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 December 2019


IBT Portfolio NAV (m)£245
Number of Portfolio Companies80
Quoted Investments67
Unquoted Investments13

Investment Manager Comment

In December 2019, the Trust’s NAV per share returned -0.9% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -0.9% (GBP). The FTSE All-Share Index returned 3.9% (GBP) and the S&P 500 Index returned 1.2% (GBP). IBT’s share price returned -0.6 (GBP).


The main positive contributors to NAV in the month were Horizon Therapeutics, Sarepta and Uniqure. The FDA advisory committee voted unanimously in favour for the approval of Horizon’s drug teprotumumab for the treatment of thyroid eye disease which is a progressive and vision threatening autoimmune disease. Sarepta and Roche announced a deal regarding the rights to Sarepta’s gene therapy program for Duchenne muscular dystrophy. Roche will pay an upfront of USD1BN to the company. Uniqure announced data supporting both efficacy and durability of its gene therapy product for haemophilia B at the American Society of Hematology.


The main negative contributors to NAV in the month were Sage, Neurocrine and Sangamo. Sage’s company valuation more than halved after announcing negative data for SAGE-217 in major depressive disorder. Neurocrine shares retracted after an incredibly strong November when the share price rose 12.5%. Sangamo shares fell after announcing adverse effects experienced by patients during a clinical trial testing ST-400 in beta thalassemia.


 (NAV, Share Price Change, 5 years)

Source: Bloomberg, mid-price (share price), quoted in sterling and SV Health Managers LLP.
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 %





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