International Biotechnology Trust - IBT

The objective of this investment trust is to achieve long term capital growth by investing in high growth, development stage biotechnology companies that are either quoted or unquoted. The company invests in companies that are considered to be good value with experienced management and strong potential upside through the development and/or commercialisation of a product, device or enabling technology.

Current dividend yield: 4.32%

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I have noticed that in the app the KID link is outdated.
@sampoullain is this the best way to report it, or should I contact support ?
The updated link is PRIIPs-KID-28-Feb-2022.pdf (ibt.ams3.digitaloceanspaces.com)

This fund looks interesting :slight_smile:

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This is an interesting trust. Catherine Bingham, who is among IBT’s managers, initially led the Covid vaccine taskforce – one of the few things that’s gone relatively well for UK Government in recent years.

I’ve held WWH for years but I am becoming increasingly tempted to switch it out for IBT. I went for WWH as it’s a whole sector trust rather than a biotech-focused one. WWH should be less risky/volatile as a result but IBT has outperformed over the past year.

Any thoughts on the AIC’s biotech and health care sector @SD235? IBT and WWH seem to be the standouts to me. I’m not sure I’d go near the venture capital-style ones like SYNC and RTW.

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I invested a small portion today, looking to add overtime. Seems to have great potential!
@weenie, have/are you invested?

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I think I may well join you. I’m going to have a good read through IBT’s annual reports etc this weekend.

Revisiting WWH’s top 10, it’s jammed with the likes of AstraZeneca, Sanofi, Roche, Pfizer etc, which doesn’t really get the juices following. I could buy a health care ETF cheaper and get something similar.

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Ian Cowie holds both IBT and WWH. He suggests they are complementary. And we can see why from your comment: IBT exposes you to smaller biotech whereas WWH to so called blue chips. In summary, I am not sure that

is what I would consider. Different risk profiles.

IBT is on discount at -5.79% if that sort of thing is what you like to factor in. I am not convinced it is a great way to choose trusts operating in the speculative/early stage space. Yield 4.67%.

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That’s a fair point. I could simply add IBT.

Generally, I try to avoid having more than one trust from any one AIC sector unless I have good reason but they are relatively different from another.

I also try to go with funds that give me the broadest exposure, which is why I preferred WWH initially.

This may be an exception to both ‘rules’.

That said, I could just stick with plan A because WWH has done really well for me. ‘If in doubt, do nowt’ is usually the best course of action.

Hmm. Decisions, decisions!

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Addendum: I find the investor relations site for IBT quite interesting. Even if you have no interest in investing in Biotech - you get something of a feel for where and what interesting and exciting drugs are being created/tested etc.

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I saw some statistics and research(across different sources) that highlighted “Pharmaceuticals & biotechnology” as an outperforming category in terms of returns over a long period of time. Not holding any competence in the area to be able to chose the winners, investing in a trust such as IBT could expose shareholders to the gains (and potentially losses) of the sector.
Like you said, higher risk profile, and not cheap either.

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On further thought, I won’t be swapping WWH for IBT because, as @bitflip helpfully points out, the risk profiles are very different. For starters, IBT has 11% leverage while WWH has none.

As it happens, IBT’s annual report was released only last week. I’ll go through it with a fine-tooth comb in the morning to decide if I want to invest.

https://ibtplc.com/investor/reports/year-ended-31-august-2022

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Not the best growth over 1 and 5 years very good over 10.
Suspect crash hasnt helped.
I note the sector has not on particularly high discounts. Once i own a investment trust i prefer it to stay close to NAV. This sector looks like it does.
Good sector not for me though.
I am going to increase in private equity, i think that will get me a big short term gain and good long term gain.