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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| International Biotechnology Trust Plc | IBT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| -6.00 | -0.96% | 616.00 | 09:17:27 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 618.00 | 616.00 | 618.00 | 622.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 07/11/2023 15:14 by speedsgh Annual Financial Report - from CHAIR'S STATEMENT... OUTLOOK It has been a volatile year for all investors as markets have swung from facing the reality of global inflation and the threat of recession to the belief that the interest rate cycle may be nearing a peak and the worst may be over. At the time of writing, the devastating news of a resurgence of the conflict in the Middle East has shaken market confidence. The continuing war in Ukraine and the increasingly tense relations between the US and China have further exacerbated the uncertainty within the investment environment. Nevertheless, the Board shares the Investment Managers' views that there are grounds for optimism. Whilst higher costs of capital have had a substantial effect on the funding environment for early stage drug discovery companies, the fundamentals of the sector remain very much intact: namely a growing elderly population, a rising middle class, and an increasing demand for treatments to cure disease and enhance the quality of our lives. This spend is, to a large degree, non-discretionary. Furthermore, scientific innovation in areas such as personalised targeted therapies and the application of artificial intelligence has led to faster, positive outcomes from clinical trials and better prospects for patients. I would like to take this opportunity to thank my fellow Directors, the investment management team, and our professional advisers, all of whom have worked hard this year to ensure that we achieved the optimum outcome for our shareholders. We are excited about the opportunities for IBT within the Schroders stable and are looking forward to the future with confidence. -------------------- from FUND MANAGER'S REVIEW... OUTLOOK After experiencing remarkable highs in 2020 and 2021, the biotech industry faced significant challenges in recent years. However, there are compelling reasons for optimism as we move forward. The NBI has demonstrated resilience by rebounding 20% from mid-2022 lows in dollar terms. Smaller biotech companies, though affected by rising interest rates, continue to present appealing valuations, offering unique investment opportunities. The confluence of rising interest rates and macroeconomic conditions, along with evolving industry dynamics related to the FTC and the Inflation Reduction Act, has created headwinds for the biotech sector. However, it is noteworthy that these challenges have had minimal impact on the valuations of innovative small and mid-cap biotech companies which represented 51% of the Company's NAV at the end of August 2023. The recent period of valuation adjustments has stimulated increased M&A activity within the industry. We anticipate this trend to persist. Biotechnology continues to display robust innovation, boasting strong numbers of drug approvals and increasing numbers of clinical trials. Notably, emerging modalities such as gene and cell therapies hold transformative potential for addressing significant unmet medical needs across various diseases. In conclusion, the biotech industry stands resilient and forward-looking. Increasing demand for high quality therapies, M&A activities, productivity improvements through consolidation, sustained innovation, and the allure of undervalued companies in this dynamic landscape contribute to a promising outlook for biotech investments. As we navigate these opportunities, our commitment to delivering value to our investors remains steadfast. We look forward to a future marked by growth and transformation in the biotech sector. |
Posted at 03/8/2023 13:02 by speedsgh Appointment of New Fund Manager - · Schroders selected as IBT's Fund Manager and Alternative Investment Fund Manager · Continuity of investment approach and dividend policy · Ailsa Craig and Marek Poszepczynski to continue as the Company's portfolio managers The Board of IBT is pleased to announce that it has decided to appoint Schroder Unit Trusts Ltd ("Schroders") as the Company's Fund Manager and Alternative Investment Fund Manager ("AIFM") with a mandate to continue IBT's investment policy, which offers access to the fast-growing biotechnology sector through an actively managed, diversified strategy. This appointment is consistent with the feedback received from shareholders, which endorsed the continuity of the Company's investment approach under the existing investment management team and retaining the dividend policy. As such, the Board believes that Schroders' appointment will deliver positive long-term benefits for IBT and its shareholders. Ailsa Craig and Marek Poszepczynski have accepted Schroders' conditional offer for them to continue as the Company's portfolio managers. Ailsa and Marek took on the position of IBT's Joint Lead Managers in March 2021, having been involved in managing IBT since 2006 and 2013 respectively. The Company's net asset value ("NAV") has outperformed its benchmark, the Nasdaq Biotechnology Index, by 6.7% since March 2021 and by 9.0% and 35.5% respectively over the last five and ten years(1). Schroders will provide a platform from which IBT can continue to deliver its differentiated proposition of solid relative returns with lower volatility, and an annual dividend of 4% of NAV(2). There are also no plans to change the Company's discount and premium management policy. These appointments are subject to finalisation of legal documentation and to regulatory approval, and IBT is expected to transition formally to Schroders in November 2023, following publication of the Company's annual results to 31 August 2023. IBT will continue to have a relationship with SV Health Managers LLP ("SV Health Investors") in connection with the existing unquoted portfolio, which is principally invested in two SV Health Investors funds. The Company has consulted with a number of its major shareholders who have indicated their support for the Board's process. In accordance with the Company's articles of association, which provide for a continuation vote every two years, a continuation resolution will be proposed at the Company's December 2023 Annual General Meeting. |
