP). The USD weakened by 3.6% vs the GBP.
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31

Aug 17

IBT Newsletter August 2017

In August 2017, IBT’s NAV/share rose by 5.1%, adjusted for dividends, (GBP) while the NASDAQ Biotechnology Index was up 7.0% (GBP). The FTSE All-Share Index increased by 1.4% (GBP) and the S&P 500 Index rose 2.6% (GBP). IBT’s share price rose 2.0% (GBP). The USD strengthened by 2.2% vs the GBP. A dividend of 11.5p was paid on 31 August.
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31

Jul 17

IBT Newsletter July 2017

In July 2017, IBT’s NAV/share rose by 1.8% (GBP) while the NASDAQ Biotechnology Index was up 1.5% (GBP). The FTSE All-Share Index increased by 1.2% (GBP) and the S&P 500 Index rose 0.7% (GBP). IBT’s share price rose 3.7% (GBP). The USD weakened by 1.5% vs the GBP
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30

Jun 17

IBT Newsletter June 2017

In June 2017, IBT’s NAV/share rose by 5.7% (GBP) while the NASDAQ Biotechnology Index was up 7.6% (GBP). The FTSE All-Share Index decreased by 2.5% (GBP) and the S&P 500 Index fell 0.3% (GBP). IBT’s share price rose 5.1% (GBP). The USD strengthened by 0.5% vs the GBP
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31

May 17

IBT Newsletter May 2017

In May 2017, IBT’s NAV/share fell by 4.6% (GBP) while the NASDAQ Biotechnology Index was off 3.4% (GBP). The FTSE All-Share Index increased by 4.4% (GBP) and the S&P 500 Index rose 1.9% (GBP). IBT’s share price fell 2.4% (GBP). The USD strengthened 0.5% vs the GBP
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30

Apr 17

IBT Newsletter April 2017

In April 2017, IBT’s NAV/share fell by 1.8% (GBP) while the NASDAQ Biotechnology Index was off 1.7% (GBP). The FTSE All-Share Index was off 0.4% (GBP) and the S&P 500 Index fell 2.2% (GBP). IBT’s share price decreased 1.7% (GBP). The USD weakened 3.2% vs the GBP. The main positive contributors to NAV in April were Acceleron, Vertex and Illumina. Acceleron, and partner Celgene, announced that their phase three MEDALIST trial testing Luspatercept in MDS was enrolling patients in the trial ahead of schedule. Vertex shares continued to show strength after announcing positive top-line data from two phase 3 cystic fibrosis trials at the end of March. The company also beat 2Q expectations for their marketed drug Orkambi. Illumina posted better than expected revenues driven by steady growth.
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31

Mar 17

IBT Newsletter March 2017

In March 2017, IBT’s NAV/share fell by 1.8% (GBP) while the NASDAQ Biotechnology Index was off 2.2% (GBP). The FTSE All-Share Index was up 1.2% (GBP) and the S&P 500 Index fell 0.9% (GBP). IBT’s share price increased 1.0% (GBP). The USD weakened 1.4% vs the GBP.
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28

Feb 17

IBT Newsletter February 2017

In February 2017, IBT’s NAV/share increased by 6.1% (GBP) while the NASDAQ Biotechnology Index was up 8.2% (GBP). The FTSE All-Share Index was up 3.1% (GBP) and the S&P 500 Index rose 5.3% (GBP). IBT’s share price increased 7.6% (GBP). The USD strengthened 1.6% vs the GBP.
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31

Jan 17

IBT Newsletter January 2017

In January 2017, IBT’s NAV/share increased by 3.3% (GBP) excluding the dividend 11.5p per share paid in January, and NAV/share would have increased 5.2% (GBP) including this dividend, while the NASDAQ Biotechnology Index was up 3.1% (GBP). The FTSE All-Share Index was down (0.3)% (GBP) and the S&P 500 Index rose 0.1% (GBP). IBT’s share price increased 1.8% (GBP). The USD weakened (1.9)% vs the GBP.
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2016

