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 30 September 2018

Summary

IBT Portfolio NAV (m)£257
Number of Portfolio Companies72
Quoted Investments47
Unquoted Investments25

Investment Manager Comment

In September 2018, the Trust’s NAV per share returned -1.8% (GBP) while the NASDAQ Biotechnology Index returned -0.8% (GBP). The FTSE All-Share Index returned 0.7% (GBP) and the S&P 500 Index returned 1.4% (GBP). IBT’s share price fell 0.9% (GBP). The USD strengthened by 2.7% vs the GBP.

 

The main positive contributors to NAV in the month were Alexion, Vertex and Illumina. Rare disease company Alexion announced positive data for its lead asset in neuromyelitis optica spectrum disorder, a new indication. The company also announced the acquisition of autoimmune disease company Syntimmune for up to $1.2bn. Vertex, another rare disease company, saw its shares rise going into the highly anticipated triple regimen data for cystic fibrosis, which is expected in the next three months. Illumina, a gene sequencing company, saw its shares rise alongside other large cap companies, benefiting from increased generalist investor interest in the sector.

 

The main negative contributors to NAV in the month were Spectrum, Alnylam and Genmab. Spectrum shares fell in September after reporting data for its drug, poziotinib, in metastatic non-small cell lung cancer. Investors appeared to expect better efficacy than was announced. Alnylam announced positive interim data from the Givosiran phase three trial in acute hepatic porphyria but the share price fell due to a worse than expected side effect profile. Genmab shares weakened due to a lack of near term catalysts on the horizon for the oncology company.


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 %

 

Celgene6.8%
Illumina5.6%
Incyte4.1%
Vertex3.9%
Genmab3.9%
Array3.8%
Regeneron3.8%
Exelixis3.7%
Alexion3.4%
Stemline2.9%

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