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 March 2019

Summary

IBT Portfolio NAV (m)£243
Number of Portfolio Companies78
Quoted Investments64
Unquoted Investments14

Investment Manager Comment

In March 2019, the Trust’s NAV per share returned 2.9% (GBP) while the NASDAQ Biotechnology Index (NBI) returned 1.3% (GBP). The FTSE All-Share Index returned 2.7% (GBP) and the S&P 500 Index returned 4.1% (GBP). IBT’s share price returned 2.0% (GBP). The USD strengthened 1.7% versus the pound sterling.

 

The main positive contributors to NAV in the month were Stemline, Celgene and Ionis. Positive commentary on Stemline’s launch of Elzonris for BPDCN, a hematologic malignancy, caused the company’s shares to strengthen during the month. Celgene shares rose after two shareholder advisory groups, Institutional Shareholder Services and Glass Lewis & Co, recommended that investors vote in favour of the merger with Bristol-Myers Squibb. Ionis shares were strong after partner Roche announced an update to the design of its ongoing Phase III trial in Huntington’s disease.

 

The main negative contributors to NAV in the month were Biogen, Morphosys and Regeneron. Biogen’s surprise announcement regarding the termination of its Phase III Alzheimer’s Disease program meant the company lost 32% of its market cap. International Biotechnology Trust’s holding of just 1%, versus a weighting of 8% in the NASDAQ Biotechnology Index, meant shareholders were protected from greater losses. Morphosys shares continued to struggle after the February news that CEO Simon Moroney would retire. Regeneron shares fell after a competitor company announced positive data in atopic dermatitis, which investors fear may compete against its Dupixent treatment.


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 %

 

Celgene7.0%
Gilead5.7%
Regeneron4.1%
Stemline3.2%
Alexion3.2%
Vertex3.0%
Neurocrine2.9%
PTC2.9%
Incyte2.8%
Alkermes2.7%

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