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 28 February 2018


IBT Portfolio NAV (m)£227
Number of Portfolio Companies95
Quoted Investments69
Unquoted Investments26

Investment Manager Comment

In February 2018, IBT’s NAV/share fell by 2.2% (GBP) while the NASDAQ Biotechnology Index was down 2.6% (GBP). The FTSE All-Share Index decreased by 3.3% (GBP) and the S&P 500 Index fell 0.9% (GBP). IBT’s share price fell 4.6% (GBP). The USD strengthened 3.0% vs the GBP.


The main positive contributors to NAV in February were Genmab, Array BioPharma and Stemline Therapeutics. Oversold Genmab shares recovered after Q4 2017 earnings, on positive Darzalex sales outlook. Array announced results of their pivotal Columbus trial, showing an improvement in overall survival for melanoma patients treated with Array’s combination of encorafenib and binimetinib compared to Zelboraf. The combination is currently being considered for approval by FDA with a PDUFA date in mid 2018. Stemline is filing a rolling BLA for their lead asset SL-401 this year. SL-401 was awarded breakthrough therapy designation by FDA for the treatment of BPDCN which is a form of hematologic cancer.


The main negative contributors to NAV in February were Adamas Pharmaceuticals, Biogen and Celgene. Adamas shares fell after a competitor company received FDA approval for their drug Osmolex ER, an immediate release amantadine for the treatment of Parkinson’s disease and drug-induced extrapyramidal symptoms. The concern is that Osmolex ER might compete with Adamas’ Gocovri which was approved in 2017. Biogen announced an adjustment to their phase 3 Alzheimer’s disease trial, set to read out in 2019. Management stated that the trial would enrol an additional 510 patients due to a higher than expected variability on the primary end point score. Celgene announced they had received a refuse to file letter from FDA with regards to the filing of Ozanimod for the treatment of relapsed remitting multiple sclerosis.


 (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 %