The International Biotechnology Trust (LSE: IBT) is in a long-term bull run, manager David Pinniger tells Fund Strategy. Rapidly developing technology and the continual need for new drugs are the key drivers. But it's the level of merger and acquisition activity in the sector that is particularly exciting right now. "There is a lot of money being spent at the moment, especially with the large pharma groups buying early stage companies."
The £92.3m trust trades at a 12.7% discount to its net asset value (its underlying assets), but has outperformed the FTSE World index in recent years, and returned 27.4% over three years. Most of the fund is invested in America, with 17% in Europe and 5% in Israel.
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International Biotechnology Trust top ten holdings
| Cadent | 6.1% |
| Amgen | 6% |
| Pharmasset | 5.4% |
| Teva Pharmaceutical | 5% |
| Gilead Sciences | 4.5% |
| Insulet Corp | 4.2% |
| Shire | 3.9% |
| Celgene Corp | 3.5% |
| Micromet | 3.5% |
| EUSA | 3.3% |
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