Update: Selecting for growth in a growth sector
Now in its 21st year, International Biotechnology Trust (IBT) is a specialist investor in biotechnology companies globally. In the year to end February 2015, it returned c 50% in NAV and 49% in share price terms, ahead of the Nasdaq Biotechnology Index’s 39% return. IBT is differentiated from its peers by its holdings in unquoted stocks (c 8% at present), a part of the portfolio that has recently contributed to the trust’s strong performance, reflecting successful exits and a milestone payment. The long-term growth drivers for the biotech sector remain in place and the managers expect strong sector earnings growth to outpace market growth over the long term.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.
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