Posted at 12/7/2023 13:31 by melloteam Just to let shareholders and prospective investors know that International Biotechnology Trust and Ocean Dial will be presenting at our FREE Trusts and Funds event on Tuesday 18th July 2023 at 2pm.The full programme is as follows: 2.00 pm Keynote presentation from Edmund Shing 2.30 pm Company presentation from Ocean Dial 3.00 pm Andrew Latto presentation on the latest trends in IT&Fs 3.30 pm Company presentation from International Biotechnology Trust 4.00 pm Investment Trusts & Funds specialist panel session with Reg Hoare, Mark Bentley, Edmund Shing and Andrew Latto, hosted by Karin Schulte For more information, click here: To join for free, register for the webinar here: |
Posted at 20/2/2023 19:48 by dbskinflint I agree income investor. The issue for me is what research and expertise SV health provide the managers that they may not get in the future from what ever set up is used going forward |
Posted at 15/5/2022 22:23 by melloteam Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF) Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies (Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50). Just to let shareholders and prospective investors know that IBT will be among the Trusts and Funds attending. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. For more information, please visit the event webpage: |
Posted at 10/2/2022 11:51 by speedsgh Thanks to jonwig for highlighting this FT article on the BPCR thread.Biotechs face cash crunch after stock market ‘bloodbath&rsq Well worth a read if you are able. One or two tasters: Geraldine O’Keeffe, a partner at healthcare investment firm LSP, said biotech shares had been hit by a “complete bloodbath across the board”. The Nasdaq Biotechnology index has fallen more than a fifth since peaking in February 2021 vs a rise of 3 per cent and 17 per cent for the Nasdaq and S&P 500, respectively. “I think everybody is holding their breath and waiting to see if it has bottomed out and will bounce from here,” O’Keefe added. “It can’t get much lower — but we thought that every day in January and it kept going down.”... ... Pierre Kiecolt-Wahl, co-head of equity capital markets at investment bank Bryan Garnier & Co, said that biotech had traditionally been a specialist asset class dominated by fund managers with scientific backgrounds who pored over trial data to pick stocks. But he said that generalist funds and retail investors had increased their exposure to biotech shares, while hedge funds saw it as a “racy trade”. “The washout in the public market is investors who maybe shouldn’t have been in the space — ‘tourists&rsqu ... In the meantime, biotech founders and investors are asking when the market rout will end and how it will affect the sector in the longer term. “I don’t think it is the kind of bubble we saw with the [dotcom] internet bubble, where it pops and we have a decade of reckoning,” said Brad Loncar, a biotech investor. “The next decade is going to be defined by a global competition in sciences and biotech will be at the forefront of that,” Loncar added. “Especially after Covid, all around the world governments will prioritise investing in biotech and drug development.” Kiecolt-Wahl said there were enough long-term buyers, including well-funded venture capitalists that saw biotech as a megatrend, to keep capital flowing into the sector. “I don’t think we have a supply of capital problem. But the terms are obviously favouring those with the capital,” he said. “The pendulum has moved to the other side, for now.” |
Posted at 11/11/2021 13:05 by melloteam Just to let shareholders and prospective investors know that International Biotechnology Trust, Primary Bid, Downing Strategic Micro-Cap Investment Trust and Amati will be presenting at Mello Events Trusts and Funds Webinar. The event is free! Click here to register: There will be over 200 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions. The full programme is as follows: 5.00 pm Mello welcome and introduction to company presentation by International Biotechnology Trust 5.30 pm Investment Trust presentation Paul de Gruchy 6.00 pm Company presentation by Primary Bid 6.30 pm MoneyMakers Jonathan Davis and Simon Elliott 7.00 pm Company presentation by Downing Strategic Micro-Cap Investment Trust 7.30 pm Deborah Fuhr presents on ETFs 7.45 pm Company presentation by VectorVest 8.00 pm Company presentation by Amati 8.30 pm Investment Trusts panel featuring Mark Bentley, Ed Shing, Simon Elliott, Jonathan Davis, Karin Schulte |
Posted at 29/10/2021 12:20 by speedsgh Publication of Final Results should be due any time (last year 2 Nov). In the meantime from IBT Investment Managers' Blog...Pandemic provides launchpad for multi-year biotech boom (24/9/21) - |
Posted at 20/5/2021 14:55 by melloteam Just to let shareholders and prospective investors know that IBT, ANGLE plc, Inspiration Healthcare Group plc, Polarean Imaging plc and Diaceutics will be presenting at Mello Events’ Healthcare webinar on the 25th May at 5:30pm-9:30pm. The webinar will also include the latest insights and analysis from investment managers, research professionals, analysts and experienced investors. If you are a shareholder and you would like a ticket to the Healthcare event, please use the code SHVIP75 to receive 75% off your ticket. Additionally, on the 24th May, The Property Franchise Group PLC and Samarkand will be presenting at the MELLOMonday webinar event on 24th May at 6pm-9:30pm. There will also be special insights from Michael Taylor (@shiftingshares): Using technical analysis to find trades. There will be over 600 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions including the popular Mello BASH (Buy, Avoid, Sell or Hold). If you purchase a ticket to MELLOMonday, you will automatically get sent a link to the healthcare event! Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. |
