Furthermore, in the case of a significant event affecting a very large index constituent, the trust may opt to hold a stock through a key trial readout. The information is inherently subject to change without notice and may become outdated. Marten & Co is not authorised to give advice to retail clients. As we noted on page 5, Immunomedics’ lead drug, Trodelvy, was approved by the FDA as a treatment for adult patients with metastatic triple-negative breast cancer (mTNBC) who have received at least two prior therapies for metastatic disease. IBT’s managers make the point that they choose to invest in companies with pricing power – companies with innovative therapies and not much competition, for example. The information on this website may constitute financial promotion for the purposes of the Financial Services and Markets Act 2000 (âFSMAâ). Amongst these are ritonavir/lopinavir (marketed as KALETRA by Abbvie) and darunavir/cobicistat (marketed as PREZCOBIX by Janssen). JIM's “Model B” outsourcing activity for London Stock Exchange member firms has continued to grow. Export data to Excel for your own analysis. Kate joined SV Health in 1991 and is one of its managing partners. IBT was expanding last year but, when the discount widened briefly, the trust bought back stock. The payments made in 2020, totalling 24.8p, were based on an NAV of 31 August 2019 of 622.6p. Learn more. In September, IBT’s cash balance rose, eliminating its gearing, as the trust realised its Immunomedics stake (see page 12). He has an MSc in Biochemistry and an MSc in Business Management from the Royal Institute of Technology, Stockholm. Whilst COVID-19 has impacted portfolio companies differently, overall the portfolio continues to remain a net benefiter, chiefly driven by direct opportunities at The Vaccine Group, Elute Intelligence and Exscientia. The COVID-19 pandemic has focused attention on the sector as a number of companies search for effective treatments and vaccines. There are no suggestions available in this category. The timing of announcements cannot always be accurately predicted, especially in the case of an unsuccessful trial being halted early for example, and sharp moves can also occur from other situations such as results from competitor trials. Investment Performance Information: Please remember that past performance is not necessarily a guide to the future and that the value of shares and the income from them can go down as well as up. There is a quid-pro-quo, however – companies that sell or market therapies that alleviate the symptoms associated with these conditions could see their market disappear. The biotechnology sector is proving to be relatively resilient in this COVID-19 related market sell-off. Shares bought back can be held in treasury. We would highlight that ULR continues to trade on a modest discount – with embedded value creation opportunity in the portfolio – and a 6%+ dividend yield in prospect. Herald Investment Trust (HRI) has generated an impressive uplift in its net asset value (NAV) over the last 12 months. Indeed, while popular wisdom tells us that US equities are expensive after a long rally, the biotech sector is significantly cheaper in p/e terms than other major sectors in the US and far cheaper than the S&P500. Over the 12 months ended 31 March 2020, IBT’s shares traded between a premium of 5.8% and a discount of 22.1%. This website is for information purposes only and is not intended to encourage the reader to deal in the security or securities mentioned. Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter. International Biotechnology Trust (IBT) is the oldest UK investment trust that specialises in the healthcare sector and it’s one of the most recent additions to my portfolio. As well as investing in a wide-ranging portfolio of global quoted biotechnology stocks, International Biotechnology Trust includes a small proportion of otherwise inaccessible carefully selected unquoted investments which have the potential to deliver additional returns over the long term. Against this confusing backdrop we look at three different scenarios for the US over the next year, and identify a number of trusts which are positioned well for each. Strategic positioning in mid-2018 helped International Biotechnology Trust (IBT) beat its benchmark over the past six months and close its discount to NAV. The sector has recovered some ground relative to wider indices but – as is typical – the US election has been weighing on valuations. This makes progress to deploy equity and debt secured recently. Manolete has announced a good set of interim results with strong growth across the board and good operational momentum in case investments and completed cases. PIP’s ESG credentials are market-leading and well-established. This opens the door to a return to cash dividends at some future point. Acadia is focused on developing therapies for disorders of the central nervous system. The fund typically invests in the United States, but seeks the best investments worldwide and so may also invest in Western Europe, Australia, and Asia. Most of the sector is trading close to asset value, except for Polar Capital Global Healthcare, where returns have been disappointing, and the two early-stage funds, where investors may believe the NAVs are understated. Get daily stock ideas top-performing Wall Street analysts. Some companies that are related to International Biotechnology Trust (IBT.L) include Murray International Trust PLC (MYI.L) (MYI), United Co.s Limited (UNC.TO) (UNC), Herald Investment Trust PLC (HRI.L) (HRI), BBGI SICAV S.A. (BBGI.L) (BBGI), Schroders plc (SDRC.L) (SDRC), Fidelity European Values PLC (FEV.L) (FEV), Fiera Capital Co. (FSZ.TO) (FSZ), Investec Group (INVP.L) (INVP), Edinburgh Worldwide Investment Trust Plc (EWI.L) (EWI), Aberdeen Asia-Pacific Income Fund (FAX), Sprott Inc. (SII.TO) (SII), Genesis Emerging Markets Fund (GSS.L) (GSS), Sanne Group plc (SNN.L) (SNN), Rathbone Brothers Plc (RAT.L) (RAT) and Octopus Titan VCT (OTV2.L) (OTV2).
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