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 November 2019

Summary

IBT Portfolio NAV (m)£254
Number of Portfolio Companies80
Quoted Investments67
Unquoted Investments13

Investment Manager Comment

In November 2019, the Trust’s NAV per share returned 10.0% (GBP) while the NASDAQ Biotechnology Index (NBI) returned 11.5% (GBP). The FTSE All-Share Index returned 2.3% (GBP) and the S&P 500 Index returned 3.7% (GBP). The Trust’s share price returned 6.6% (GBP).

 

The main positive contributors to NAV in the month were Vertex, Neurocrine and Amarin. Vertex had a strong month as optimism grew around the launch of its recently approved cystic fibrosis drug, Trikafta, and the news that France had agreed to reimburse Orkambi. Neurocrine reported third quarter results with news that its lead asset Ingrezza beat sell side expectations for the tenth quarter since launch. An FDA advisory panel meeting unanimously voted 16-0 to approve Amarin’s label expansion for Vascepa based on a cardiovascular outcomes trial.

 

The main negative contributors to NAV in the month were GW Pharma, Myriad Genetics and Anaptysbio. GW Pharma reported disappointing sales numbers for its epilepsy drug Epidiolex at its third quarter earnings call. Myriad Genetics shares were weak after the company reduced guidance for FY20. Anaptysbio’s share price fell on news that their P2B trial for etokimab in moderate to severe atopic dermatitis had failed.


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 %

 

Vertex6.3%
Gilead6.0%
Alexion5.2%
Neurocrine4.7%
Amgen4.7%
Acadia4.2%
Biogen4.2%
Horizon3.9%
Regeneron3.2%
Stemline3.1%

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