Healthy returns
International Biotechnology Trust (IBT) has delivered strong returns over the past year; its net asset value (NAV) is up 30% over the year to date, well ahead of its benchmark, and wider national and global indices.
The COVID-19 pandemic has focused attention on the sector as a number of companies search for effective treatments and vaccines. The sector has recovered some ground relative to wider indices but – as is typical – the US election has been weighing on valuations. IBT’s managers highlight that the real drivers of the sector’s fortunes are not politics but factors such as the pace of drug discovery and approval, demographics and mergers and acquisitions (M&A) activity. They see further upside from here.
This year, the managers have demonstrated the effectiveness of their risk mitigation strategy by tilting IBT’s portfolio away from high-risk names and re-investing cash at the bottom of the market. This helped drive significant outperformance of the benchmark.
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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