31

Dec 16

IBT Newsletter December 2016

In December 2016, IBT’s NAV/share fell 1.5% (GBP) while the NASDAQ Biotechnology Index was down 2.0% (GBP). The FTSE All-Share Index was up 5.0% (GBP) and the S&P 500 Index up 3.2% (GBP). IBT’s share price was off 1.7% (GBP). The USD strengthened by 1.3% vs the GBP.
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30

Nov 16

IBT Newsletter November 2016

In November 2016, IBT’s NAV/share increased 5.4% (GBP) while the NASDAQ Biotechnology Index was up 4.5% (GBP). The FTSE All-Share Index was down 1.6% (GBP) and the S&P 500 Index rose 3.7% (GBP). IBT’s share price rose 4.6% (GBP). The USD weakened by 2.2% vs the GBP. The main positive contributors to NAV in October were Celgene, Ariad and Exelixis. Celgene and Ariad shares rose sharply on the back of the US election outcome. Shares of Exelixis continued to do well after sales for their renal cell cancer drug Cabometyx beat expectations for another quarter.
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31

Oct 16

IBT Newsletter October 2016

In October 2016, IBT’s NAV/share fell 5.5% (GBP) while the NASDAQ Biotechnology Index was down 6.0% (GBP). The FTSE All-Share Index was up 0.6% (GBP) and the S&P 500 Index rose 4.1% (GBP). IBT’s share price fell 2.4% (GBP). The USD strengthened by 5.6% vs the GBP.
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30

Sep 16

IBT Newsletter September 2016

In September 2016, IBT’s NAV/share rose 6.2% (GBP) while the NASDAQ Biotechnology Index was up 4.4% (GBP). The FTSE All-Share Index was up 1.7% (GBP) and the S&P 500 Index rose 1.3% (GBP). IBT’s share price was up 10.1% (GBP). The USD strengthened by 1.3% vs the GBP.
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31

Aug 16

IBT Newsletter August 2016

In August 2016, IBT’s NAV/share fell 2.7% (GBP) while the NASDAQ Biotechnology Index was down 2.3% (GBP). The FTSE All-Share Index was up 1.9% (GBP) and the S&P 500 Index rose 0.6% (GBP). IBT’s share price was down 6.1% (GBP). The USD strengthened by 0.7% vs the GBP.
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31

Jul 16

IBT Newsletter July 2016

In July 2016, IBT’s NAV/share rose 11.1% (GBP) while the NASDAQ Biotechnology Index was up 12.8% (GBP). The FTSE All-Share Index was up 4.0% (GBP) and the S&P 500 Index rose 4.0% (GBP). IBT’s share price was up 15.9% (GBP). The USD strengthened by 0.6% vs the GBP.
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30

Jun 16

IBT Newsletter June 2016

In June 2016, IBT’s NAV/share rose 2.4% (GBP) while the NASDAQ Biotechnology Index was up 0.8% (GBP). The FTSE All-Share Index was up 2.8% (GBP) and the S&P 500 Index rose 9.7% (GBP). IBT’s share price was up 1.7% (GBP). The USD strengthened by 8.1% vs the GBP. The main positive contributions to NAV in June were Exelixis, Genmab and Tesaro. Exelixis announced positive phase 3 data for their oncology drug Cabometyx in advanced kidney cancer patients. Genmab’s share price was unchanged on the month in DKK, however the strong GBP move helped IBT’s NAV significantly.
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31

May 16

IBT Newsletter May 2016

In May 2016, IBT’s NAV/share rose 6.3% (GBP) while the NASDAQ Biotechnology Index was up 5.1% (GBP). The FTSE All-Share Index was up 0.7% (GBP) and the S&P 500 Index rose 2.6% (GBP). IBT’s share price was up 4.7% (GBP). The USD strengthened by 0.9% vs the GBP. The main positive contributions in May were Genmab, Anacor and Galapagos. Genmab announced impressive results from the POLLUX trial in second line multiple myeloma. Anacor received a bid from Pfizer for USD 5.2BN, a premium of 55%. Galapagos announced successful completion of the ‘End of phase 2’ meetings with FDA and EMA, and expanded its collaboration with Abbvie in Cystic Fibrosis.
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30

