International Biotechnology Trust (LON:IBT) - Unquoted performance improving
Oct 25th 2012 - Edison Investment Research today published a report on International Biotechnology Trust (IBT.L, LSE:IBT, LON:IBT) entitled "Unquoted Performance Improving". In summary, the report says:
The biotechnology sector has performed strongly during the last 12 months reflecting increased investor confidence that profitable biotech companies offer stable and predictable earnings growth, and above average cash flow generation, as well as a wave of well publicised and highly valuable new drugs and technologies emerging. IBT’s quoted portfolio’s NAV (c 77% of the total) has outperformed the NASBIOT during the year to 31 August 2012 (47.8% vs 45.3%), while IBT’s unquoted portfolio’s NAV (c 16%) has increased by 21.7%. During the last three years the unquoted portfolio’s performance has lagged that of the quoted because realisations have been light and considerable unquoted investments were made using the 2007 c-share issue proceeds, which take time to mature. The managers...
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