IBT presentation at the ShareSoc growth company seminar in April 2018 by Lead Investment Manager Dr Carl Harald Janson.
https://www.piworld.co.uk/2018/08/17/international-biotechnology-trust-ibt-presentation-at-sharesoc-april-2018/
or as a podcast: https://itunes.apple.com/gb/podcast/piworld-video-podcasts/id1414840225?mt=2#
International Biotechnology Trust offers investors access to the fast growing biotechnology sector through an actively managed, diversified fund. Its award winning fund managers at SV Health Investors are scientifically and medically trained with over 60 years of experience in this specialist sector between them. As well as investing in a wide ranging portfolio of global quoted biotechnology stocks, we include a small proportion of otherwise inaccessible carefully selected unquoted investments which have the potential to deliver additional returns over the long term. Excellent management teams, unique innovative products and strong potential for out performance are the key criteria for inclusion in our diversified portfolio of assets.
International Biotechnology Trust introduction video – 00:22
Dr Carl Harald Janson, Lead Investment Manager introduction – 03:07
Performance 1, 3 & 5 years – 3:47
Dividend – 05:06
Share price/discount – 05:42
Dividend sustainability – 06:34
Biotech is a high growth sector – 07:25
Favourable regulatory environment – 10:45
Worldwide pharma sales – 11:15
M&A – 11:37
Risks – 13:15
The US market – 14:11
Sector valuation – 16:13
IBT investment process – 17:04
Risk mitigation – 17:54
Portfolio breakdown – 19:42
Oncology treatment options – 21:54
Top 10 holdings – 23:14
Unqouted portfolio – 24:00
Awards & Summary -25:58
Q&A -25:19
Thanks for posting that. I've been thinking some Biotech exposure should be added to my portfolio. Eventually, at the right price.
These people are not exactly shooting the lights out, relative to the benchmark.
According to their slides:
5 year performance
Benchmark Nasdaq Biotech Index= 147% GBP
International Biotech Trust (Ajnusted for dividends) = 150.9% GBP
Biotech Growth NAV = 126%.
The actual share price has done a little better, due of course to narrowing of the discount.
I don't count that, since that particular source of performance is unlikely to persist & reversion is more likely.
They also stated that the introduction of a dividend has helped to narrow the discount. Since the dividend is now calculated as a percentage of net assets, rather than the income the fund receives, no doubt some of that would be paid from capital
[Disclaimer: It looked like that last time I checked the figures, but I have not reconfirmed it now]
So if the dividend is a reason for narrowing of the discount, clearly the market is a little inefficient, as there is no way an Investment Trust should rise, just because they declare a policy to pay dividends equal to 4% of net assets. Anyone could achieve the same by selling 4% of their holding.