Apr 16

IBT Newsletter April 2016

In April 2016, IBT’s NAV/share rose 1.8% (GBP) while the NASDAQ Biotechnology Index was up 1.2% (GBP). The FTSE All-Share Index was up 1.1% (GBP) and the S&P 500 Index fell 1.2% (GBP). IBT’s share price was up 4.6% (GBP). The USD weakened by 1.8% vs the GBP.
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31

Mar 16

IBT Newsletter March 2016

In March 2016, IBT’s NAV/share fell 0.6% (GBP) while the NASDAQ Biotechnology Index was down 0.9% (GBP). The FTSE All-Share Index was up 2% (GBP) and the S&P 500 Index gained 3.3% (GBP). IBT’s share price was off 3.3% (GBP). The USD weakened by 3.2% vs the GBP.
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29

Feb 16

IBT Newsletter February 2016

In February 2016, IBT’s NAV/share fell (2.0)% (GBP) and the share price was off (1.2)% (GBP) while the NASDAQ Biotechnology Index was down (2.7)% (GBP). The FTSE All-Share Index was up +0.8% (GBP) and the S&P 500 Index was up 2.1% (GBP). The USD strengthened by 2.3% vs the GBP.
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31

Jan 16

IBT Newsletter January 2016

In January 2016, IBT’s NAV/share fell (18.2)% (GBP) and the share price was off (20.6)% (GBP) while the NASDAQ Biotechnology Index was down (18.2)% (GBP). The FTSE All-Share Index was down (3.1)% (GBP) and the S&P 500 Index was off (1.6)% (GBP). The USD strengthened by 3.3% vs the GBP.
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2015

31

Dec 15

IBT Newsletter December 2015

In December 2015, IBT’s NAV/share rose 2.2% (GBP) and the share price was up 3.2% (GBP) while the NASDAQ Biotechnology Index was up 3.3% (GBP). The FTSE All-Share Index was down 1.3% (GBP) and the S&P 500 Index was up 0.4% (GBP). The USD strengthened by 2.1% vs the GBP.
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30

Nov 15

IBT Newsletter November 2015

In November 2015, IBT’s NAV/share rose 5.5% (GBP) and the share price was up 3.1% (GBP) while the NASDAQ Biotechnology Index was up 5.4% (GBP). The FTSE All-Share Index was up 0.6% (GBP) and the S&P 500 Index was up 3.0% (GBP). The USD strengthened by 2.4% vs the GBP.
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31

Oct 15

IBT Newsletter October 2015

In October 2015, IBT’s NAV/share rose 6.8% (GBP) and the share price was up 11.9% (GBP) while the NASDAQ Biotechnology Index was up 5.4% (GBP). The FTSE All-Share Index was up 4.7% (GBP) and the S&P 500 Index was up 6.2% (GBP). The GBP strengthened by 2.0% vs the USD.
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30

Sep 15

IBT Newsletter September 2015

In September 2015, IBT’s NAV/share fell (10.9)% (GBP) and the share price was off (17.5)% (GBP) while the NASDAQ Biotechnology Index was down (10.2)% (GBP). The FTSE All-Share Index was flat and the S&P 500 Index was off (1.1)% (GBP). The GBP weakened by 1.4% vs the USD.
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31

Aug 15

IBT Newsletter August 2015

In August 2015, IBT’s NAV/share fell (9.0)% (GBP) and the share price was off (5.2)% (GBP) while the NASDAQ Biotechnology Index was down (8.9)% (GBP). The FTSE All-Share Index fell (5.2)% and the S&P 500 Index was off (4.3)% (GBP). The GBP weakened by 1.8% vs the USD.
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31

Jul 15

IBT Newsletter July 2015

In July 2015, IBT’s NAV/share rose 5.9% (GBP) and the share price increased 7.8% (GBP) while the NASDAQ Biotechnology Index was up 4.3% (GBP). The FTSE All-Share Index rose 2.4% and the S&P 500 Index was up 2.8% (GBP). The GBP weakened by 0.6% vs the USD
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30

Jun 15

IBT Newsletter June 2015

In June 2015, IBT’s NAV/share fell -2.4% (GBP) and the share price decreased -1.8% (GBP) while the NASDAQ Biotechnology Index was off -1.8% (GBP). The FTSE All-Share Index fell -5.7% and the S&P 500 Index was off -4.8% (GBP). The GBP weakened by 2.8% vs the USD.
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31

