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 May 2018

Summary

IBT Portfolio NAV (m)£242
Number of Portfolio Companies75
Quoted Investments50
Unquoted Investments25

Investment Manager Comment

In June 2018, IBT’s NAV per share rose by 3.2% (GBP) while the NASDAQ Biotechnology Index rose 2.2% (GBP). The FTSE All-Share Index decreased by 0.2% (GBP) and the S&P 500 Index increased by 1.4% (GBP). IBT’s share price rose 2.5% (GBP). The USD strengthened by 0.7% vs the GBP.
During the month, the main positive contributors to NAV were Morphosys, Regeneron Pharmaceuticals and Vertex Pharmaceuticals. Morphosys presented at the European Hematology Association Annual Meeting, displaying positive clinical data from a Phase 2 COSMOS trial evaluating its candidate, MOR208, in combination with idelaisib in patients with relapsed or refractory chronic lymphocytic leukemia. Regeneron reversed its downtrend in anticipation of strong second quarter earnings, following better than expected sales of their drug Eylea. Vertex shares rose after Galapagos, its main competitor, reported disappointing cystic fibrosis data.

 

The main negative contributors to NAV were Stemline Therapeutics, Adamas Pharmaceuticals and Nektar Therapeutics. Stemline shares retreated after reporting clinical results at a medical conference, compounded by a lack of near-term catalysts. Adamas shares fell as launch expectations of its drug Gocovri have tempered, whilst Nektar reported disappointing data for its candidate, NKTR-214.


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 %

 

Neurocrine5.0%
Celgene4.7%
Vertex4.4%
Morphosys4.3%
Illumina3.9%
Array3.6%
Genmab3.6%
Regeneron3.4%
Biogen3.3%
Alexion3.2%

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