INTERNATIONAL BIOTECHNOLOGY TRUST PLC Key attributes of the Trust
Driven by strong fundamentals of the Biotech sector.
Access to a broad spectrum of quoted and unquoted investments.
Provides investors exposure to both growth and a competitive yield.
Bottom up stock selection with diversification overlay.
Medically and financially experienced Fund Managers with access to specialists at SV Health.
Invested in some of the most innovative companies in the world.
Top quoted investments by NAV%
Horizon | 7.4% | |||||||||
Acadia | 5.9% | |||||||||
Vertex | 5.2% | |||||||||
BioMarin | 4.9% | |||||||||
PTC | 4.6% | |||||||||
Gilead | 4.6% | |||||||||
Biohaven | 3.9% | |||||||||
Amgen | 3.8% | |||||||||
Chemocentryx | 3.6% | |||||||||
Alexion | 3.5% | |||||||||
Total | 47.4% |
NAV% by Geography
94% US / Canada 5% Europe 1% United Kingdom
NAV% by Development Stage
Profitable
Revenue growth
Early stage
NAV% by Size
Large Cap > USD 10BN
Mid cap = USD 2 - 10BN
Small cap < USD 2BN
SV Fund VI
Directly-held unquoted
NAV% by Therapeutic Area
Rare diseases | 31% | |||||||||
Oncology | 26% | |||||||||
CNS | 13% | |||||||||
Auto-immune | 8% | |||||||||
Infectious diseases | 5% | |||||||||
Metabolic | 3% | |||||||||
Ophthalmology | 1% | |||||||||
SV Fund VI | 7% | |||||||||
Other | 6% | |||||||||
FACTSHEET - DECEMBER 2020 | ibtplc.com |
Investment Manager Review
In December 2020, the Trust's NAV per share returned 0.8% (GBP) while the NASDAQ Biotechnology Index (NBI) returned 3.4% (GBP). The FTSE All-Share Index returned 5.3% (GBP) and the S&P 500 Index returned 1.3% (GBP). IBT's share price returned 2.3% (GBP).
The main positive contributors to the NAV in the month were Alexion, BioMarin and Turning Point. Alexion's shares were up after AstraZeneca announced its intention to acquire the company for USD39BN. BioMarin's share price increased in anticipation of multiple catalysts set for 2021, including longer term data from their haemophilia A asset and their achondroplasia program. Turning Point received breakthrough therapy status from the FDA for their targeted oncology program for lung cancer, repotrectinib.
The main detractors from the NAV in the month were Acadia Therapeutics, Mirati and Gilead. Acadia shares were relatively weak heading into their next major event, which is expected to be the approval of their drug, Pimavanserin, for Dementia Related pyschosis. The drug is already approved to treat Parkinson's disease psychosis. After an incredibly strong run in 2020, Mirati shares saw some profit taking. 2021 will be a pivotal year in determining the positioning of their lead asset, a KRAS inhibitor for lung cancer. Gilead shares were weak in the month after announcing its decision to walk away from its partnership deal with Dutch company Galapagos, and their rheumatoid arthritis asset, Filgotinib.
Outlook
With the onset of a new calendar year, issues remain regarding the pandemic. However, the global rollout of the vaccine bodes well for medium to longer term economic recovery.
The new U.S. administration's focus will be on the stimulus package and Covid-19. However, healthcare is also expected to be on the agenda at some point.
Given the healthcare/biotechnology sector's relatively stable and visible earnings, combined with the accelerating pace of innovation, we are optimistic about the biotech sector's mid to long-term performance.
This forecast is not a reliable indicator of future performance
Performance
Total Return | 1 M % | 1 YR % | 3 YR % | 5 YR % |
NAV per share | 59.0% | |||
0.8% | 29.8% | 47.9% | ||
Share price | 82.4% | |||
2.3% | 36.1% | 51.8% | ||
NBI | 50.5% | |||
3.4% | 23.2% | 44.3% | ||
FTSE All-Share Index | 30.3% | |||
5.3% | -9.0% | -1.4% |
Performance data to 30 December 2020.
Source: Bloomberg, mid-price (share price), quoted in sterling and SV Health Managers LLP. Past performance is not a guide to future performance.
NAV and Share Price Over Five Years
Share Price (p) | NAV Share Price (p) | |
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.