Posted at 14/5/2021 20:03 by speedsgh Changes afoot at International Biotech after Janson’s exit - International Biotechnology (IBT) is planning changes to improve performance and reduce trading costs two months after lead fund manager Carl Harald Janson stepped back from the £284m investment trust. Ailsa Craig and Marek Poszepczynski, who have worked with Janson for over six years, have taken charge of the SV Health Investors-run portfolio with Janson remaining in touch as a senior adviser. The reshuffle has prompted Stifel analyst Anthony Stern to assess IBT’s record since Janson (pictured) joined in 2013 with a big reputation from a six-year stint running the Carnegie Biotechnology fund. Stern described the trust’s performance as ‘fine’ rather than exceptional. In the seven-and-a-half years to 29 March, its underlying net asset value (NAV) grew 180%, beating the 165% return from the Nasdaq Biotechnology index but lagging rivals such as BB Biotech (BION) and Biotech Growth Trust (BIOG) which both delivered 227%. IBT’s shareholder returns were considerably stronger, at 230%, as Janson presided over a rerating of the trust whose shares moved from a mid-teens discount to trade close to NAV after a decision to pay out 4% of net assets each year in dividends. Stern was not concerned by the promotion of Craig and Poszepczynski, but after what he called the ‘mediocre&rsqu Gradual changes Speaking to Investment Trust Insider, Craig said they had worked together as a team for many years and remained ‘wedded to the current strategy’. However, she said there would be changes. One step will be bringing down the amount of trading done within the portfolio where annual turnover has been running at about 200% – in other words, the entire portfolio changes twice in a year, adding to the costs borne by investors. Data from Numis Securities shows the trust’s overall ongoing charges are 1.39% year, slightly above the 1.16% average of its direct rivals. ‘Marek and I are a bit more buy-and-hold and valuation driven,’ said the manager, who has been at SV since 2006. She said turnover had already fallen to about 180%, putting it on track to hit the 100-150% range Stern believes it will settle at in the long run. Other concerns raised by the Stifel analyst included the team’s depth and sources, with a smaller investment team than BIOG and BION. Stern said SV had acknowledged this and in addition to hiring were looking to work more closely with the firm’s 50-strong investment team working on unlisted healthcare stocks. Another shift is a greater use of leverage, where Janson was fairly conservative. By borrowing, trusts can increase returns in rising markets as well as losses on the way down. According to Stern, the team can gear up to 15% of NAV, although this is likely to be limited to 10%, above the 0-9% range of recent years. Lastly, the analyst questioned the transparency around private investments which accounted for 10.7% of the trust at the end of February. These are overseen by SV’s managing partner Kate Bingham, currently best known for leading the UK Vaccine Taskforce. Half-year results last month showed IBT had made a 23.5% since first investing in Bingham’s SV Fund VI in which the private equity stakes are held, but provided little other information. Searching for alpha One reason for IBT’s high portfolio turnover is how the team manage ‘binary events’, particularly the publication of trial data and drug approvals. The shares of biotech companies often move sharply around these, with investors betting on the outcome ahead of time. Instead, IBT has typically traded out of stocks before that point, then jumping back in if they like the outcome and valuation. Craig (pictured) said this strategy would continue. Another reason for high turnover is frequent mergers and acquisitions (M&A) activity in the sector. Four holdings were taken out from last September to February, with the acquisition of Immunomedics by Gilead Sciences, also held, proving the biggest performance driver during that period. That is a trend the fund managers hope will continue, having positioned the trust away from ‘frothy’ early-stage companies towards more mature names with proven drugs, some of which could be takeover targets. While the healthcare sector broadly enjoyed a strong 2020, the managers said this had been led by earlier-stage firms and Covid-19 vaccine names like Moderna. The Healthcare sub-sector of S&P 500 is today at a 30% discount to the wider index on a forward earnings basis. That is a low over the last three decades, otherwise seen only on the eve of Obamacare in 2009, according to an interim results presentation. The pair pointed to concerns over drug pricing continuing to cast a shadow, despite US President Joe Biden’s relative moderate stance and the Democrats’ fragile control of Congress, making action less likely. Craig outlined a couple of big holdings that had enjoyed strong product launches recently. They have been adding to top 8.1% holding Horizon Therapeutics on the back of the launch of Tepezza for thyroid eye disease, which has been ‘shooting the lights out every quarter’. PTC Therapeutics, a 4.3% position, already has a muscular dystrophy drug on the market and has partnered with Roche to launch an oral drug to address spinal muscular atrophy in children. ‘Outlook-wise, we’re hopeful that the names we own will get picked up from M&A and then give us some alpha,’ said Craig. Poszepczynski also argued their cheaper portfolio was less exposed to loss-making names as sentiment shifts during the economic recovery. ‘When we had this push of interest rates in mid-February, you could see that the small cap biotech index, XBI [the ticker of the SPDR S&P Biotech ETF], was hit badly,’ he said. That thesis has not entirely been borne out in performance so far this year, however. Year to date to 12 May, the trust’s NAV has fallen 14.2% and the shares are down 15.7%, versus the Nasdaq Biotechnology index’s 6.1% fall. |
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