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 2019

Summary

IBT Portfolio NAV (m)£227
Number of Portfolio Companies75
Quoted Investments65
Unquoted Investments10

Investment Manager Comment

In September 2019, the Trust’s NAV per share returned -5.4% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -4.2% (GBP). The FTSE All-Share Index returned 2.9% (GBP) and the S&P 500 Index returned 0.8% (GBP). IBT’s share price returned -5.0% (GBP).

The main positive contributors to NAV in the month were Seattle Genetics, Illumina and Acadia. Seattle Genetics reported positive data for its front-line bladder cancer drug, enfortumab vedotin, in combination with Merck’s pembrolizumab. Illumina shares recovered during the month after a sharp sell off due to the 2Q announcement that guidance for the year would be lowered. Acadia reported positive data for its lead asset pimavanserin, for the treatment of dementia-related psychosis.

The main negative contributors to NAV in the month were PTC Therapeutics, Neurocrine and Stemline. PTC Therapeutics announced an equity and debt raise, which diluted shareholders and hurt investor sentiment for the stock. Neurocrine shares were weak without a significant change in fundamentals, apart from perhaps the reduced likelihood of the company being acquired after strong data from competitor Acadia. Stemline shares continued their downward trajectory over concerns that its lead asset peak sales may fall short of expectations.


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 %

 

Gilead7.2%
Celgene6.1%
Vertex5.1%
Neurocrine4.8%
Amgen4.6%
Regeneron4.0%
Alexion3.6%
Stemline3.1%
Genmab3.0%
PTC2.9%

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