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 August 2018

Summary

IBT Portfolio NAV (m)£263
Number of Portfolio Companies69
Quoted Investments51
Unquoted Investments18

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.


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 %

 

Celgene6.9%
Illumina5.4%
Vertex4.5%
Incyte4.3%
Exelixis3.9%
Array3.9%
Genmab3.8%
Regeneron3.7%
Stemline2.9%
Alexion2.9%

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