Edison review on International Biotechnology Trst

RNS Number : 7963X

Intl. Biotechnology Trust PLC

10 May 2016

 

London, UK, 10 May 2016

Edison issues research review on International Biotechnology Trust

International Biotechnology Trust (IBT) is a long-established specialist fund investing in listed (c 90%) and unlisted (c 10%) companies in the high-growth area of biotechnology. After several years of strong absolute returns, the past six months have seen a sell-off in the sector, arguably sparked more by political pressure and investor risk aversion than by company fundamentals. While a resumption of bull market conditions is uncertain in the near term, the demographic factors and scientific advances underlying innovation in the sector remain favourable. IBT aims to out-perform the benchmark NASDAQ Biotechnology index and has done so in NAV total return terms over one, three and six months, one and three years and since lead manager Carl Harald Janson took over in September 2013.

At 6 May, IBT's shares were trading at a 13.8% discount to cum-income net asset value. This is wider than the majority of peers and also a little wider than the average over one, three and five years, suggesting the shares look relatively cheap. Discount volatility has been reduced, with a one-year range of 3.9% to 18.5% compared with a three-year range of 1.9% to 26.0%. Periodic share buybacks help to manage the discount.

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