May 15

IBT Newsletter May 2015

In May 2015, IBT’s NAV/share was up 9.8% (GBP) and the share price was up 7.4% (GBP) while the NASDAQ Biotechnology index was up 9.7% (GBP). The FTSE All-Share Index rose 1.4% (GBP) and the S&P 500 index was up 1.7% (GBP). GBP weakened by 0.4% vs the USD.
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30

Apr 15

IBT Newsletter April 2015

In April 2015, IBT’s NAV/share was down -4.8% (GBP) and the share price was down -5.1% (GBP) while the NASDAQ Biotechnology index was down -5.9% (GBP). The FTSE All-Share Index rose 3.0% (GBP) and the S&P 500 index was fell -2.3% (GBP). GBP strengthened by 3.6% vs the USD.
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31

Mar 15

IBT Newsletter March 2015

In March 2015, IBT’s NAV/share was up 5.3% (GBP) while the NASDAQ Biotechnology index was up 6.0% (GBP). The FTSE All-Share Index fell -1.6% (GBP) and the S&P 500 index was up 2.4% (GBP). The USD strengthened by 4% vs GBP explaining the majority of the absolute move in GBP terms.
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28

Feb 15

IBT Newsletter February 2015

In February 2015, IBT’s NAV/share was up 2.9% (GBP), outperforming the NASDAQ Biotechnology index which was up 2.1% (GBP). The FTSE All-Share Index returned 3.8% (GBP) and the S&P 500 index was up 2.9% (GBP).
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31

Jan 15

IBT Newsletter January 2015

In January 2015, IBT’s NAV/share was up 12.9% (GBP), outperforming the NASDAQ Biotechnology index which was up 9.9% (GBP). The FTSE All-Share Index returned 2.6% (GBP) and the S&P 500 index was up 0.6% (GBP).
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2014

31

Dec 14

IBT Newsletter December 2014

In December 2014, IBT’s NAV/share was up 3.0% (GBP), outperforming the NASDAQ Biotechnology index which was up 0.2% (GBP). The FTSE All-Share Index returned (1.6)% (GBP) and the S&P 500 index was flat (GBP).
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30

Nov 14

IBT Newsletter November 2014

In November 2014, IBT’s NAV/share was up 6.5% (GBP), outperforming the NASDAQ Biotechnology index which was up 4.9% (GBP). The FTSE All-Share Index returned 2.9% (GBP) and the S&P 500 index rose 4.9% (GBP).
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31

Oct 14

IBT Newsletter October 2014

In October 2014, the Company’s Net Asset Value (NAV) increased by 11.4% (GBP) and the share price increased by 20.3%. The NASDAQ Biotechnology Index (NBI) was up 10.1 % (GBP), while the S&P500 index rose 3.8% (GBP) and FTSE All-share index was down 0.7% (GBP) respectively.
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30

Sep 14

IBT Newsletter September 2014

In September 2014, the Company’s Net Asset Value (NAV) increased by 1.5% (GBP) and the share price increased by 2.1%. The NASDAQ Biotechnology Index (NBI) was up 1.1% (GBP), while the S&P500 index rose 0.7% (GBP) and FTSE All-share index was down 2.8% (GBP) respectively.
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31

Aug 14

IBT Newsletter August 2014

In August 2014, the Company’s Net Asset Value (NAV) increased by 12.8% (GBP) and the share price increased by 8.5%. The NASDAQ Biotechnology Index (NBI) was up 12.3% (GBP), while the S&P500 index rose 5.7% (GBP) and FTSE All-share index was up 2.2% (GBP) respectively. The S&P 500 index posted a strong month, crossing through the 2,000 mark for the first time, driven by stronger US economic data and M&A activity offsetting weaker news flow from Ukraine.
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31

Jul 14

IBT Newsletter July 2014

In July 2014, the Company’s Net Asset Value (NAV) fell by 1.3% (GBP) and the share price decreased by 3.1%. The NASDAQ Biotechnology Index (NBI) was down 1.1% (GBP), while the S&P500 index fell 0.2% (GBP) and FTSE All-share index was down 0.4% (GBP) respectively.
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30

