dbskinflint14
Not sure what the holding percentage was in August but also the possibility it has dropped out of top 10 holdings due to halving of MRNA valuation since then (and other portfolio valuations staying put or increasing)as well as the possibility of reducing/selling down.
Lots of big funds still holding onto MRNA...for now.. |
Virtual Outlook Presentation -
IBT is pleased to announce that portfolio managers Ailsa Craig and Marek Poszepczynski will be holding a live presentation on the outlook for the biotechnology sector in 2025, to be held virtually at 09:00 on Tuesday 28 January 2025.
The presentation is open to all audiences. Questions can be submitted to the portfolio managers throughout the event.
Please register for the session by the following link: |
c34791z1
They did have a top ten holding in Moderna in August but it does not appear in the top ten in the November fact sheet. So hopefully they have reduced or sold out. I cannot find any up to date info on the portfolio |
Following today's news the IBT NAV has increased from 752.95p to 775.82p (cum income) leaving it trading on ca. 10% discount. |
Todays RNS is excellent news, ITCI was their largest holding apparently.
A well run fund & still on a fat discount... |
second largest holding ITCI at end of December to be taken over by J and J. though they've also a holding in mrna, i believe. |
it's all personal preference,
on the other hand, I support the approach of not taking on the binary risk when trial results are about to be announced.
eg Novo, the giant Danish announced marginally below expectations results for cagrisema in December and plunged 20%, had the result been above then a pop of similar magnitude might have happened. see also Vertex result on suzetrigine.
Had a smaller biotech announced a marginally below result in their pipeline drug, the reaction might have been even more severe or a zero.
IBT has a good record and spreads the money widely in a volatile sector. |
Thanks for posting Personally I don't like the sound of this |
Int’l Biotechnology: Why we turn over all our stocks once a year -
International Biotechnology Trust fund manager Ailsa Craig explains the high level of stock turnover in her portfolio... |
Dividend Declaration -
At the Annual General Meeting of International Biotechnology Trust plc (the "Company") held on 12 December 2023, shareholders approved the Company's dividend policy of making dividend payments, equivalent to 4% of the Company's net asset value as at the last day of the preceding financial year (31 August 2023), through two equal semi-annual distributions. In accordance with this policy, the first interim dividend for the period ending 31 August 2024 was paid on 26 January 2024.
The Directors have today declared the payment of a second interim dividend of 14.5 pence per ordinary share for the year ending 31 August 2024.
Ex-dividend date: 25 July 2024
Record date: 26 July 2024
Payment date: 23 August 2024
Dividend per share: 14.5 pence |
IBT is one of three trusts (alongside RTW & BIOG) highlighted as 'appealing opportunities' in the following piece...
Charlotte Cuthbertson: MIGO’s positioning for the biotech recovery -
The co-manager of MIGO Opportunities Trust says that increased M&A, interest rate cuts, rising drug approvals and robust innovation will drive the biotech bounce-back higher... |
FREE EVENT
IBT will be presenting on the Mello Investment Trusts and Funds event on Tuesday 23rd April 2024 at 1pm
The programme is as follows:
1:00pm Emma Bird, Head of Investment Trust Research, Winterflood Securities
1:30pm Company presentation by JPMorgan Asia Growth & Income plc
2:00pm Company presentation by Literacy Capital
2:30pm Company presentation by International Biotechnology Trust
3:00pm Investment Trusts and Funds Panel
For more information, click here:
To join for free, register for the webinar here: |
Anyone watching the CityWIre IBT presentation that's on now? |
David Stevenson: Biotech has turned from the bear - |
Dividend Declaration -
At the Annual General Meeting of International Biotechnology Trust plc (the "Company") held on 12 December 2023, shareholders approved the Company's dividend policy of making dividend payments, equivalent to 4% of the Company's net asset value as at the last day of the preceding financial year (31 August 2023), through two equal semi-annual distributions.
The Directors have today declared the payment of a first Interim dividend of 13.9 pence per ordinary share for the year ending 31 August 2023.
Ex-dividend date: 21 December 2023
Record date: 22 December 2023
Payment date: 26 January 2024
Dividend per share: 13.9 pence |
Another encouraging write up by Kepler this week |
International Biotech hikes gearing as M&A boosts returns -
International Biotechnology Trust managers Ailsa Craig and Marek Poszepczynski lift borrowing to 15% to make new investments and take advantage of ‘crazy’ valuations... |
 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. |
ANY THOUGHT ON HOW THIS WILL AFFECT THINGS GOING FORWARD? |
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. |
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: |
IBT are on the show this afternoon and it is free to join and also receive the recording |
As per c34's post above...
Portfolio Update as at 13 March 2023 -
The Company notes that Pfizer Inc (NYSE: PFE) has announced that it entered a definitive agreement to acquire IBT's portfolio company Seagen Inc. (Nasdaq: SGEN) for $229 per share which represents a 32.7% premium to the closing price of Seagen Inc on 10 March 2023 of $172.61.
Prior to the announcement on 13 March 2023, IBT owned 200,200 shares in Seagen, which is the trust's largest position representing 10.2% of IBT's Net Asset Value, as at the close on Friday 10 March 2023. |
handy £10m+ uplift from its seagen holding. Might almost cover this year's divi. |
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