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 29 February 2020


IBT Portfolio NAV (m)£244
Number of Portfolio Companies78
Quoted Investments65
Unquoted Investments13

Investment Manager Comment

In February 2020, the Trust’s NAV per share returned 4.7% (GBP) while the NASDAQ Biotechnology Index (NBI) returned 3.8% (GBP). The FTSE All-Share Index returned -8.9% (GBP) and the S&P 500 Index returned -5.1% (GBP). IBT’s share price returned -6.9% (GBP).

The main positive contributors to the NAV in the month were Biogen, Gilead and Biomarin. Biogen won an intellectual property rights ruling over its top multiple sclerosis pill Tecfidera, potentially extending the patent life for several years. Gilead announced the initiation of two Phase 3 clinical studies to evaluate the safety and efficacy of remdesivir in adults diagnosed with COVID-19, a novel coronavirus. The US Food and Drug Administration (FDA) agreed to review Biomarin Pharma’s Biological License application for Valrox for adults with haemophilia A. The gene therapy was accepted for Priority Review with a target action set for August 2020.

The main detractors from the NAV in the month were Zogenix, Amarin and Amgen. Zogenix shares fell significantly after announcing data from a clinical trial for their epilepsy drug Fintepla which was less positive than market expectations. The Trust’s exposure to this decline was mitigated by a temporary reduction in its position ahead of the anticipated readout. Following on from this, Zogenix submitted additional data from a previous trial which was considered by the FDA as a major amendment and thus delayed the FDA decision which unexpectedly hit the stock a second time. Amarin disappointed investors by not providing annual guidance to the upside for the sales of their cardiovascular drug Vascepa and a looming patent dispute resolution. Amgen shares were weak due to concerns over biosimilars and their threat to Amgen’s revenues.


 (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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