Jun 14

IBT Newsletter June 2014

In June 2014, the Company’s Net Asset Value (NAV) increased by 4.9% (GBP) and the share price increased by 7.5%. The NASDAQ Biotechnology Index (NBI) was up 5.2% (GBP), while the S&P500 index rose by 0.1% (GBP) and FTSE All-share index fell by -1.3% (GBP) respectively. Biotechnology stocks continued to post positive returns after the sharp sell-off in March and April, approaching February highs by the close of the month. The swift recovery was driven by positive clinical and M&A news flow.
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31

May 14

IBT Newsletter May 2014

In May 2014, the Company’s Net Asset Value (NAV) increased by 3.5% (GBP) and the share price increased by 2.6%. The NASDAQ Biotechnology Index (NBI) was up 4.9% (GBP), while the S&P500 index rose by 3.0% (GBP) and FTSE All-share index rose by 1.3% (GBP) respectively. After a sharp negative correction in March and April, the NBI started to regain strength in May. The valuation relative to growth for the biotechnology sector remains attractive, particularly compared to the traditional pharmaceutical group. The S&P 500 ended the month at record highs, leaving four straight months of gains in its wake.
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30

Apr 14

IBT Newsletter April 2014

In April 2014, the Company’s Net Asset Value (NAV) decreased by -5.2% (£) and the share price decreased by -3.4%. The NASDAQ Biotechnology Index (NBI) was off -3.8% (£), while the S&P500 index fell by -0.4% (£) and FTSE All-share index rose by +2.2% (£) respectively.
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31

Mar 14

IBT Newsletter March 2014

In March 2014, the Company’s Net Asset Value (NAV) decreased by -9.6% (£) and the share price decreased by -15.2%. The NASDAQ Biotechnology Index (NBI) was off -10.5% (£), while the S&P500 index rose by +1.2% (£) and FTSE All-share index fell by -2.6% (£) respectively.
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28

Feb 14

IBT Newsletter February 2014

In February 2014, the Company’s Net Asset Value (NAV) increased by +6.6% (£) and the share price increased by +8.1%. The NASDAQ Biotechnology Index (NBI) was up +5.9% (£), while the S&P500 and FTSE All-Share Indices rose by +2.9% (£) and +5.3% (£) respectively.
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31

Jan 14

IBT Newsletter January 2014

In January 2014, the Company’s Net Asset Value (NAV) increased by +8.0% (£) and the share price increased by +2.3%. The NASDAQ Biotechnology Index (NBI) was up +9.1% (£), while the S&P500 and FTSE All-Share indices fell by -2.8% (£) and -3.0% (£) respectively.
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2013

31

Dec 13

IBT Newsletter December 2013

In December, the Company’s Net Asset Value (NAV) increased by +1.3% (£) and the share price increased by +3.3%. The NASDAQ Biotechnology Index (NBI) was flat +0.1% (£), while the S&P500 and FTSE All-Share indices which produced total returns of +1.3% (£) and +1.9% (£) respectively.
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30

Nov 13

IBT Newsletter November 2013

In November, the Company’s Net Asset Value (NAV) increased by +2.8% and the share price was down -4.1%. The NASDAQ Biotechnology Index (NBI) rose by +7.0% (£), while the S&P500 and FTSE All-Share indices which produced total returns of +0.7% (£) and -1.0% respectively.
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31

Oct 13

IBT Newsletter October 2013

In October, the Company’s Net Asset Value (NAV) decreased by -2.0% and the share price was up +5.4%. The NASDAQ Biotechnology Index (NBI) fell by -1.2% (£), versus the S&P500 and FTSE All-Share indices which produced total returns of +5.4% (£) and +4.3% respectively. The broader equity markets were hit by the US government shutdown but only temporarily. After Washington reached a deal to avoid a US default, the S&P500 hit an all-time high.
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30

Sep 13

IBT Newsletter September 2013

In September, the Company’s Net Asset Value (NAV) increased by 4.0% and the share price was up 6.5%. The NASDAQ Biotechnology Index (NBI) increased by 3.7% (£), versus the S&P500 and FTSE All-Share which produced total returns of negative 1.4% (£) and +1.1% respectively.
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