Review: Dual portfolio drives recent outperformance
International Biotechnology Trust (IBT) is an established investor in the high-growth area of biotechnology. It is differentiated from peers by including unquoted companies (<10% of assets) alongside quoted holdings. The biotech sector seems largely to have shrugged off recent criticism over excessive pricing in some areas and long-term performance has been impressive, with the benchmark NASDAQ Biotech Index up 304% over five years compared with a return of 45% for the FTSE All-Share. IBT has outperformed the benchmark over one and two years under new manager Carl Harald Janson and is top of its peer group for one-year NAV total returns; the discount to NAV, while in line with averages, remains wider than peers, suggesting a relative valuation opportunity.International Biotechnology Trust is an independent investment trust company. Co. invests primarily in biotechnology and other life science companies. The portfolio is split between large, mid and small capitalisation companies, primarily quoted on stock exchanges in North America, though investments will also be made in Europe, Asia and Australia. Investments may also be made into unquoted companies and into funds not quoted on a stock exchange, including venture capital funds. Co. has delegated responsibility for day-to-day investment of its assets to the Alternative Investment Fund Manager, SV Health Managers LLP.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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