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 December 2018

Summary

IBT Portfolio NAV (m)£209
Number of Portfolio Companies61
Quoted Investments47
Unquoted Investments14

Investment Manager Comment

In December 2018, the Trust’s NAV per share returned -7.2% (GBP) while the NASDAQ Biotechnology Index returned -11.1% (GBP). The FTSE All-Share Index returned -3.7% (GBP) and the S&P 500 Index returned -8.9% (GBP). IBT’s share price returned -4.4% (GBP).
The main positive contributors to NAV in the month were Tesaro, Regeneron and Fibrogen. GlaxoSmithKline announced the acquisition of Tesaro for $5.1 billion, a premium of 63%. Oncology company Tesaro accounted for almost 1% of NAV prior to the acquisition, meaning the announcement increased the NAV by 0.6%. Regeneron shares held up well during a difficult period for the broader equity market on the back of the stock receiving an analyst upgrade. Fibrogen announced positive results for its lead asset, Roxadustat, in chronic kidney disease.
The main negative contributors to NAV in the month were Gilead, Alexion and Celgene although the cause of the weak performance was not company specific. The broader market sell-off throughout December also led to a retraction in the biotech sector, and as a result the Trust’s larger positions contributed most to the negative performance. In fact, the most significant event for these companies was the positive news that Gilead had recruited a new CEO.


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 %

 

Incyte6.1%
Vertex5.6%
Celgene5.4%
Genmab5.1%
Gilead5.0%
Regeneron4.4%
Exelixis4.4%
Illumina3.8%
Neurocrine3.4%
Biomarin3.0%

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