Portfolio Analysis

 

SV Health Managers LLP was appointed Investment Manager of the Company on 1 January 2005 and Alternative Investment Fund Managers (‘AIFM’) on 21 July 2014. SV Health Managers LLP provides life sciences focused Investment Management services to publicly listed investment funds and venture capital funds.

As at 31 August 2019

Summary

IBT Portfolio NAV (m)£239
Number of Portfolio Companies75
Quoted Investments65
Unquoted Investments10

Investment Manager Comment

In August 2019, the Trust’s NAV per share returned -3.3% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -2.2% (GBP). The FTSE All-Share Index returned -3.6% (GBP) and the S&P 500 Index returned -1.2% (GBP). IBT’s share price returned -2.3% (GBP).

 

The main positive contributors to NAV in the month were Amgen, Vertex and Genmab. Amgen shares rose as a US judge upheld two patents related to the company’s best-selling drug Enbrel for chronic inflammatory conditions. Vertex raised 2019 sales guidance for its Cystic Fibrosis franchise during a quarterly earnings call. Genmab reported positive data for its late stage asset ofatumumab, an antibody for relapsing forms of multiple sclerosis.

 

The main negative contributors to NAV in the month were Insmed, Sarepta and Alexion. Insmed shares were weak due to concerns over patients taking Arikayce for a shorter period of time than expected. Sarepta shares fell after the FDA did not grant approval for its second Duchenne muscular dystrophy drug. Alexion shares were weak due to The Patent Trial and Appeal Board, an administrative court run by the US patent office, announcing that it was instituting an inter partes review (IPR) on Alexion’s patents Soliris, its lead asset. Amgen is contesting Soliris’ US patents that extend the drug’s market exclusivity from 2022 to 2027.


Performance

 (NAV, Share Price Change, 5 years)

Source: Bloomberg, mid-mid (share price), quoted in sterling and SVLSM. Past performance is not a guide to future performance
Note: All performance data are quoted net of all costs to the Company.


Top Ten Investments by NAV %

 

Gilead6.9%
Vertex6.1%
Celgene5.7%
Neurocrine5.5%
Amgen4.7%
PTC3.6%
Alexion3.5%
Stemline3.4%
Regeneron3.1%
Genmab3.0%

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