As at 31 August 2018
|IBT Portfolio NAV (m)||£263|
|Number of Portfolio Companies||69|
Investment Manager Comment
In August 2018, the Trust’s NAV per share rose by 6.6% (GBP) while the NASDAQ Biotechnology Index rose 6.2% (GBP). The FTSE All-Share Index decreased by 2.8% (GBP) and the S&P 500 Index rose 1.4% (GBP). IBT’s share price rose 3.9% (GBP). The USD strengthened by 1.2% vs the GBP.
The main positive contributors to NAV in the month were Neurocrine, Illumina, Ligand and SV Fund VI. Neurocrine, a neurology company, announced strong sales of its drug Ingrezza which was recently launched to treat tardive dyskinesia. Illumina, a gene therapy company, saw its shares rise after a strong second quarter earnings report. Medtech company Ligand, shares reported better than expected royalty and revenue income. In the unquoted portfolio, SV Fund VI increased in value by £3.0m following the release of the fund’s latest quarterly valuation report.
The main negative contributors to NAV in the month were Exelixis, Morphosys and Alexion. Oncology company Exelixis suffered a sentiment hit after the CEO disclosed that he had sold a proportion of his shares in the company. Morphosys decided to discontinue investigating its oncology drug MOR202 in lung cancer. Ophthalmology company Regeneron announced early data for a potential competitor to Alexion’s lead asset Soliris which dominates Alexion’s top line sales.
(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 %