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 2020

Summary

IBT Portfolio NAV (m)£297
Number of Portfolio Companies72
Quoted Investments60
Unquoted Investments12

Investment Manager Comment

In May 2020, the Trust’s NAV per share returned 11.8% (GBP) while the NASDAQ Biotechnology Index (NBI) returned 10.9% (GBP). The FTSE All-Share Index returned 3.4% (GBP) and the S&P 500 Index returned 7.0% (GBP). IBT’s share price returned 12.8% (GBP).

The main positive contributors to the NAV in the month were Horizon Therapeutics, Myokardia and Neurocrine. Horizon announced strong sales for its treatment for Thyroid Eye Disease, Tepezza, during their first quarterly update. Myokardia reported positive phase 3 results for their cardiovascular drug Mavacamten. Neurocrine shares were strong as investors realised that COVID-19 impact might be minimal for the company.

The main detractor from the NAV in the month was Gilead, as all other companies posted a positive return in the month. Gilead shares have been relatively volatile throughout the COVID-19 pandemic. The company’s shares initially increased due to the announcement that their COVID-19 drug, Remdesivir, showed positive results in reducing the time patients with the disease spent in hospital. The share price has subsequently decreased, negatively impacting the NAV in the month.


Performance

 (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 %

 

Horizon6.0%
Biomarin5.4%
Vertex5.1%
Biogen4.3%
Acadia4.1%
PTC4.1%
Immunomedics4.1%
Neurocrine3.6%
Amgen3.3%
Chemocentryx3.2%

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