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 31 May 2019


IBT Portfolio NAV (m)£231
Number of Portfolio Companies78
Quoted Investments64
Unquoted Investments14

Investment Manager Comment

In May 2019, the Trust’s NAV per share returned -0.4% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -3.0% (GBP). The FTSE All-Share Index returned -3.0% (GBP) and the S&P 500 Index returned -3.3% (GBP). IBT’s share price returned -2.2% (GBP). The US dollar strengthened 3.1% against the GBP.


The main positive contributors to NAV in the month were Neurocrine, PTC Therapeutics and Array Biopharma. Neurocrine shares recovered after a sell-off in the previous month, with concerns easing over the reimbursement for its lead asset, Ingrezza, to treat tardive dyskinesia. PTC Therapeutics gained during the period after partner Roche presented promising data for risdiplam in Spinal Muscular Atrophy. Array Biopharma announced positive data for their Braftovi-Mektovi combination treatment for a specific group of colorectal cancer patients.


The main negative contributors to NAV in the month were Insmed, Alexion and Regeneron. Insmed shares were weak during the month after the company announced an equity raise of $250M. Alexion shares were weak after the announcement that a major shareholder had sold down their position amid speculation that sales would be hit as a result of potential Mexico tariffs. Regeneron shares continued to sell off after the company reported weaker than expected first quarter sales of Eylea.


 (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 %





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