Portfolio

Top 10 Quoted Investments
Venture Fund Investments
Directly-held Unquoted Investments
Exited with Contingent Milestones
How to Invest

Top 10 Quoted Investments

Below are the top 10 quoted investments held by the Trust with their contribution to the Trust's Net Asset Value as at 31 March 2023. For links directly to the companies' website, please click the logos.
For a full listing of the Trust's U.S. securities at each quarter end, please refer to the Trust's 13F filing: https://www.sec.gov/cgi-bin/browse-edgar?CIK=942257

Seagen 11.1% NAV

Amgen 6.1% NAV

Incyte 5.8% NAV

Harmony Biosciences 5.1% NAV

Alkermes 4.7% NAV

Intra-Cellular 4.5% NAV

Supernus 4.3% NAV

Ultragenyx 3.2% NAV

Vertex Pharmaceuticals 3.1% NAV

Apellis 3.0% NAV

Venture Fund Investments

SV Fund VI

5.8% NAV as at 28 February 2023.
An investment in a venture capital fund, SV Fund VI, which invests in unquoted portfolio companies across three sectors: biotechnology, healthcare & IT and medical devices. The Trust made a commitment of $30m to the fund on 19 October 2016, equivalent to 7.5% of the total commitments, which has been drawn down over the investment period.

SV Biotech Crossover Fund ("SV BCOF")

4.2% of NAV as at 28 February 2023.

SV BCOF focuses on later stage and/or pre-IPO opportunities and invests in clinical and near clinical stage biotech companies in the UK, EU and US that have the potential to deliver excellent investor returns and address significant unmet medical needs in patients. The Trust's $30m commitment was only 27% drawn down at 28 February 2023.

Directly-held Unquoted Investments

Below are the directly-held unquoted investments held by the Trust with their contribution to the Trust's Net Asset Value as at 28 February 2023.

Autifony Therapeutics 0.1% NAV

Karus Therapeutics 0.0% NAV

Exited with Contingent Milestones

Exited unquoted companies for which the Trust retains rights to receive future contingent performance-based payments are shown below, including their contribution to the Trust's Net Asset Value as at 28 February 2023.

Ikano Therapeutics 1.4% NAV

Archemix 0.2% NAV

Convergence Pharmaceuticals 0.1% NAV

Nordic Consulting Partners Holdings 0.0% NAV