Fund Facts
Launch date | 6 May 1994 |
Net assets | £321m |
Net assets per share | 801p |
Share price | 817p |
Value of unquoted investments | £37m |
(Gearing)/ cash balance | -2% |
Number of portfolio companies | 70* |
Shares outstanding | 40,047,817 |
Ex-div date | July 2021 |
Dividend 4% of NAV p.a. bi-annually *Excludes 25 companies held by SV Fund VI
Share Codes
Listing | London Stock Exchange |
Reuters / Bloomberg | IBT.L / IBT LN |
Sedol | 0455934 GB |
ISIN | GB0004559349 |
Trust Characteristics
Ongoing costs, including 0.9% management fee, are 1.3% of the company's NAV
Performance Fee: See page 31 of the Annual Report 2020
Continuation Vote: At AGM in 2021; every two years
Year / Interim End: 31 August / 28 February
Contact Us
AIFM and Investment Manager
SV Health Managers LLP
71 Kingsway, London WC2B 6ST
Lucy Costa Duarte
T: +44 (0) 20 7421 7070
- IBT-IR@svhealthinvestors.com
- www.ibtplc.com
Company Secretary
BNP Paribas Secretarial Services Ltd
Broker
Numis Securities Ltd
Auditor
PricewaterhouseCoopers LLP
FACTSHEET - DECEMBER 2020 | ibtplc.com |
Management Team
Carl Harald Janson | Ailsa Craig | Marek Poszepczynski | Kate Bingham |
Carl Harald joined SV Health | Ailsa joined SV Health in | Marek joined SV Health in | Kate joined SV Health in |
in 2013 as the Lead | 2006 and is an Investment | 2014 and is an Investment | 1991 and is an Investment |
Investment Manager for the | Manager for the Trust. Ailsa | Manager for the Trust. Marek | Manager for the Trust. Kate is |
Trust. Carl Harald qualified as | has a BSc (Hons) in Biology | has an MSc in Biochemistry | a Managing Partner at SV |
- Medical Doctor and from the University of and an MSc in Business Health Investors, has a first
completed a PhD at the | Manchester. | She | was | Management from the Royal | class degree in Biochemistry | ||||||
Karolinska Institutet, and is a | awarded the IMC in 2002 and | Institute | of | Technology, | from Oxford University, | and | |||||
Certified Financial Analyst | the | Securities | Institute | Stockholm. | graduated | from | Harvard | ||||
from the Stockholm School of | Diploma in 2007. | Business | School | with | an | ||||||
Economics. | MBA. |
Objective
The investment objective of International Biotechnology Trust plc (the "Company") is to achieve long-term capital growth by investing primarily in biotechnology and other life sciences companies that are either quoted or unquoted and possess the potential for high growth. The Company invests in companies whose shares are considered to have good prospects, with experienced management and strong potential upside through the development and/or commercialisation of a product, device or enabling technology.
AIFM and Investment Manager
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.
Between November 2000 and December 2004, Schroder Ventures Life Sciences Advisers (UK) Ltd, was adviser to the Investment Manager of the Company during that period, Schroder Investment Management Ltd.
SV Health Managers LLP's venture capital business advises six venture capital funds with capital commitments of over USD 2bn which primarily invest amounts of between USD 1m and USD 20m in North America and Europe, but will consider innovative investments in other regions.
SV Health Managers LLP manages the SV7 Impact Medicine Fund, a specialist USD 265m venture capital biotech fund and the Dementia Discovery Fund, a GBP 250m venture capital fund aiming to discover and develop breakthrough treatments for dementia.
SV Health Managers LLP is Authorised and Regulated by the Financial Conduct Authority (firm reference number 409119).
Further information is available on our website www.svhealthinvestors.com.
Risk Warning
This financial promotion is issued and approved by SV Health Managers LLP ("SVHM"). Notwithstanding that this document is being provided to you as a financial promotion, you should be made aware that the opportunity described in the document is not suitable for all investors. It should not be relied upon to make an investment decision; any such investment decision should be made only on the basis of the fund scheme documents and appropriate professional advice.
The value of investments, and the income from them, may go down as well as up, and is not guaranteed, and investors may not get back the full amount invested. Past performance is not a guide to future performance and exchange rate changes may cause the value of overseas investments to rise or fall.
Investors should bear in mind that investment in biotechnology shares can be subject to risks not normally associated with more developed markets or stocks. Investing in the biotechnology sector carries some particular risks and investment in the Company should be regarded both as long term and as carrying a high level of financial risk. In addition, there is no guarantee that the market price of shares in investment trusts will fully reflect their underlying NAV and it is not uncommon for the market price of such shares to trade at a substantial discount to their NAV.
This document has been prepared and is only made available to recipients who may lawfully receive it in accordance with applicable laws, regulations and rules and binding guidance of regulators. Every effort is taken to ensure the accuracy of the data used in this document but no warranties are given.
Full details of the Company, including risk warnings, are published in the Investor Disclosure Document and Key Information Document which are available on request and at www.ibtplc.com. SVHM is authorised and regulated by the Financial Conduct Authority.
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Disclaimer
International Biotechnology Trust plc published this content on 22 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 January 2021 07:21:01 UTC
